Federal adjustments update for tax year 2019

 

Minnesota has not adopted the federal tax law changes made after December 31, 2018, that affect federal adjusted gross income for tax year 2019. Your clients may need to file 2019 Schedule M1NC, Federal Adjustments, with their 2019 Minnesota Individual Income Tax returns.

Do my clients need to complete 2019 Schedule M1NC?

They must complete 2019 Schedule M1NC if they did any of the following on their 2019 federal return:

• Claimed a deduction for tuition and fees
• Excluded discharged home mortgage debt on your principal residence from income
• Excluded an IRA withdrawal that would have been included in income
• Received a distribution from a 529 savings plan for the following items:
  • Fees, books, supplies, and equipment required for participation in an apprenticeship program
  • Pay for education loans of the designated beneficiary or their sibling

Your clients may also need to complete this schedule for other items not listed here. For a complete list and more information, see our Federal Adjustments webpage and the instructions for 2019 Schedule M1NC.

 

Thank you for subscribing. Get the latest news and updates from the Minnesota Department of Revenue by following us on Facebook and Twitter or by signing up for other available email subscription lists.