Montana Other Subtractions

State Income Tax Refunds Income tax refunds received from Montana or another state are not taxable. If you are required to include your state income tax refund in your Federal Adjusted Gross Income on Form 2, Schedule 1, line 10, you can exclude that amount. Interest and Mutual Funds Dividends from Federal Bonds, Notes, and Obligations If you received interest on United States government [...]

Maine Underpayment Penalty

Who Must Pay the Underpayment Penalty? In general, you will owe an underpayment penalty if your 2021 tax liability less allowable credits and withholding is $1,000 or more and your 2020 tax liability before tax credits, income tax withholding or any other tax payment(s) for the tax year was $1,000 or more. Form 2210 [...]

Maine Married Couples Filing Status

WE ARE BOTH FULL-YEAR MAINE RESIDENTS. HOW DO WE FILE WITH MAINE? You must file a Maine return using the same filing status as properly used on your federal return. I AM A FULL-YEAR MAINE RESIDENT, BUT MY SPOUSE IS NOT. HOW SHOULD WE FILE? If you filed a joint federal return you have two options: (1) You can choose to file a joint Maine return as if both of you were full-year Maine residents [...]

Expenses Relating to Income Not Taxed by Minnesota

Expenses Relating to Income Not Taxed by Minnesota, Other Than From U.S. Bond Obligations If you deducted expenses on your federal return connected with income not taxed by Minnesota (such as income reported on lines 17 through 22 of Schedule M1M), add those expenses to your taxable income. Do not include expenses connected with interest or mutual fund dividends from U.S. bonds. For [...]

Charitable Contributions

A charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and it is made without getting, or expecting to get, anything of equal value. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. The amount of your deduction may be limited if certain rules and limitations apply. **Starting for 2020 [...]