Instructions For Form 2m - Individual Income Tax Forms And Instructions (Includes Form 2ec) - 2011 Page 18
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35Page 14
Instructions for fi ling Montana Form 2M
unreimbursed employee business expenses and other
You qualify if you and your spouse’s total Montana adjusted
expenses that are deductible in computing your net income.
gross income is:
Under
And You Have
Line 27 – Political Contributions
$22,800
1 child
When you compute your net income, you can take a
$25,200
2 children
deduction for political contributions that you made during
the year. These contributions are limited to a total of $100
$27,600
3 or more children
for yourself and, if married, a total of $100 for your spouse.
If you are a licensed and registered daycare operator who
To qualify for this deduction, your contribution of money has
operates a family daycare home or a group daycare home
to be made to:
and if you care for your own child in addition to at least
one other unrelated child, you can deduct the employment
● an individual who is a candidate for nomination or
related expenses considered to have been paid by you for
election to any federal, state or local public offi ce in a
the care of your own child.
primary, general or special election;
● a committee, association or organization set up to
For further information on the child and dependent care
expense deduction, see the instructions on Montana
campaign for the nomination or election to any federal,
Form 2441-M. When you claim this deduction, complete
state or local public offi ce in a primary, general or
Form 2441-M and include a copy of it with your Montana
special election;
tax return.
● a national committee or a national political party;
● a state committee of a national political party; or
Line 20 – Casualty and Theft Loss
● a local committee of a national political party.
If you have a casualty and/or theft loss, you should
complete federal Form 4684 to fi gure the amount of the
Line 28 – Other Miscellaneous Deductions Not
Montana loss that you can enter on this line. To determine
Subject to 2% of Montana Adjusted Gross Income
your casualty and/or theft loss, you should use your
When you compute your net income, you can take a
Montana adjusted gross income in place of the federal
deduction for other miscellaneous expenses that are
adjusted gross income.
not subject to 2% of your Montana adjusted gross
income. These deductions are the same deductions
Line 21 – Unreimbursed Employee Business
that are allowed on your federal tax return. They include
Expenses
a deduction for amounts you paid to purchase organic
When you deduct unreimbursed employee business
fertilizer and inorganic fertilizer that is produced as a by-
expenses on your Montana income tax return, you should
product of mining or industrial operations in Montana. Other
use the same expenses that are allowed on your federal
deductions you may be allowed are per capita livestock
tax return. To claim these expenses, complete federal
fees imposed for enforcement of the livestock laws of the
Form 2106 or 2106EZ and include a copy with your
state and for the payment of bounties on wild animals.
Montana tax return.
Line 29 – Itemized Deductions
Line 22 – Other Expenses
The amount of your itemized deductions is the result of
Enter other expenses that are allowed on your federal
adding lines 4 through 6, 7e through 20, and 26 through 28.
tax return. Examples of these expenses include, but are
Enter this result on Form 2M, line 39.
not limited to, your tax preparation fee, certain legal and
accounting fees, clerical help, offi ce rent and custodial fees
Schedule II – Montana Tax Credits
related to the production of income.
There are three categories of credits available on your
Line 23
Montana tax return. We have listed the 6 tax credits
Add lines 21 and 22; enter the result on this line.
available to you that can be used when fi ling Montana
Form 2M; however, the Montana Legislature has authorized
Lines 24 and 25
26 different income tax credits. See Montana Form 2,
Your unreimbursed employee business expenses and
Schedule V (available at revenue.mt.gov) for a list and
other expenses reported on lines 21 and 22 are deductible
description of these 26 tax credits. If you are eligible for any
only to the extent that these expenses exceed 2% of your
of the other credits not listed in these instructions, you will
Montana adjusted gross income. Enter on line 24 the
have to fi le Montana Form 2 instead of Form 2M.
amount that you reported on Form 2M, line 38. Multiply the
With the exception of the capital gains tax credit, which
amount on line 24 by 2% (0.02) and enter the result on
is required to be applied before any other credit (refer to
line 25.
Form 2M, line 44), you are not required to apply any of the
other tax credits in a particular order.
Line 26
● Nonrefundable Single-Year Credits
Subtract line 25 from line 23 and enter the result on this
Your nonrefundable single-year credits can only be
line, but not less than zero. This is the amount of your
used to offset your 2011 resident tax after capital
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 740-np - Kentucky Individual Income Tax Return Nonresident Or Part-year Resident - 2011
Financial
Form Mo-1040p - Missouri Individual Income Tax Return And Property Tax Credit Claim/pension Exemption - Short Form - 2011
Financial
Related Categories
Parent category: Financial