2021 ProSeries/Minnesota Readme

Release 2021.90

Contents

Items addressed in this release

Items addressed in previous releases

What's new for ProSeries/Minnesota

Forms

Electronic filing

Items addressed in this release

• Schedule M1NR, line 14 has been updated to include NOL adjustmnent from Schedule M1NC, line 13.

Items addressed in previous releases

• Schedule KF and/or KS will now be part of the return when Pass-Through Entity Tax Credit is reported on the schedule.
• Schedule M1SA has been updated to conform to the IRC for the increased cash contribution AGI limit from 60% to 100%.
• Schedule M1CD has been updated to support Worksheet for Line 7, Prior Year Expenses.
• Schedule M1CD, line 11, has been updated to calculate Minnesota earned income based on information entered on Schedule M1NR.
• Miscellaneous updates to Schedule M1NC (including updates for Social Security Benefits Worksheet and IRA Deduction Worksheet).
• Schedule M1M, line 17 has been updated to reflect the latest federal update to Form 8915.
• The underpayment interest rate on Schedule M15, line 20 has been updated from 5% to 3%.
• Schedule M1SLC has been updated to prevent an error check on line 7 when line 5 is less than zero.

What's new for ProSeries/Minnesota

The following items are new for tax year 2021:

• Standard deduction and dependent exemption amounts have been updated for 2021.
• The age requirement for Minnesota Working Family Credit has been lowered from 21 years old to 19 years old for taxpayers with no qualifying children.
• Schedule M1MB, Business Income Additions and Subtractions has been added the program to report business income additions and subtractions.
• Volunteer Mileage Reimbursement Subtraction is now available to filers who received mileage reimbursement in service of a charitable organization.
• Film Production Credit is now available for certain qualified filers who applied and who have received a credit allocation certificate from the Department of Employment and Economic Development (DEED).
• Pass-through Entity Tax Credit is now available for qualifying individuals of a pass-through entity which elects to pay tax at the entity level. The entity passes the refundable credit for taxes paid by the entity to the individual shareholders, partners, and beneficiaries.

• Information for Tax Preparers

  Written notice of the option to contribute to the Nongame Wildlife Fund "Checkoff" is now required by Minnesota Statutes 270C.445 Subd.5a.

  • A tax preparer must give written notice of the option to contribute to the Nongame Wildlife Fund to Corporate and individual clients that file an income tax return or property tax refund claim form
  • The notice must be included with preliminary worksheets or organizer sent to clients
  • Include a line for the amount of contribution
  • For more information, please see DNR's websites at: https://www.dnr.state.mn.us/eco/nongame/index.html and https://www.dnr.state.mn.us/eco/nongame/tax.html

Forms

All forms and schedules in this version of ProSeries/Minnesota have been approved for filing.

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.

End of ReadMe file for ProSeries/Minnesota