Schedule M1m - Income Additions And Subtractions - 2017 Page 9
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9Line 38
Worksheet for line 40
Federal Schedule A
1 Enter the amount from line 22 of federal Form 1040,
If you filed federal Schedule A and your
or line 15 of federal Form 1040A . . . . . . . . . . . . . . . . . . . . . . . . . . . .
federal limited itemized deductions were
limited to less than the standard deduction
2 Enter the amount from line 20b of federal Form 1040,
for your filing status, complete the Work-
or line 14b of federal Form 1040A . . . . . . . . . . . . . . . . . . . . . . . . . . .
sheet for Line 38.
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 39
4 Enter the amount from line 20a of federal Form 1040,
Contributions to a 529 plan
or line 14a of federal Form 1040A . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning in tax year 2017, you can deduct
certain contributions made to a 529 plan. To
5 Multiply step 4 by 50% (0.50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
determine the amount of your subtraction,
6 Enter the amount you included or should have included
complete and include Schedule M1529,
Education Savings Account Contribution
on line 8b of federal Form 1040, or Form 1040A. . . . . . . . . . . . . . . .
Credit or Subtraction. and enter the amount
7 Add steps 3, 5 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
from line 4 of Schedule M1529 on line 39 of
this form.
8 Enter the total of the amounts on:. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 40
• Lines 23 through 32, plus any write-in adjustments
Social Security Subtraction
you entered on line 36 of federal Form 1040, or
If you paid federal tax on a portion of your
• Lines 16 and 17 of federal Form 1040A
social security income received in 2017,
complete the worksheet for line 40 and enter
9 Subtract step 8 from step 7. If $0 or less, enter $0 . . . . . . . . . . . . . .
the result on this form.
10 Enter the dollar amount for your filing status below: . . . . . . . . . . . . .
Line 41
•
Married Filing Jointly or Qualifying Widow(er): $77,000
First-Time Homebuyer’s Savings Account
•
Single or Head of Household: $60,200
If you opened and contributed to a desig-
nated first-time home buyer’s account in
•
Married Filing Separate: $38,500
2017, you may be eligible to subtract your
11 Subtract step 10 from step 9. If $0 or less, enter $0 . . . . . . . . . . . . .
earnings on the account. Complete and in-
clude Schedule M1HOME to determine your
12 Multiply step 11 by 20%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
subtraction amount.
13 Enter the amount for your filing status from below:. . . . . . . . . . . . . .
Line 42
• Married Filing Jointly or Qualifying Widow(er): $4,500
Discharge of Indebtedness for Education
Loans
• Single or Head of household: $3,500
If you had a qualifying education loan
• Married Filing Separate: $2,250
forgiven because you completed an income-
driven repayment program, enter the amount
14 Subtract step 12 from step 13. If $0 or less, enter $0 . . . . . . . . . . . . .
of that debt discharged and included in
15 Enter the amount from step 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
federal taxable income.
16 Enter the amount of Tier I railroad retirement benefits
included on Schedule M1M, line 24. . . . . . . . . . . . . . . . . . . . . . . . . .
17 Subtract step 16 from step 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Enter step 14 or step 17, whichever is less. Also enter this amount
on line 40 of Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M1M-7
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