Schedule M1m - Income Additions And Subtractions - 2017 Page 3
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92017 Schedule M1M Instructions
Income Additions and Subtractions
Line Instructions
Worksheet for Line 1
You may have received the addition or
1 Enter the total of amounts from Schedule A,
subtraction as an individual, as a partner
lines 4, 9, 15, 19, 20, 27, and 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
of a partnership, as a shareholder of an S
2 Enter the total of amounts from Schedule A, lines 4, 14 and 20,
corporation, or as a beneficiary of a trust.
plus any gambling and casualty or theft losses included on line 28 . .
Amounts received as a partner, share-
3 Is step 2 less than step 1?
holder, or beneficiary will be reported on
No. STOP here and enter zero on Schedule M1M, line 1.
the Schedule KPI, KS, or KF you received
Yes. Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . .
from the entity.
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions
5 Enter the amount from federal Form 1040, line 37 . . . . . . . . . . . . . . .
Line 1
6 Enter: $186,350 ($93,175 if married filing separate) . . . . . . . . . . . . .
Itemized Deduction Limitation
7 Is step 6 less than step 5?
Complete the Worksheet for Line 1 if your
No. STOP here and enter zero on Schedule M1M, line 1.
federal adjusted gross income is more
Yes. Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . .
than $186,350 ($93,175 if married filing
8 Multiply step 7 by 3% (.03) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
separate) and you filed federal Schedule A.
9 Enter the smaller of step 4 or step 8 . . . . . . . . . . . . . . . . . . . . . . . . .
Line 2
10 Amount from Form M1, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Personal and Dependent Exemption Phase
11 Add step 9 and step 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Out
12 Enter the amount from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Complete the Worksheet for Line 2 if your
13 Enter amount corresponding to your filing status:
federal adjusted gross income is more than
• Single or married filing separate: $6,350
the amount below for your filing status:
• Head of household: $9,350
• Married filing joint: $279,500
• Married filing jointly or qualifying widow(er): $12,700 . . . . . . . . .
14 Enter number from box 39a on Form 1040.
• Head of Household: $232,900
If no number is listed, enter 0). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• Single: $186,350
15 If single or head of household, multiply step 14 by $1,550
• Married filing separate: $139,750
All others, multiply step 14 by $1,250 . . . . . . . . . . . . . . . . . . . . . . . .
16 Add steps 13 and 15 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 3
17 Subtract step 16 from step 12 (if result is zero or less, STOP here
Interest From Municipal Bonds of Another
and enter zero on Schedule M1M, line 1.) . . . . . . . . . . . . . . . . . . . . .
State or its Governmental Units
Of the amount you included (or should
18 Enter the amount from step 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
have included) on line 8b of federal Form
19 Compare the amounts on step 11 and step 17.
1040 or Form 1040A, add the interest you
• If step 11 is less than or equal to step 17, subtract step 9 from step
received from municipal bonds issued by:
18, enter the result here (if married filing separate,
see instructions below); OR
• a state other than Minnesota
• If step 11 is more than step 17, subtract step 10 from step 17, then
• a local government (such as a county or
subtract the result from step 18. Enter the result here . . . . . . . . . . .
city) in a state other than Minnesota
20 Enter the amount from federal Form 1040, line 40 . . . . . . . . . . . . . . .
Line 4
21 Subtract step 19 from step 20. Enter the result here
Federally Tax-Exempt Dividends from Mu-
and on Schedule M1M, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
tual Funds Investing in Bonds of Another
Married couples filing separate returns: Each spouse must complete a separate Worksheet
State
for Line 1. If either spouse is required to add back 100 percent of his/her step 9, your addi-
If you received federally tax-exempt inter-
tion is the lesser of your step 9 or the difference between your step 1 and your step 10.
est dividends from a mutual fund, you
may have to enter an amount on line 4. To
• If less than 95 percent of the federally
• If 95 percent or more of the federally
determine the amount, if any, use the fol-
tax-exempt interest dividends from a
tax-exempt dividends from a mutual fund
lowing instructions:
mutual fund came from bonds issued by
came from bonds issued by Minnesota,
Minnesota, include all of the federally
include only the portion of the dividend
tax-exempt interest dividend from that
generated by non-Minnesota bonds
fund.
Continued
M1M-1
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