Schedule M1m - Income Additions And Subtractions - 2012 Page 6
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8Subtraction Limits
Worksheet for Line 19
The maximum subtraction allowed for
If you qualify for the K–12 education credit (Form M1, line 27), and you cannot use all of your
purchases of personal computer hardware
education expenses on Schedule M1ED, determine line 19 of Schedule M1M by completing the
and educational software is $200 per fam-
following steps:
ily. You may split qualifying computer ex-
1 Qualifying tuition expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
penses, up to $200, among your children
2 Qualifying computer expenses in excess of $200, up to a maximum of $200 . . .
any way you choose.
Complete steps 3–6 if on Schedule M1ED line 17 is less than line 16.
The maximum amount of education ex-
3 Line 15 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
penses you may subtract is $1,625 for each
4 Line 18 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
child in grades K through 6, and $2,500
5 Multiply step 4 by 1.333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
for each child in grades 7 through 12.
6 Subtract step 5 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If you qualify for the K–12 education
7 Add steps 1, 2 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
credit (Form M1, line 27), and you can-
Enter the result from step 7—up to the maximum subtraction amount per child—on Schedule
not use all of your education expenses
M1M, line 19.
on Schedule M1ED, complete Worksheet
for Line 19 on this page to determine the
Line 21
If you (or your spouse, if filing a joint
amount you can subtract.
Federal Bonus Depreciation Subtrac-
return) meet the age or disability require-
tion
ment, check the chart on page 12 of the
See Income Tax Fact Sheet #8, K–12 Edu-
You may be eligible to reduce your taxable
M1 instructions to determine if you meet
cation Subtraction and Credit, for more
income if you:
the income requirements.
information.
• reported 80 percent of the federal
If you meet all of the eligibility require-
Enter your qualifying education expenses
bonus depreciation as an addition to
on line 19. Also enter each child’s name
ments, complete and include Schedule
income on your 2007 through 2011
and grade at the time the expenses were
M1R, Age 65 or Older/Disabled Subtraction.
Form M1, or
paid.
Line 24
• received a federal bonus depreciation
Line 20
Railroad Retirement Board Benefits
subtraction in 2012 from an estate or
Charitable Contributions over $500
If you received unemployment, sick pay or
trust.
If you did not itemize deductions and
retirement benefits from the Railroad Re-
To determine the amount, see Worksheet
you took the standard deduction on your
tirement Board in 2012, you can subtract
for Line 21 on the next page.
federal return, you may be able subtract
these amounts from your federal taxable
50 percent of your total contributions for
income.
Line 22
the year over $500. To determine your
Section 179 Expensing Subtraction
Line 25
allowable contributions, you will need
If you had an addition for increased sec-
Reciprocity Income
the instructions for federal Schedule A of
tion 179 expensing on your 2007 through
Minnesota has income tax reciprocity
Form 1040.
2011 Schedule M1M, you may subtract 20
agreements with Michigan and North
percent of the total on your 2012 return.
Complete the following steps to deter-
Dakota. Reciprocity applies only to
mine line 20 of Schedule M1M.
personal service income, which includes
Line 23
wages, salaries, tips, commissions, fees and
Subtraction for Persons 65 or Older
1 Determine your total allowable
bonuses. For additional information, see
or Permanently and Totally Disabled
charitable contributions you would
page 5 of the M1 instructions.
(Schedule M1R)
have been able to enter on lines 16
You can reduce your taxable income
and 17 of federal Schedule A . .
When to complete Schedule M1M: If
if you (or your spouse, if filing a joint
2 The first $500 of contributions
you are a resident of a reciprocity state
return) are:
do not qualify . . . . . . . . . . . . . .
$500
and your only Minnesota source income
• age 65 or older by the end of 2012, or
is wages covered under reciprocity from
3 Subtract step 2 from step 1 . . .
• permanently and totally disabled and
which Minnesota income tax was with-
4 Multiply step 3 by 50% (.50).
received federally taxable disability
held, use Schedule M1M to get a refund
Enter here and on line 20 . . . .
income in 2012. If you did not receive
of the amount withheld. Place an X in the
federally taxable disability income, you
box to indicate the state of which you were
don’t qualify for this subtraction.
a resident during the year, and enter the
amount from line 1 of Form M1 on line 25
of this schedule.
Continued
M1M-4
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