Fillable Schedule M1m - Income Additions And Subtractions

potential violation of law. Do not include

Worksheet for Line 11

amounts identified in a court order or

1 Bonus depreciation from 2001 through 2005 or

settlement agreement as restitution or

2008 through 2016 that was not added back on your Form M1 . . . . . . . . . . . .

as an amount paid to come into compli-

2 Total suspended loss from activity remaining after 2015 . . . . . . . . . . . . . . . . .

ance with the law.

3 Subtract step 2 from step 1 (if a negative amount, enter zero) . . . . . . . . . . . . .

4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Line 11

5 Total of the 80% bonus depreciation addition passed through

Suspended Loss From Bonus

to you as a beneficiary (from line 4 of Schedule KF) . . . . . . . . . . . . . . . . . . . .

Depreciation

6 Add steps 4 and 5. Enter here and on Schedule M1M, line 11 . . . . . . . . . . . .

If you are claiming a suspended loss

from 2001 through 2005 or 2008 through

2016 on your federal return that was

Subtractions

Note: If you qualify for the K-12 Educa-

generated by bonus depreciation, and you

tion Credit complete Schedule M1ED

Line 18

did not add back 80 percent of the bonus

before entering an amount on this line

Net Interest From U.S. Bonds

depreciation in those years, complete the

(see instructions for line 3 of Schedule

Include federally taxable interest you

Worksheet for Line 11.

M1REF, Individual Refundable Credits,

received from:

in the M1 instruction booklet). Qualify-

Line 12

• U.S. bonds, bills, notes, savings

ing expenses not used for the credit and

Capital Gain Portion of a Lump-Sum

bonds, certificates of indebtedness

any tuition expenses which do not qualify

Distribution From a Qualified Retire-

• Sallie Mae bonds

for the credit may be used for the sub-

ment Plan

• Dividends paid to you by mutual funds

traction. You can not claim both the credit

If you received a qualifying lump-sum

that are attributable to such bonds

and a subtraction for the same expenses.

distribution in 2017 and you chose the

Complete the Worksheet for Line 19

• U.S. Government interest and divi-

capital gain election on federal Form

if you entered an amount on Schedule

dends you received as a partner of

4972, enter the capital gain from line 6

M1ED, line 18.

a partnership, a shareholder of an S

of federal Form 4972. Include a copy of

corporation, or beneficiary of a trust

federal Form 4972 when you file your

To subtract your education expenses, the

return.

Reduce these amounts by any related

child must:

investment interest and other expenses

Line 13

• be your child, adopted child, stepchild,

deducted on your federal return relating

Net Operating Loss (NOL) Carryover

grandchild, or foster child who lived

to this income.

Adjustment

with you in the United States for more

The Minnesota Legislature did not adopt

Do not include interest or dividends at-

than half of the year;

the provisions of the Worker, Homeown-

tributable to Ginnie Mae, Fannie Mae, or

• have been in grades K–12 during

ership, and Business Assistance Act of

Freddie Mac bonds.

2017;

2009 (WHBA). Under this Act, taxpayers

See Income Tax Fact Sheet 13, U.S. Gov-

• have attended a public, private, or

are allowed to carryback 3, 4, or 5 years

ernment Interest, if you received interest

home school in Minnesota, Iowa,

an NOL generated in 2008 or 2009. For

from a government source not listed.

North Dakota, South Dakota, or Wis-

federal purposes, any remaining NOL

consin; and

Line 19

that was not fully absorbed in the car-

• not be claimed as a qualifying child on

ryback years can be carried forward for

K-12 Education Expense Subtraction

another individual’s return.

up to 20 years, beginning in 2010. If you

If you purchased qualifying educational

used any of that carryforward on your

materials or services in 2017 for your

2017 federal return, add back that amount

qualifying child’s K–12 education, you

as a positive number on line 13.

may be able to reduce your taxable

Continued

income.

Line 14

If you made a non-qualified withdrawal

Worksheet for Line 19

from a first-time homebuyer account,

If you qualify for the K–12 education credit and you cannot use all of your education expenses

you may be required to include those

on Schedule M1ED, determine line 19 of Schedule M1M by completing the following steps:

amounts in your taxable income.

1 Qualifying tuition expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

income. Complete and include Schedule

2 Qualifying computer expenses in excess of $200, up to a maximum of $200 . .

M1HOME, First-time Homebuyer

Complete steps 3–6 if on Schedule M1ED line 17 is less than line 16.

Savings Account, to determine your

3 Line 15 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

addition.

4 Line 18 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Line 15

5 Multiply step 4 by 1.333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If you are required to report accelerated

6 Subtract step 5 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

gains from an installment sale in 2017,

7 Add steps 1, 2, and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

complete and enclose Schedule M1AR,

Enter the result from step 7—up to the maximum subtraction amount per child—on Schedule

Accelerated Recognition of Installment

M1M, line 19.

Sale Gains.

M1M-3

Schedule M1m - Income Additions And Subtractions - 2017 Page 5

Related Articles

Related forms

Related Categories