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Screen MNCr - Minnesota Refundable Credits (1040)

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Overview

Use this screen to complete Forms M1 and M1W and Schedules ETP, M1C, M1CD, M1CMD, M1ED, M1LTI, and M1REF.

Child and Dependent Care Credit

UltraTax CS transfers the information entered in the
Dependent information
 statement window in the 1040 federal screen to the statement window attached to this field, and may be adjusted as needed. Age is calculated as of the end of the tax year. Names, ages, birth dates, and Social Security numbers of up to 2 qualifying dependents print on Schedule M1CD. If there are more than 2 qualifying dependents with Minnesota expenses, the information prints on a detailed statement. If claiming the credit for children in a day care facility, enter the total qualifying expenses in the Minnesota amount from the family day care column.
Taxpayer or spouse operates licensed facility and claims credit for own children
Enter
X
 and the day care license number if the taxpayer or spouse is claiming the credit for their own children in a licensed family facility operated by them. Enter qualifying expenses for family day care in the
Qualifying dependent information
 statement window if different from the federal expenses. A copy of federal From 2441 calculates using the Minnesota expenses in place of the federal expenses.
Part-year Minnesota earned income (Force)
UltraTax CS automatically calculates Minnesota earned income for the taxpayer and spouse on part-year resident returns based on ZIP Codes entered in UltraTax/1040. Use this field to enter an amount different from the calculated amount.

Education Credit/Subtraction

K through 12 education expenses / … / Transportation provider
1st name and family name, Social Security number, and date of birth for dependents entered in federal Screen 1040 with dependent codes
1
 and
5
 transfer here.
Additional lines may be entered for any other qualifying children. Enter the amount of instruction fees and material cost associated with each child to include on Schedule M1ED or Form M1. If information is entered for 3 children or fewer, the information prints on the form.
If more than 3 children are entered, the information for all children is included in the statements attached to the return. An additional worksheet prints with the return with the calculation for each child. The maximum credit for education expenses is based on household income.
Up to $200 of computer hardware and educational software may be included per family to reach these credit maximums. Computer purchases more than $200 may be claimed, up to an additional $200, as an education subtraction on Schedule M1M.

Long-Term Care Insurance Credit

Use this section to calculate Form M1LTI, Long-Term Care Insurance Credit. If not proforma’d, enter the number of the qualifying policy and name of the insurance company. UltraTax CS defaults to include all premiums entered in any federal screen coded to the taxpayer or spouse as premiums qualified for the credit. Use the
Total premiums paid (Force)
 fields to enter an amount different from the total entered in federal screens.

Refundable Credits

Use this section to enter Minnesota credits for Schedules M1C, M1CMD, M1REF, and M1W. When blank, fields indicated as force fields default to data entered in the MNEFK1 and MNEFKF screens. Electronically filed returns including a passthrough credit from Forms KS, KPI, or KF you'll need to include those forms in the electronic file. Complete the MNEFK1 or MNEFKF screens.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Minnesota

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