Updated M1M Instructions

Minnesota Department of Revenue sent this bulletin at 12/19/2012 12:03 PM CST

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An error was found on the M1M instructions for line 7.  An updated Form M1M has been posted on the website.

 

The error is for Section 179 expensing.  The printed version of the form states the following (on page 2 of the M1M instructions, Worksheet for line 7):

 

First bullet point – “Subtract $475,000 from line 1 of federal form 4562…”

 

Third bullet point – “Subtract $1,800,000 from line 3 of federal for 4562…”

 

The corrected version is as follows:

 

First bullet point – “Subtract $100,000 from line 1 of federal form 4562…”

 

Third bullet point – “Subtract $300,000 from line 3 of federal for 4562…”

 

We are sorry for any inconvenience this has caused.