2018 ProSeries/Minnesota Property Tax Refund

Release 2018.460

Contents

Items addressed in this release

Items addressed in previous releases

What's new for ProSeries/Minnesota Property Tax Refund

Forms

Electronic filing

Additional Information

Items addressed in this release

• Form M1PR, Homestead Credit Refund
• Line 22 can now have a value of 0 (zero) to allow a person who qualifies for the disabled veteran exclusion, whose previous year property tax was zero, to qualify for the special refund.

Items addressed in previous releases

• Federal Conformity. - On May 30, 2019, Minnesota law was updated to recognize the Internal Revenue Code as amended through December 31, 2018. The law disallows the tax effect of the federal provisions on Schedule M1NC. The program is updated to reflect those changes.
• Schedule M15, Underpayment of Estimated Income Tax, the schedule has been removed,
• Schedule LK, Like-Kind Exchanges, the schedule has been removed,
• Schedule M1NC, Federal Adjustments, accounts for Minnesota's nonconformity to certain federal tax provisions
• Line 10, Adjustment for capitalization provisions, line is now blank and not used,
• Line 11a, Federal bonus deprecation differences, line is now blank and not used,
• Line 11b, Allowable deprecation for line 11a, line is now blank and not used,
• Line 12a, Adjustment for Section 179 rules for expensing depreciable assets, line is now blank and not used,
• Line 12b, Allowable deprecation for line 12a, line is now blank and not used,
• Line 13a, Adjustment for depreciation provisions, line is now blank and not used,
• Line 14, Depreciation for assets from line 3 and 6 of the 2017 M1NC, line is now blank and not used,
• Line 17a, Like kind exchange from Schedule LK, line is now blank and not used,
• Line 17b, Recalculated cost recover for property on 17a, line is now blank and not used,
• Line 18, Adjustment due to 30% limitation on net business interest, line is now blank and not used,
• Line 19, Limitation on partner's share of loss, line is now blank and not used,
• Line 22, Adjustment due to disallowance of an excess business loss, line is now blank and not used,
• Line 28, Adjustments due to Subpart F changes, line is now blank and not used,
• Line 29, Additional adjustments, change to instructions only: removed restrictions on insurance business exception to passive foreign income investment company rules,
• Line 30, Adjustments from federal tax credits, change to instructions only: removed adjustment for property used in claiming the federal energy credit,
• Line 31, 2017 M1NC carryforward loss from IRA distributions, line is now blank and not used,
• Schedule M1M, Additions and Subtractions, accounts for Minnesota's statutes which deffer from certain federal tax provisions
• Line 3, Bonus depreciation, the worksheet no longer refrences M1NC and reverts back to the worksheet as it was for tax year 2016,
• Line 4, Section 179, the worksheet no longer refrences M1NC and reverts back to the worksheet as it was for tax year 2016,
• Schedule UE, Unreimbursed Employee Business Expenses, Line 27, change is to instructions only: conform to federal limits,
• Form M1, Individual Income Tax, Line 31, penalty amount from Schedule M15, line is now blank and not used.
• New Worksheet 5 - Co-occupant Income.
• You file returns electronically with the new worksheet 5 - Co-occupant Income.

What's new for ProSeries/Minnesota Property Tax Refund

The following items are new for tax year 2018:

• Property Tax Refund Tables.
• The property tax refund tables for renters and homeowners have changed for tax year 2018.
• New Worksheet 5 - Co-occupant Income.
• Minnesota has issued a new worksheet to report Co-occupant Income.

Forms

Minnesota Property Tax Refund returns can be filed.

Electronic Filing

General information for electronic filing:

You can file returns electronically with this version of ProSeries/Minnesota.

For a list of forms that can be e-filed, first open a state return, and then go to What's New This Year in Help Center.

Additional information

Check all returns after printing

The Minnesota Department of Revenue scans computer-generated forms to quickly process the income tax returns it receives. To meet the requirements for producing computer-generated forms, ProSeries is required to limit the width of the tax information printed on forms that are scanned. In certain cases, data you entered may be truncated. After completing a tax return, review the information that prints (for example, mailing address information), make any necessary changes, and reprint the return before mailing it.

End of ReadMe file for ProSeries/Minnesota Property Tax Refund