Schedule M1m - Income Additions And Subtractions - 2012 Page 3
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8Schedule M1M Instructions 2012
Income Additions and Subtractions
Line Instructions
dividends on line 3 of Form M1. To deter-
• If less than 95 percent of the federally
mine the amount to include, follow these
tax-exempt interest dividend from a
You may have received the addition or sub-
instructions:
mutual fund came from bonds issued
traction as an individual, as a partner of a
by Minnesota, all of the federally tax-
partnership, as a shareholder of an S corpo-
• If 95 percent or more of a federally
exempt interest dividend from that fund
ration, or as a beneficiary of a trust. If you
tax-exempt dividend from a mutual fund
must be included on line 3.
are a partner, shareholder or beneficiary, the
came from bonds issued by Minnesota,
amounts will be reported on the Schedule
Line 6
only the portion of the dividend gener-
KPI, KS or KF you received from the entity.
ated by non-Minnesota bonds must be
Federal Bonus Depreciation Addition
included on line 3.
If you chose the special depreciation allow-
Additions
ance for qualified property
The amounts you enter on lines 1 through
Continued
16 will be added to your taxable income.
Worksheet for Line 2
Line 2
1 Enter the amount from Schedule A, line 29 . . . . . . . . . . . . . . . . . . . . . . . . . .
Limitation on Itemized Deductions
2 Enter the total of the amounts from Schedule A, lines 4, 14 and 20,
If your adjusted gross income exceeds the
plus any gambling and casualty or theft losses included on line 28 . . . . . . .
applicable threshold ($86,825 for married
3 Is step 2 less than step 1?
No. STOP here and enter zero on Schedule M1M, line 2.
filing separate or $173,650 for all other
Yes. Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
filers), you are required to add back the
amount that would have been limited under
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
prior federal law for itemized deduction.
5 Enter the amount from Form 1040, line 38 . . . . . . . . . . . . . . . .
See Worksheet for Line 2 on this page.
6 Enter: $173,650 ($86,825 if married filing separately) . . . . . . .
Line 3
7 Is step 6 less than step 5?
Phaseout of Personal and Dependent
No. STOP here and enter zero on Schedule M1M, line 2.
You do not have a line 2 addition.
Exemptions
Yes. Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . .
If your adjusted gross income exceeds
8 Multiply step 7 by 3% (.03) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the applicable threshold ($260,500 for
married filing joint; $217,100 for head
9 Enter the smaller of step 4 or step 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
of household; $173,650 for single; and
1 0 Amount from Form M1, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$130,250 for married filing separate), you
1 1 Add step 9 and step 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
are required to add back the amounts
12 Enter the amount from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . .
that would have been phased out when
13 Enter amount corresponding to your filing status:
determining personal exemptions under
• Single: $5,950
prior federal law. See Worksheet for Line 3
• Married filing separately: $4,950
on the next page.
• Head of household: $8,700
Line 4
• Married filing jointly or qualifying widow(er): $9,900 . . . . .
14 Enter number from box 39a on Form 1040 or box 23a
Interest From Municipal Bonds of An-
on Form 1040A (if no number is listed, enter 0) . . . . . . . . . . . .
other State or its Governmental Units
15 If single or head of household, multiply step 14 by $1,450
Of the amount you included or should
All others, multiply step 14 by $1,150 . . . . . . . . . . . . . . . . . . . . .
have included on line 8b of federal Form
16 Add steps 13 and 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1040 or Form 1040A, add the interest you
received from municipal bonds issued by:
17 Subtract step 16 from step 12 (if result is zero or less, enter
zero here and on step 18. Also enter zero on Schedule M1M, line 2). . . . . .
• a state other than Minnesota, and
18 Compare the amounts on step 11 and step 17.
• a local government (such as a county or
• If step 11 is less than or equal to step 17, enter step 9 here and on Schedule
city) in a state other than Minnesota.
M1M, line 2 (if married filing separately, see instructions below); OR
Line 5
• If step 11 is more than step 17, subtract step 10 from step 17
Federally Tax-Exempt Dividends from
(if result is zero or less, enter zero). Enter the result here and on
Mutual Funds Investing in Bonds of
Schedule M1M, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Another State
Married couples filing separate returns: Each spouse must complete a separate Work-
If you included or should have included an
sheet for Line 2. If either spouse is required to add back 100 percent of his/her step 9, your
amount on line 8b of federal Form 1040
addition is the lesser of:
• your step 9; or
or Form 1040A for federally tax-exempt
• the difference between your step 1 and your step 10.
interest dividends from a mutual fund, you
M1M-1
may have to include some or all of these
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