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Montana Other Reductions

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Montana Other Reductions

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Enter any other subtractions to federal adjusted gross income not described in lines 1 through 33. For example, if you were the owner of a mobile home park and you sold the park to a tenants’ or mobile home park residents’ association, a 501(c)(3) organization or a county or municipal housing authority, you may be able to exclude all or a portion of the gain you recognized. Complete Montana Form MHPE to determine the amount of the exclusion. Or, if you received a death benefit payment from the Montana Department of Military Affairs because you are the survivor of a member of the National Guard who died while on state active duty orders that is included in your federal adjusted gross income, that amount is exempt from state taxes in Montana. Enter the amount that was included in your federal adjusted gross income. Do not enter income earned outside of Montana. If you are a full or part-year Montana resident and you have income taxed by another state, complete Schedule VI. A part-year resident also completes Schedule IV. If you are a nonresident, complete Schedule IV.

Also do not report your net operating loss as recomputed for Montana. Instead, report that amount on line 27.


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Views: 521 Created on: Jun 15, 2013
Date updated: Sep 25, 2015
Posted in: STATES, Montana

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