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?
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.
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.
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.
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.
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.
Good news!. ProSeries says they will be updating Minnesota on Friday, March 25th. Unfortunately, Friday March 25th is in 2022.