Fillable Schedule M1m - Income Additions And Subtractions

Line 32

Worksheet for Line 33

Military Pension or Retirement Pay

1 Amount of your debts immediately before the sale . . . . . . . . . . . . . . . .

If you received certain compensation

2 Amount of debt forgiveness that you were permitted to exclude

from a military pension or other military

from your income when you completed your federal Form 1040 . . . . . .

retirement pay, you may reduce your tax-

3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

able income by that pay.

4 Fair market value of your assets immediately before the sale . . . . . . . .

5 Subtract step 4 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

To qualify for this subtraction, the retire-

6 Gain from the sale included on line 37 of federal Form 1040 . . . . . . . .

ment pay must be taxable on the federal

7 Step 5 or step 6, whichever is less.

return,and received for one of the follow-

Also enter this amount on Schedule M1M, line 33 . . . . . . . . . . . . . . . . .

ing reasons:

• Service in the active component of the

Worksheet for Line 38

military (U.S. Code Title 10, sections

1 Enter the total of amounts from federal Schedule A,

1401 to 1414)

lines 4, 9, 15, 19, 20, 27, and 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• Retirement pay for service in the re-

2 Enter the number from line 40 of your federal Form 1040. . . . . . . . . . .

serve component (U.S. Code Title 10,

3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

section 12733)

4 Enter the amount that corresponds with your filing status: . . . . . . . . . .

• Survivor benefit plan payments (U.S.

• Married filing joint or qualifying widow(er): $12,700

Code Title 10, sections 1447 to 1455)

• Single or married filing separate: $6,350

If you claim this subtraction, you may not

• Head of household: $9,350

claim the nonrefundable credit for past

5 Enter the amount from line 39a of your federal Form 1040 . . . . . . . . . .

military service on Schedule M1C, Other

6 Multiply step 5 by $1,250 ($1,550 if your filing status is

Nonrefundable Credits, line 2.

single or head of household) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Add steps 4 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Line 33

8 Subtract step 2 from step 7. If $0 or less, enter $0 . . . . . . . . . . . . . . . . .

Gain From the Sale of Farm Property

9 Enter the smaller of step 3 or step 8 here and on line 38. . . . . . . . . . . . .

You can reduce your taxable income if

you received a gain from the sale of farm

AmeriCorps program, you can subtract

Enter the amount you are carrying for-

property in 2017 and all of the following

the amount you included in your fed-

ward for 2017 for Minnesota purposes.

are true:

eral taxable income. Enter the amount

• You owned and operated the farm.

For complete information on how to de-

you received after leaving the program.

termine line 35 and any amount to carry

• Your debts were greater than the fair

Do not include the stipend received

forward, go to our website at

market value of your assets immedi-

while working in the program.

and type NOL

ately before the sale.

in the Search box.

• You included the gain from the sale in

If your education award was used to

your federal adjusted gross income on

repay a student loan, and you deducted

Line 36

line 37 of federal Form 1040.

the student loan interest on line 33 of

Subtraction for Prior Addback of Reac-

Form 1040 or line 18 of Form 1040A,

quisition of Indebtedness Income

• You applied the proceeds from the

you must reduce your subtraction by

If you included in this year’s federal

sale of the property to paying off the

the interest attributable to the award.

taxable income any discharge of indebt-

mortgage, contract for deed, or lien on

edness income from reacquisition of

the property

Line 35

business debt which you elected to defer

Net Operating Loss (NOL) from 2008

Complete the Worksheet for Line 33.

federally in 2009 or 2010 and included

or 2009

the discharge in Minnesota taxable in-

Line 34

Minnesota did not adopt the provi-

come in the prior year, enter that amount

Post-Service Education Awards Received

sions of the Worker, Homeownership,

on line 36.

for Service in an AmeriCorps National

and Business Assistance Act of 2009

Service Program

Line 37

(WHBA). If you chose this federal op-

If you received a post-service education

Subtraction for Railroad Maintenance

tion, you are limited on your Minne-

award, such as tuition reimbursements or

Expenses

sota return to a carryback period of two

student loan payments, from the federal

If you claimed a federal credit for rail-

years preceding the loss.

government in 2017 for service in the

road maintenance expenses on federal

Form 8900, enter the expenses you were

not allowed to deduct because you used

them to claim the credit.

M1M-6

Schedule M1m - Income Additions And Subtractions - 2017 Page 8

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