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2023 Minnesota forms M1PR (Homestead Credit Refund for Property Taxes) and M1PR-AI (Additions to Income)

 

 

When completing these forms through 2023 Turbo Tax Premier the amount contributed to an SEP IRA is shown on Form M1PR, Line 3 - Deduction for contributions to a qualified retirement plan. This SEP IRA contribution amount is also shown on form M1PR-AI (Additions to Income) along with 401K, (contributions to deferred compensation plan), nontaxable interest and mutual fund dividends along with other nontaxable income amounts and added together for a total on Line 20 of M1PR-AI.  This M1PR-AI Form, Line 20 amount is then entered on Form M1PR, Line 5 - Additional nontaxable income. Then the amounts shown on Form M1PR Lines 1- Federal adjusted gross income, Line 2 - Nontaxable Social Security, Line 3 - described above, Line 4 - Total payment from other Minnesota programs and Line 5 - described above are all added together and entered on M1PR Line 6. By this happening the amount for SEP IRA contributions is included twice in the total amount of M1PR Line 6. Is this correct or is there an error in the Turbo Tax program or the State of Minnesota forms? The SEP IRA contribution was not included in the 2022 Additional Income Worksheet Line 3 amount and did not have a separate line item for it as it does in 2023 Line 10.

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1 Reply
CatinaT1
Expert Alumni

2023 Minnesota forms M1PR (Homestead Credit Refund for Property Taxes) and M1PR-AI (Additions to Income)

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