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Lump-sum distribution

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Question
I received a lump sum distribution, do I have to pay additional Minnesota taxes on this?

Answer

Tax on Lump-Sum Distribution (Schedule M1LS)

You must file Schedule M1LS, Tax on Lump-Sum Distribution, if all of the following apply:

• You received lump-sum distribution from a pension, profit-sharing, or stock bonus plan in 2018

• You were a Minnesota resident when you received any portion of the lump-sum distribution

• You filed federal Form 4972

If you complete Schedule M1LS, include the schedule and Form 4972 when you file your Form M1.

 


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Article Details
Views: 1179 Created on: Jun 15, 2013
Date updated: Dec 14, 2018
Posted in: States, Minnesota

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