Schedule M1nc - Federal Adjustments - 2017 Page 2
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62017 Schedule M1NC Instructions
For taxpayers who are affected by federal tax law passed after December 16, 2016.
Purpose of This Schedule
Line Instructions
If you received a withdrawal from your
retirement account and were able to exclude
Line 1
Rules used in determining Minnesota
an amount of that withdrawal from your
Excess federal Bonus Depreciation on as-
individual income tax are based on the In-
income because you lived in hurricane
sets placed in service after September 27,
ternal Revenue Code, as amended through
zone, enter the difference between what you
2017
December 16, 2016.
included in your federal income and what
If you claimed federal bonus depreciation
Since that date, federal tax law has been
would have been if you had not lived in the
on line 14 or 25 of federal Form 4562 for
enacted that contains a number of provi-
hurricane zone.
assets placed in service after September 27,
sions affecting tax year 2017. Minnesota
2017, you may need to make an adjustment
Line 8
has not adopted these federal changes so
on your Minnesota return.
Other Adjustments to 1040 Due to Recom-
adjustments must be made to your Minne-
puted Amounts
If you claimed federal bonus depreciation
sota return.
If you have an amount on lines 1 through
in excess of 50% of your basis in the assets,
If you are affected by any of the provi-
7, and have an item of income or adjust-
include on line 1 the amount of federal bo-
sions described below, you will need to use
ment to income subject to a rule involving
nus depreciation you claimed that exceeds
Schedule M1NC and these instructions to
AGI (such as Rental Real Estate Losses,
50% of you basis in the asset.
complete your Minnesota return.
Social Security Income, IRA Deduction, or
If you claimed bonus depreciation on used
Student Loan Interest Deduction), you may
Save your entire 2017 Minnesota income
property, or on qualified film, theatrical
need to recalculate that item of income or
tax return and all worksheets you used.
productions, or television expenses, include
adjustment to income.
on line 1 the federal bonus depreciation you
Who Must File Schedule M1NC
Instructions for recalculating the most com-
claimed on these items.
If your federal taxable income is affected
mon items are listed below.
Line 2
by any provisions listed below, you are
Rental Real Estate Losses: Complete the
Depreciation
required to complete and include Schedule
Worksheet for Line 8 - Rental Real Estate
Determine the amount of depreciation
M1NC to make the necessary adjustments
Losses, on the next page, if you reported an
you would have been allowed had you
when you file Form M1.
amount on Schedule M1NC, lines 1 through
not claimed the excess bonus deprecia-
Your 2017 Minnesota taxable income may
7 and line 7 of your federal Schedule 8582
tion entered on line 1. Use the appropri-
be affected if you:
was less than $150,000.
ate recovery period and method for each
asset under the Internal Revenue Code as
• Had federally deductible medical and
Social Security Income: Complete the
amended through December 16, 2016. On
dental expenses (entered an amount on
Worksheet for Line 8 - Social Security
line 2, enter the amount of depreciation you
federal Schedule A, line 4)
Income, on the next page, if you reported an
calculate for the assets included on line 1.
amount on Schedule M1NC lines 1 through
• Claimed bonus depreciation that exceeds
7 and less than 85% of your social Security
50% of your cost in the asset
If you did not enter an amount on line 1, do
benefits were included in your federal tax-
not enter an amount on line 2.
• Claimed federal bonus depreciation on
able income.
used assets, qualified film/television/the-
Lines 4 — 6
atrical production expenses.
IRA Deduction: Complete the Worksheet
These lines are intentionally left blank at
for Line 8 - Minnesota IRA Deduction on
• Excluded from your federal income an
this time. These lines may be used if there
page 3 of these instructions if you reported
IRA withdrawal that would have been
are additional federal tax laws that impact
an amount on Schedule M1NC, lines 3
included in your income if you had not
tax year 2017.
through 7 and you deducted contributions
lived in a hurricane zone at the time of
Line 7
to an IRA on your federal return.
the applicable hurricane
Certain Retirement Account Withdrawals
• Claimed an enhanced casualty loss
If you were required to complete a work-
Excluded Income
deduction for personal property damaged
sheet in IRS Publication 590-A, complete
This line applies to only individuals who
by a hurricane
that worksheet using Minnesota income
received certain distributions from their re-
amounts.
• Contributed to a charitable organization
tirement account and whose principal place
for hurricane relief and your charitable
of abode was located in the:
Student Loan Interest: Complete the
deduction exceeded certain percentages
•
Hurricane Harvey disaster area on
Worksheet for Line 8 - Student Loan Inter-
of your adjusted gross income
August 23, 2017,
est on page 4 of these instructions if you
• Entered an amount on line 9, and claimed
•
Hurricane Irma disaster area on Sep-
reported an amount on Schedule M1NC
certain federal itemized deductions that
tember 4, 2017, or
lines 1 through 7 and you deducted student
are based on a percentage of your ad-
loan interest on your federal return.
•
Hurricane Maria disaster area on Sep-
justed gross income (such as medical and
tember 16, 2017
dental expenses, charitable contributions,
casualty or theft losses, job expenses, and
certain miscellaneous deductions)
1
Continued
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