Schedule M1ls - Tax On Lump-Sum Distribution - 2017 Page 2
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1
22017 Schedule M1LS Instruction
Should I file Schedule M1LS?
Five-Year Averaging Method
If line 4 minus line 7 of Form M1 is:
If you received a lump-sum distribution
Even though federal Form 4972 allows you
• Zero or less, assume for purposes of this
from a pension, profit-sharing or stock
to use only the ten-year averaging method,
line that the actual number is a positive
bonus plan in 2017, you must file Schedule
you must use the five-year averaging
rather than a negative number. Then,
M1LS if both of the following conditions
method for Minnesota.
compare it (as a positive number) to the
apply:
amount on line 13 of Schedule M1R and
enter whichever amount is less on line 2
Capital Gain Election
• you filed federal Form 4972, Tax on
of Schedule M1LS.
Lump-Sum Distributions, and
Minnesota does not allow a capital gain
• More than zero, enter zero on line 2 of
election for lump-sum distributions. There-
• you were a Minnesota resident when you
Schedule M1LS.
fore, any capital gain reported on federal
received any portion of the lump-sum
Form 4972, line 6, must be reported as an
distribution.
Line 11
addition to federal taxable income on line
You must include Schedule M1LS and a
Tax on Ordinary Income Portion of Lump-
12 of Schedule M1M.
copy of your federal Form 4972 when you
Sum Distribution
file Form M1.
Subtract line 10 from line 6 and enter the
Line Instructions
result on line 11.
What if I moved into or out of
Round amounts to the nearest whole dollar.
Multiple recipients: If you shared a lump-
Minnesota in 2017?
sum distribution from a qualified retirement
If you received the full amount of the
Line 2
plan, follow the steps below to determine
distribution while you were a nonresident
Subtraction for Age 65 or Older or Dis-
line 11:
of Minnesota, you do not have to complete
abled
Schedule M1LS.
If you completed Schedule M1R, Age 65 or
1 From the front of this
Older/Disabled Subtraction, and line 4 of
If you received a portion while you were a
schedule, subtract
Form M1 is:
nonresident and a portion while you were
line 10 from line 6 . . . . . . . .
a resident, you must complete Schedule
• Zero or less, enter the amount from line
2 Enter the percentage from
M1LS and include the full amount from
%
13 of Schedule M1R on line 2 of Sched-
box 9a of Form 1099-R . . . .
federal Form 4972 on your Schedule
ule M1LS.
M1LS.
3 Multiply step 1 by the
• More than zero, read the rest of this
percentage in step 2 . . . . . . .
instruction.
Enter the result from step 3 on line 11 of
Schedule M1LS. In the space to the left of
line 11, print “MRD.”
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