Minnesota Individual Income Tax Forms And Instructions

What’s new for 2017?

This booklet may be outdated at the time you

Social Security Benefit Subtraction

The credit is available to part-year and

file due to federal and/or state law changes.

Individuals receiving Social Security

full-year Minnesota residents. For

If you use forms or instructions that are

or Railroad Retirement benefits that are

all filers whose federal adjusted gross

outdated, it will delay your refund.

included in Minnesota taxable income may

income (FAGI) is $75,000 or less, the

For up-to-date information, forms, and

qualify for a subtraction from Minnesota

credit is 50% of their net contributions

instructions:

income if their provisional income does not

to qualified accounts up to a credit of

exceed certain limits. Use the worksheet

Go to and

$500. The maximum credit phases out

•

in the instructions for Schedule M1M to

type Income Tax Forms in the Search

as FAGI exceeds $75,000. The credit is

box

determine your subtraction to report on line

not available to married couples filing

40 of Schedule M1M.

a joint return with FAGI $160,000, or

•

Call us at 651-296-3781 or

individuals with FAGI of $100,000.

1-800-652-9094 (toll free)

First-Time Home Buyer Savings

The subtraction is available to all filers,

Account Subtraction

Credit for Attaining Master’s Degree

who did not claim the credit, regardless of

Individuals who have established a first-

in Teacher’s Licensure Field

where they lived. The subtraction is equal

time home buyer savings account may

Teachers licensed by Minnesota enrolling

to net contributions to qualified accounts

subtract from their income the interest and

in an eligible master’s degree program in

up to $3,000 for married couples filing a

dividends earned on their account. Use

their licensure field after June 30, 2017

joint return, or $1,500 for all others.

Schedule M1HOME, First-Time Home

may be eligible for a nonrefundable credit

Buyer Savings Account, to designate a

up to $2,500 in the year they complete the

Child and Dependent Care Credit

first-time home buyer savings account and

program. Claim this credit on Schedule

Beginning with tax year 2017, the income

report this subtraction.

M1CMD, Credit for Attaining Master’s

limits for the Minnesota Child and

Degree in Teacher’s Licensure Field.

Dependent Care Credit are expanded.

First-Time Home Buyer Savings

The income limits are now $62,000

Account Addition and Additional Tax

Student Loan Credit

for taxpayers who have one qualifying

Individuals who make a withdrawal from

Minnesota residents and part-year residents

individual and $74,000 for taxpayers who

a first-time home buyer savings account

making payments on their postsecondary

have two or more qualifying individuals.

and do not use the funds for closing costs,

education loans may be eligible for a

Taxpayers who paid someone to care for

down payments, construction costs may be

nonrefundable credit up to $500. For

their child or other qualifying person, or

required to add the earnings portion of the

married couples, each spouse is eligible for

paid someone for household services,

withdrawal into their Minnesota taxable

this credit. Claim this credit on Schedule

may be eligible. Claim this credit on

income. If an addition is required, an

M1SLC, Student Loan Credit.

Schedule M1CD, Child and Dependent

additional tax of 10% of the addition will

Credit for Taxes Paid to Wisconsin

Care Credit.

also apply. The addition and additional tax

Do not file Schedule M1CR, Credit for

are calculated on Schedule M1HOME.

Working Family Credit

Income Tax Paid to Another State, to claim

Beginning with tax year 2017, American

Accelerated Recognition of Certain

a credit for taxes paid to Wisconsin. Use

Indians living and working on a

Schedule M1RCR, Credit for Taxes Paid to

Installment Sale Gains

reservation no longer need to complete

Certain taxpayers may be required to

Wisconsin.

a worksheet to determine their credit.

accelerate recognition of their gains from

Minnesota domiciled residents who pay

Claim this credit on Schedule M1WFC,

business installment sales made in tax

tax to Wisconsin on income from personal

Working Family Credit.

year 2017 or elect to defer the recognition

and professional services performed in

of their gains. Report these gains or

Discharge of Indebtedness for

Wisconsin may be eligible for a refundable

deferment on Schedule M1AR, Accelerated

Education Loans Subtraction

credit. Taxpayers should use Schedule

Recognition of Installment Sale Gains.

Individuals whose qualified education

M1RCR to determine the nonrefundable

loans are forgiven as a result of

and refundable portions of the credit for

participation in a federal income-based

taxes paid to Wisconsin.

repayment plan may be eligible for a

Section 529 Plan Credit and

subtraction from income of the entire

Subtraction

amount forgiven. Report this subtraction

Individuals who contribute to a Section

on line 42 of Schedule M1M, Income

529 College Savings Plan may be eligible

Additions and Subtractions.

for a nonrefundable credit of up to $500, or

be able to reduce their Minnesota taxable

income.

Minnesota Individual Income Tax Forms And Instructions - 2017 Page 3

Related Articles

Related forms

Related Categories