Minnesota DOR Releases Final Draft of 2020 Schedule M1NC, Federal Adjustments

The Minnesota Department of Revenue (DOR) Oct. 26 released a final draft of the 2020 Schedule M1NC, Federal Adjustments, for individual income tax purposes. Minnesota hasn’t adopted federal tax law changes made after Dec. 31, 2018, affecting federal adjusted gross income for tax year 2020. The DOR advises that taxpayers may need to file the schedule if affected by these changes. Taxpayers must complete the schedule if on their 2020 federal return they, for example: 1) excluded discharged home mortgage debt on their principal residence; 2) excluded an individual retirement account withdrawal that could be included in income; 3) received ...