Fillable Schedule M1nc - Federal Adjustments - 2012 printable pdf download

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

Schedule M1nc - Federal Adjustments - 2012

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