M1ls 2025

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4.6 out of 5

167 votes

The document is the 2021 Schedule M1LS, which outlines the tax implications for individuals receiving a lump-sum distribution from pension or retirement plans in Minnesota. It provides instructions on how to calculate the tax owed based on federal Form 4972 and includes specific guidelines for residents and non-residents of Minnesota. The schedule requires rounding amounts to whole dollars and emphasizes the use of a five-year averaging method for state tax purposes.

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Click ‘Get Form’ to open the m1ls in the editor.
Begin by entering your First Name, Initial, and Last Name in the designated fields. Ensure accuracy as this information is crucial for identification.
Input your Social Security Number in the appropriate field. This is necessary for tax processing.
Refer to federal Form 4972 to determine the portion of your lump-sum distribution eligible for averaging and enter that amount on line 1.
If you completed Schedule M1R, follow the instructions provided; otherwise, enter '0' on line 2.
Subtract line 2 from line 1 and record the result on line 3.
Multiply the amount on line 3 by 20% and enter it on line 4.
Consult the tax table in Form M1 instructions to find the tax for the amount on line 4 and record it on line 5.
Multiply the amount from line 5 by '5' and enter it on line 6.
Complete lines 7 through 10 if applicable, following similar steps as above, then calculate your final tax amount on line 11.

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Versions	Form popularity	Fillable & printable
2023	4.3 Satisfied (30 Votes)
2022	4.6 Satisfied (35 Votes)
2021	4.6 Satisfied (167 Votes)
2020	4.3 Satisfied (68 Votes)

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