Schedule M1LS Tax on Lump-Sum Distribution - Minnesota

What Is Schedule M1LS?

This is a legal form that was released by the Minnesota Department of Revenue - a government authority operating within Minnesota. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule M1LS?
A: Schedule M1LS is a form used in Minnesota to report and calculate tax on lump-sum distributions.

Q: What is a lump-sum distribution?
A: A lump-sum distribution is a one-time payment of an entire retirement plan balance, typically received in a single tax year.

Q: When do I need to file Schedule M1LS?
A: You need to file Schedule M1LS if you received a lump-sum distribution in Minnesota and owe tax on it.

Q: What information do I need to complete Schedule M1LS?
A: You will need the Form 1099-R that you received from the payer of your lump-sum distribution, as well as other personal information.

Q: How do I calculate the tax on my lump-sum distribution?
A: You can use the Lump-Sum Distribution Tax Worksheet provided with Schedule M1LS to calculate the tax owed.

Q: Is there a deadline for filing Schedule M1LS?
A: Schedule M1LS should be filed along with your Minnesota state tax return by the regular tax filing deadline, which is typically April 15th.

Q: Can I e-file Schedule M1LS?
A: Yes, you can e-file your Minnesota state tax return, including Schedule M1LS, if you choose to do so.

Q: Is Schedule M1LS required for lump-sum distributions from retirement plans other than pensions?
A: Yes, Schedule M1LS is required for lump-sum distributions received from retirement plans other than pensions, such as 401(k) or IRA accounts.