2006 M1PR - Failure of capital loss carryover to flow from the 2006 form 1040. Does anyone know why a capital loss carryover would not flow from the federal 1040 form to the M1PR Property Tax Refund form?
Minnesota does not allow a deduction for capital loss carryovers on the M1PR. So if the loss didn't carryover from the 1040 to the M1PR, it was handled correctly. I have a couple of clients that have large capital loss carryovers with small incomes that the loss does not get handled correctly and I have to manually adjust the M1PR to get it to reflect the proper exclusion of the carryover.
I was not aware of that exclusion and was surprised that the program did not make that adjustment if it is the rule. When working with multiple states, it would be nearly impossible to know all the facts pertinent to each state in my humble opinion!
I don't think it would be nearly impossible, I think it would be impossible. Look at the bright side, you now have one less fact to learn about Minnesota anyway.
IRMN is back YAHOOOOOOOOOOOOOOOOOOOOO
MJ - personally I prefer Google over Yahoo.
