Fillable Schedule M1nc - Federal Adjustments

Worksheet for Line 2

1 Enter your federal adjusted gross income (from line 37 of form 1040, line 21 of form

1040A or line 35 of form 1040NR). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Modifications (Add the deductions you took for student loan interest and domestic production activities.

Also add and foreign income exclusion that you took and any income you excluded as a bona fide resident of

American Samoa or Puerto Rico). Enter the result here: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Add lines 1 and lines 3 through 13 of Schedule M1NC. Enter the result here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Add steps 1 through 3, this is your Minnesota modified adjusted gross income for the

student loan interest deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5 Enter $50,000 ($75,000 if you are filing a joint return) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

6 Subtract step 5 from step 4; if zero or less, enter zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

7 Divide step 6 by $15,000 (round to 3 decimal places) If the result is 1.000 or more, enter 1.000 . . . . . . . . . . . . . . . . . . . . 7

8 Enter the total student loan interest that you paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

9 Enter the amount of interest included in step 8 that was paid voluntarily or after the first 60 months

interest payments have been required for the loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10 Subtract step 9 from step 8, but do not enter more than $2,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

11 Multiply step 7 by step 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Subtract step 11 from step 10, if you are required to prepare a recomputed federal form

stop here and enter this amount on line 33 of form 1040 or 1040NR, or line 18 of form 1040A. . . . . . . . . . . . . . . . . . . . 12

13 Enter the student loan interest deduction you claimed on line 33 of your

federal form 1040 or 1040NR, or line 18 of form 1040A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Subtract step 12 from step 13, enter this amount on line 2 of Schedule M1NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

If you are required to prepare a recomputed

Line 6

from a RIC in 2013, you must include these

federal form, enter zero on lines 23 and 34

dividends on line 8.

Age 70 1/2 or Older IRA Distribution to

of your 1040, lines 16 and 19 of your 1040A

Charity

If you are required to prepare a recomputed

or line 24 of your 1040NR.

If you are age 70½ or older and you made a

federal form, enter these dividends on line

tax-free IRA distribution to charity, enter the

10a of your recomputed 1040NR.

Line 4

distribution that was excluded from federal

Mortgage Debt Forgiveness

Line 9

adjusted gross income on line 6. If you item-

If you had mortgage debt cancelled or

Depreciation for Business Property on

ized deductions, include this amount as a

forgiven in 2013 and excluded that debt

an Indian Reservation Placed in Service

charitable contribution on Schedule M1SA

foregiveness from your federal income,

in 2013

or, if you did not itemize your deductions

enter the value of your debt foregiveness on

If you claimed depreciation for business

when you filed your federal return, line 19 of

line 4.

property on an Indian reservation on

Schedule M1M.

federal Schedule 4562 using the alternative

If you are required to prepare a recomputed

depreciation class-life, recalculate deprecia-

federal form, include the value of this debt

federal form, include the distribution in

tion using the regular class-life and enter

forgiveness on line 21 of your recomputed

your taxable IRA distributions on line 15b

federal 1040 or 1040NR. If this item affects

the difference on line 9.

of your recomputed form 1040, line 11b of

you and you filed a 1040A or 1040-EZ you

If you are required to prepare a recomputed

your recomputed 1040A or line 16b of your

will need to prepare a recomputed 1040;

federal form, increase your business income

recomputed form 1040NR.

if you filed a 1040NR-EZ you will need to

(or decrease net business loss) by this

prepare a recomputed 1040NR.

Line 7

amount on your recomputed Schedule C,

Coverdell Education Savings Account

Line 5

Schedule F or Schedule E.

If you had a distribution from a Coverdell

Scholarship or Tuition Reduction

Line 10

education savings account that was used to

If you received a qualified scholarship or

Qualified Film and Television Products

pay for elementary or high school expenses,

tuition reduction that represented payment

If you claimed the modified treatment

the earnings portion of the distribution are

for teaching, research or other services

of certain qualified film and television

under the National Health Service Corps

taxable to Minnesota. Enter the earnings that

production expenses on federal Form 4562,

were used on line 7.

Scholarship Program or the F. Edward

recalculate your expenses for Minnesota

Hebert Armed Forces Health Professionals

purposes. Enter the difference on line 10.

If you are required to prepare a recomputed

Scholarship and Financial Assistance pro-

federal form, enter the earnings that were

If you are required to prepare a recomputed

gram, enter that amount on line 5.

used for your elementary or secondary edu-

federal form, increase your business income

If you are required to prepare a recomputed

cation expenses on line 21 of your 1040 or

(or decrease net business loss) by this

federal form, include the value of your

1040NR. If you filed a 1040A, you will need

amount on your recomputed Schedule C or

award on line 21 of your recomputed federal

to prepare a recomputed 1040.

Schedule E.

1040 or 1040NR. If this item affects you and

Line 8

Line 11

you filed a 1040A or 1040-EZ you will need

Interest-related Dividends from a

to prepare a recomputed 1040; if you filed

Qualified Leasehold Improvement

RIC

a 1040NR-EZ you will need to prepare a

In 2013, if you placed in service certain

If you filed form 1040NR or 1040NR-EZ and

recomputed 1040NR.

qualified leasehold improvement, restaurant

excluded certain interest related dividends

or retail improvement property and depre-

ciated the property using a 15 year class

Schedule M1nc - Federal Adjustments - 2013 Page 3

Related Articles

Related forms

Related Categories