Schedule M1m - Income Additions And Subtractions - 2012 Page 8
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8Line 31
Worksheet for Line 31
Income Taxes Paid to a Subnational
1 Foreign taxes paid from federal Form 1116, line 9 . . . . . . . . . . . . . . . . . . .
Level of a Foreign Country
2 Federal foreign tax credit from Form 1116, line 22, for the
If you paid taxes to a subnational level of
subnational level of a foreign country other than Canada . . . . . . . . . . . . .
a foreign country other than Canada, you
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
may be able to subtract the amount you
did not use to claim a federal foreign tax
4 Tax paid to a subnational level of a foreign country, other than
credit. A subnational level is the equiva-
Canada, on income you received while a Minnesota resident . . . . . . . . . .
lent of a state of the United States. See
5 Step 3 or step 4, whichever is less.
Worksheet for Line 31 on this page.
Also enter this amount on Schedule M1M, line 31 . . . . . . . . . . . . . . . . . . .
Line 32
JOBZ Subtractions
Worksheet for Line 33
Individuals who invest in or operate a
qualified business in a Job Opportunity
1 Amount of your debts immediately before the sale . . . . . . . . . . . . . . . . . . .
Building Zone (JOBZ) may be able to
2 Amount of debt forgiveness that you were permitted to exclude
subtract certain types of income, to the
from your income when you completed your Form 1040 . . . . . . . . . . . . .
extent that the income would otherwise
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
be taxable.
4 Fair market value of your assets immediately before the sale . . . . . . . . . .
Complete and include Schedule JOBZ,
5 Subtract step 4 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
JOBZ Tax Benefits, if in 2012 you received:
6 Gain from the sale included on line 37 of Form 1040 . . . . . . . . . . . . . . . . .
• income from operating a qualified busi-
7 Step 5 or step 6, whichever is less.
ness in a zone;
Also enter this amount on Schedule M1M, line 33 . . . . . . . . . . . . . . . . . . .
• income for renting real or tangible
personal property used by a qualified
business located in a zone;
Line 34
Line 35
• gains from the sale or exchange of real
Post Service Education Awards Re-
Net Operating Loss (NOL) from 2008
or tangible personal property used by a
ceived for Service in an AmeriCorps
or 2009
qualified business located in a zone; or
Minnesota did not adopt the provisions
National Service Program
• gains from the sale of an ownership
If you received a post service education
of the Worker, Homeownership, and
interest in a qualified business.
award, such as tuition reimbursements or
Business Assistance Act of 2009 (WHBA).
If you received JOBZ income as a partner,
student loan payments, from the federal
If you chose this federal option, you are
shareholder or beneficiary, these amounts
government in 2012 for service in the
limited on your Minnesota return to a
are shown on the Schedule KPI, KS or KF
AmeriCorps program, you can subtract
carryback period of two years preceding
you received from the entity. There is no
the amount you included in your federal
the loss.
need for you to complete Schedule JOBZ.
taxable income. On line 34, fill in the
On line 35, enter the amount you are
amount you received after leaving the
Line 33
carrying forward for 2012 for Minnesota
program.
Gain From the Sale of Farm Property
purposes.
You can reduce your taxable income if
Do not include the stipend received while
For complete information on how to de-
you received a gain from the sale of farm
working in the program.
termine line 35 and any amount to carry
property in 2012 and:
If your education award was used to pay
forward, go to our website at
• you owned and operated the farm;
for a student loan, and you deducted the
• your debts were greater than the fair
student loan interest on line 33 of Form
Line 36
market value of your assets immedi-
1040 or line 18 of Form 1040A, you must
Subtraction for Prior Addback of Re-
ately before the sale;
reduce your subtraction by the interest
acquisition of Indebtedness Income
attributable to the award.
• you included the gain from the sale in
If you included in this year’s federal
your federal adjusted gross income on
taxable income any discharge of in-
line 37 of federal Form 1040; and
debtedness income from reacquisition
• you applied the proceeds from the sale
of business debt which you elected to
of the property to paying off the mort-
defer federally in a prior year, enter that
gage, contract for deed, or lien on the
amount on line 36.
property.
See Worksheet for Line 33 on this page.
M1M-6
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