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I received a lump-sum distribution

Article ID: 35113  

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

Answer

Who Must File

If you received a lump-sum distribution from a pension, profit-sharing or stock bonus plan in 2014, you must file Schedule M1LS if both of the following conditions apply:

• you filed federal Form 4972, Tax on Lump-Sum Distributions, and

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

You must include Schedule M1LS and a copy of your federal Form 4972 when you file Form M1.


Article Details
Views: 400 Created on: Jun 15, 2013