The Minnesota Department of Revenue has updated their “Forms and Instructions for Tax Year 2018,” “Information for Individuals,” and “Information for Businesses,” FAQ pages to include new information regarding 2018 returns. The “Amending 2017 Returns” FAQ page has been updated as well. Changes in the “Information for Individuals” FAQ address questions regarding itemized deductions and how taxpayers can determine whether they are withholding enough income.
The “Forms and Instructions for Tax Year 2018” page has been updated to include the following:
- Information regarding publication of draft forms
- The announcement that new income tax forms will be published and current forms updated
- Minnesota’s Form M1 will start with Federal Adjusted Gross income
- Changes in the “Information for Businesses” FAQ include:
- Information regarding adjustments for federal elections like IRC section 179 and use of section 1031
- The “Amending 2017 Returns” FAQ page has been updated to include information regarding deferred foreign income.
To access all the FAQs, please follow the link.