Fillable Schedule M1m - Income Additions And Subtractions

In addition to the above requirements,

Worksheet for Line 21

you must have purchased educational

If you claimed bonus depreciation as an addition on your 2012 Form M1:

services or required materials during the

1 Line 6 of your 2012 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . 1

year to help your child’s K–12 education.

2 Net operating loss generated for tax year 2012 (line 25, Schedule A of

The types of education expenses that

2012 federal Form 1045). Enter as a positive number . . . . . . . . . . . . 2

qualify for the credit also qualify for the

3 Subtract step 2 from step 1 (if zero or less, enter 0) . . . . . . . . . . . . . . 3

subtraction. However, certain expenses

4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

qualify only for the subtraction. For ex-

If you claimed bonus depreciation as an addition on your 2013 Form M1:

amples of qualifying education expenses,

5 Line 6 of your 2013 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . 5

see the M1 instruction booklet.

6 Net operating loss generated for tax year 2013 (line 25, Schedule A of

Subtraction Limits

2013 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . 6

The maximum subtraction allowed for

7 Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

purchases of personal computer hardware

8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

and educational software is $200 per

family.

If you claimed bonus depreciation as an addition on your 2014 Form M1:

9 Line 6 of your 2014 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . 9

You may split qualifying computer ex-

10 Net operating loss generated for tax year 2014 (line 25, Schedule A of

penses, up to $200, among your children

2014 federal Form 1045). Enter as a positive number . . . . . . . . . . . . 10

any way you choose.

11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

The maximum amount of education

12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

expenses you can subtract is $1,625 for

If you claimed bonus depreciation as an addition on your 2015 Form M1:

each child in a grade K through 6, and

13 Line 5 of your 2015 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . 13

$2,500 for each child in a grade 7 through

12.

14 Net operating loss generated for tax year 2014 (line 25, Schedule A of

2015 federal Form 1045). Enter as a positive number . . . . . . . . . . . . 14

If you qualify for the K–12 education

15 Subtract step 14 from step 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

credit (Schedule M1REF, line 3) and you

16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

cannot use all of your education expenses

If you claimed bonus depreciation as an addition on your 2016 Form M1:

on Schedule M1ED, complete the Work-

17 Line 5 of your 2016 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . 17

sheet for Line 19.

18 Net operating loss generated for tax year 2016 (line 25, Schedule A of

See Income Tax Fact Sheet 8, K–12 Edu-

2016 federal Form 1045). Enter as a positive number . . . . . . . . . . . . 18

cation Subtraction and Credit, for more

19 Subtract step 18 from step 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

information.

20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Enter your qualifying education expenses

If you received a subtraction in 2017 from an estate or trust:

on line 19. Also enter each child’s name

21 Total of any bonus depreciation subtraction amounts you received

and grade at the time the expenses were

as a beneficiary of an estate or trust (from line 13 of Schedule KF) . 21

paid.

Total subtraction

Line 20

22 Add steps 4, 8, 12, 16, 20 and 21.

Charitable Contributions over $500

Enter here and on line 21 of Schedule M1M . . . . . . . . . . . . . . . . . . . . 22

You may subtract some of your contribu-

tions made during the year if both of the

following are true:

Line 21

Line 22

• You did not file federal Schedule A

Federal Bonus Depreciation Subtraction

Section 179 Expensing Subtraction

• You made charitable contributions of

You may be eligible to reduce your tax-

If you had an addition for increased sec-

more than $500

able income if either of the following are

tion 179 expensing on your 2012 through

To determine your allowable contribu-

true:

2017 Schedule M1M, subtract 20 percent

tions, you will need the instructions for

of the total on your 2017 return.

• You reported 80 percent of the federal

federal Schedule A of Form 1040.

bonus depreciation as an addition to

Line 23

1 Determine your total allowable

income on your 2012 through 2016

Subtraction for Persons 65 or Older

charitable contributions you would

Form M1

or Permanently and Totally Disabled

have been able to enter on lines 16

• You received a federal bonus deprecia-

(Schedule M1R)

and 17 of federal Schedule A .

tion subtraction in 2017 from an estate

You may qualify for a subtraction if

2 The first $500 of contributions

or trust.

either of the following apply to you (or

do not qualify . . . . . . . . . . . . . . $500

your spouse, if filing a joint return):

Complete the Worksheet for Line 21 to

3 Subtract step 2 from step 1 . .

determine the amount to enter.

4 Multiply step 3 by 50% (.50).

Enter here and on line 20 . . . .

Continued

M1M-4

Schedule M1m - Income Additions And Subtractions - 2017 Page 6

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