passive loss addback for m1pr, rental loss addback m1pr

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In MN, we have a third Return to file. It is for Renters Rebates and Property Tax Refunds.

The statements we need to do the Property Tax Refund do not come out until the end of March. Anyone that files before then can not file it, and we have to file it after their Federal and State are already completed. You need to add back any rental loss (passive loss) to the income to compute the M1PR. It would be great if the program did it automatically. The client ALWAYS gets a letter and has to pay back money if it is missed. It is very easy to miss since we prepare the returns later than  The Federal and State. Please add this. Everyone in Minnesota will love you!

[TaxGuyBill]

It would be great to add that, but I doubt they ever will.

However, the M1PR program as been available pretty early the last couple of years, so you certainly can add that income to the M1PR while preparing the Federal/State income tax returns.