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ProSeries needs to update MN Form M1NC Line 7 (the addback for unemployment compensation). Can this be programed so preparers do not need to make a manual entry?
https://www.revenue.state.mn.us/sites/default/files/2021-03/m1nc_20_0.pdf
Line 9 on that form is where we addback PPP loan forgiveness.
The MN Revenue representative told me they are recommending preparers not wait to see if Minnesota decides whether they will conform with federal treatment for these items.
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Pretty much every state that has individual income taxes needs to be updated. In MN we need to add the exclusion back. Some states already had an exclusion built into their tax laws so those folks are getting the amounts doubled up and need to do manual adjustments.
Slava Ukraini!
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I don't care if I have to do a manual entry. I just want the Form M1NC line 7 to be updated from "Reserved for future use" done. MN Released the updated form over a week ago. What is the delay in changing Line 7?
I just refreshed updates (3/25 11 am CT) & it still isn't there.
There is no way that MN will pass conformity before summer but I want to get the return out the door already.
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I've been using the "other adjustments" line to get the returns out the door.
Slava Ukraini!
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Are you efiling it that way? Or waiting for the update to efile?
I am waiting for the update because I think MN will adjust the returns themselves in the summer & I worry that they will only automatically adjust returns with an amount on M1NC Line 7.
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I have e-filed them that way.
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And now I feel foolish for all this waiting.
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To be honest, I was transmitting them that way before I saw that MN had changed their form. But I'm still going that route until Intuit updates their side of it.
Slava Ukraini!
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You probably got the email today, but the State sent an email saying DON'T enter the exclusion elsewhere on the form, or it could be delayed. They say to wait until the software updates the form.
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I just got the e-mail about an hour ago. But if they want to delay a balance due return, have at it 😁
Slava Ukraini!
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Good news!. ProSeries says they will be updating Minnesota on Friday, March 25th. Unfortunately, Friday March 25th is in 2022.
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I just did the update - it has arrived.
Slava Ukraini!