Schedule M1nc - Federal Adjustments - 2012

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Schedule M1NC
Sequence #19
Schedule M1NC, Federal Adjustments 2012
Sequence #19
Minnesota has not adopted the federal law changes made after April 14, 2011, that affect federal taxable income for tax
year 2012. As a result, to correctly determine your Minnesota tax, you must recompute your federal return for Minnesota tax
purposes to reverse the effects of any federal law changes enacted after that date. Report the federal adjustments on this
Schedule M1NC.
Your first name and initial
Last name
Social Security number
Before you complete this schedule, read the instructions which are on a separate sheet. If any lines 1 through 10 below
apply to you, you must complete a separate federal Form 1040, lines 1–43, and make the adjustments as instructed
for Minnesota purposes. If only lines 11, 12 and/or 13 apply and lines 1 through 10 do not, see How to Correctly
Determine Minnesota Taxable Income in the instructions.
Round amounts to the
Adjustments to federal adjusted gross income
nearest whole dollar.
1 If you claimed a deduction for educator expenses on your federal Form 1040 or Form 1040A,
enter the deduction amount here. Enter zero on your recomputed 1040 or 1040A . . . . . . . . . . . . . . . . . . . 1
2 If you claimed a deduction for tuition and fees on your federal Form 1040 or Form 1040A,
enter the deduction amount here. Enter zero on your recomputed 1040 or 1040A . . . . . . . . . . . . . . . . . . . 2
3 If you are age 70½ or older and you made a tax-free IRA distribution to charity, enter the distribution
that was excluded from federal adjusted gross income. Also, include this amount as taxable income
on line 15b of your recomputed 1040. If you itemized deductions, include this amount as a charitable
contribution on line 16 of your recomputed Schedule A (1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 If you placed in service in 2012 qualified leasehold improvement, restaurant or retail improvement
property, enter the amount for which you are depreciating over 15 years federally on your actual
federal Form 4562. You must recalculate the depreciation using a 39-year life and enter the difference
between the federal depreciation and the recalculated amount. Also increase your
net business income (or decrease net business loss) by this amount on your recomputed
Schedule C or E (1040) for the business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 If you utilize the special 7-year cost recovery period for property used for land improvements and
support facilities for motor sports entertainment facilities you must recalculate the depreciation using
a 15 or 39 year life (as appropriate). Enter the difference between the special 7-year depreciation and
your recomputed depreciation. Increase your new business income (or decease net business loss) by this
amount on your recomputed Schedule C or S corp return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 If you claimed depreciation for business property on an Indian reservation on federal Schedule 4562
using the alternative depreciation class-life, recalculate depreciation using the regular class-life
and enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 If you elected to expense 50% of the cost of qualified advanced mine safety equipment placed in
service in 2012, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 If you claimed the modified treatment of certain qualified film and television productions on
federal Form 4562, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9 If you excluded certain interest-related dividends from a RIC in 2012, you must include this amount in
income for Minnesota purposes. Enter the amount here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Shareholders of an S corporation that donated appreciated property to a charity in 2012:
If in 2012 you sold the S corporation stock or claimed a federal loss from the S corporation on
Schedule E (1040), enter the difference in basis of stock that was generated by the new federal
law. See instructions on how to use the amount on your recomputed 1040 . . . . . . . . . . . . . . . . . . . . . . . . 10
Adjustments to federal taxable income
11 If you claimed a deduction for mortgage insurance premiums deductible as qualified residence interest
on your federal Schedule A, enter that amount here. Enter zero on your recomputed Schedule A . . . . . . . 11
12 If you claimed a contribution of capital gain property for conservation easements,
your deduction is limited to 30% of your contribution base (50% if you are a farmer)
for Minnesota purposes. Enter the amount from your recomputed Schedule A here . . . . . . . . . . . . . . . . . 12
13 If you took a charitable deduction for contributions of food inventory and claimed the enhanced
deduction on federal Form 8283, you must limit your deduction to the lower of your basis
or fair market value for Minnesota purposes. Enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Before you continue with line 14 on page 2, see the instructions for a list of other federal 1040 amounts that need to be
.
recalculated. They are based on amounts that may have been recomputed for Minnesota purposes

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