Schedule M1m Instructions - 2001
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12001 Schedule M1M instructions
6 Amount of gain from the sale
Line 8
Line instructions
that you included on line 33
Urban Homestead Program
Lines 1 through 4
of Form 1040 . . . . . . . . . . . . . .
If you qualify for a subtraction on line 8,
The instructions for lines 1 through 4 are
you would have received a certification
7 Fill in the result from step 5
on page 10 of the M1 instruction booklet.
under the Urban Homestead Program from
or step 6, whichever is less.
your city or county assessor. Follow the
Also fill in this result on line
Line 6
instructions you received with the certifica-
10 of Schedule M1M . . . . . . . .
American Indians living on an Indian
tion and fill in the amount of your subtrac-
reservation
tion. You must attach the certification to
Line 12
If you are a member of an American Indian
your Form M1.
Carry forward of retirement subtrac-
tribe, fill in the reservation source income
tions from your 2000 return
The deadline for receiving applications has
included in line 1 of your Form M1 that
You are eligible for this subtraction only if
expired.
you received while living on the reservation
you — or your spouse, if filing a joint
of which you are an enrolled member.
Line 9
return — meet the following requirements:
If you are eligible to subtract reservation
Youth Works Post Service Program
• you claimed a subtraction on line 6 and/
source income, you must allocate any
If you received benefits — such as tuition
or line 7 of your 2000 Schedule M1M for
working family or child care credit you
reimbursements or student loan payments
contributions you made to:
claim based on your income taxable to
— in 2001 for working in the Minnesota
— an IRA, Keogh, or SEP plan for
Minnesota.
Youth Works Post Service Program, you
which you claimed as additions to
can subtract the amount you included in
income on your 1982, 1983, and/or
Line 7
your federal taxable income.
1984 Form M1, or
Income taxes paid to a subnational
On line 9, fill in the amount included in
level of a foreign country
— a Minnesota state or local govern-
line 1 of your Form M1 that you received
If you paid taxes to a subnational level of a
ment retirement plan for which you
for participating in the program.
foreign country other than Canada, you
claimed as additions to income on
may be able to subtract the amount you did
your 1983 and/or 1984 Form M1,
Line 10
not use to claim a federal foreign tax credit.
AND
Gain from the sale of farm property
A subnational level is the equivalent of a
• your Minnesota taxable income on line 6
You can reduce your taxable income if you
state of the United States.
of your 2000 Form M1 was shown as
received a gain from the sale of farm
zero because it was a negative amount.
Follow the steps below to determine the
property in 2001 and if:
amount to fill in on line 7:
If you meet the above requirements, follow
• you owned and operated the farm,
1 Federal foreign tax credit from
the steps below to determine the amount to
• your debts were greater than the fair
fill in on line 12:
line 21 of the federal Schedule
market value of your assets immediately
1116 for the subnational level
before the sale,
1 Because your Minnesota taxable
of a foreign country other
income for 2000 was a negative
• you included the gain from the sale in
than Canada . . . . . . . . . . . . . .
number, you should have filled
your federal adjusted gross income on
in zero on line 6 of your 2000
2 Foreign taxes paid from
line 33 of your federal Form 1040, and
Form M1. For purposes of
line 9 of the Schedule 1116 . .
• you applied the proceeds from the sale of
this step, you will need to
the property to paying off the mortgage,
3 Subtract step 2 from step 1 . .
compute the actual negative
contract for deed, or lien on the prop-
amount. Fill in that amount
4 Amount of tax you paid to a
erty.
here, but show it as a positive
subnational level of a foreign
If you meet all of the requirements, follow
number . . . . . . . . . . . . . . . . . .
country, other than Canada,
the steps below:
on income you received while
2 Amount from line 6 of your
a Minnesota resident . . . . . . .
1 Amount of your debts imme-
2000 Schedule M1M . . . . . . . .
diately before the sale . . . . . . .
5 Amount from step 3 or step 4,
3 Amount from line 7 of your
whichever is less. Also fill in
2 Amount of debt forgiveness
2000 Schedule M1M . . . . . . . .
this result on line 7 of your
that you were permitted to
4 Add step 2 and step 3 . . . . . . .
Schedule M1M . . . . . . . . . . . .
exclude from your income
when you filled out your
5 Fill in the result from step 1
Form 1040 . . . . . . . . . . . . . . . .
or step 4, whichever is less.
Also fill in this result on
3 Subtract step 2 from step 1 . .
line 12 of Schedule M1M . . . .
4 Fair market value of your
assets immediately before
the sale . . . . . . . . . . . . . . . . . . .
5 Subtract step 4 from step 3 . .
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