Debbie Maki Gellatly, EACountry Tax Service LLC272 E Harney RdEsko, MN 55733-9401Phone: 218.879.2910
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Remember to register for the Annual Meeting and Fall Conference in Alexandria in September. This is MN NATP's 25th year and a celebration will be taking place. On Sunday night there will be a banquet with entertainment from Home Free. On Monday night there will be a bonfire by the lake. During the day GREAT education opportunities with some of the BEST speakers in our industry! This is something you do not want to miss!!!!
2014 Schedule M1M line 8 states "Federally tax-exempt dividends from mutual funds investing in bonds of another state
or its governmental units included on line 8b of federal Form 1040"
However, I have found the following tax guidance in the 2014 "The TaxBook" stating there is a special consideration as follows:
Federally tax-exempt dividends from mutual funds investing in bonds of another state. For tax-exempt interest from a mutual fund, if 95% or more of the interest came from bonds issued by Minnesota, add back only the portion generated by non-Minnesota bonds. If less than 95% of the tax exempt interest came from bonds issued by Minnesota, all of the tax-exempt interest must be added back.
Unable to confirm this still actually applies to 2014 MN form M1 with respect to 2014 MN Schedule M1M since it may be a prior tax year "provision" that was removed by MN tax legislation but never updated by the folks at "Tax Materials Inc." - ironically located in Minnetonka, MN !!
How o gister
According to M1PR instructions, you only have to reduce percent of property taxes for business use of home if you use depreciation for the business portion of your home. Would you agree that this would mean we do not have to reduce % of non business use of property taxes for the property tax refund?
With tax season fast approaching, remember your Chapter discussion board can be a great resource for state and local tax issues as well as utilizing the state tax volunteers.