Important notice about line 10 of Schedule M1SA

Minnesota Department of Revenue sent this bulletin at 02/20/2019 12:40 PM CST

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The Minnesota Department of Revenue is aware of a situation with some electronic return submissions reporting certain kinds of interest on line 10 of Schedule M1SA, Minnesota Itemized Deductions.

 

What interest does this situation apply to?

The situation applies only to qualified points paid by clients and not reported to them on federal Form 1098, or when clients’ interest is reported on someone else’s Form 1098.

 

What do I need to know?

If the situation above applies to any of your clients, enter 999999999 for the interest recipient’s identification number on line 10 of Schedule M1SA.

 

What if clients paid the interest in connection with a seller-financed mortgage?

  • If the seller is an individual, include the seller’s Social Security number (SSN).
  • If the seller is not an individual, include the seller’s Federal Employer Identification Number (FEIN).

If you do not have the seller’s SSN or FEIN, you must ask them for it. Failure to provide the number may delay processing of your clients’ returns.