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Form 1120-W Minnesota Hennepin: What You Should Know

The income must be reported as follows. Earned income for the taxable year is the reported gross income from all sources for the taxable year. Deductions and deductions are reduced or eliminated in cases of extraordinary or temporary events. A. Deductions and exclusions include, but are not limited to: A-2. Exclusion from income. Generally, a taxpayer may deduct more than 10,000 from gross income for depreciation or depletion of real or personal property, or personal casualty losses. A-3. Exclusion from income for farm losses. A taxpayer may deduct losses from the sale of his farm if such losses would be more than the annual gross income. A-4. Exclusion from income for farm income. A taxpayer may deduct income from the sale of his farm if such income would be more than the annual gross income. D-1. Personal casualty losses. A taxpayer may deduct personal casualty losses from an event if the loss would be more than his annual gross income. D-4. Personal exemption. A taxpayer may reduce his gross income by no more than 3,000 a year for each exemption amount (see D-1, above). D-5. Child care expenses. A taxpayer may use the Child Care Expenses Deduction as a deductible deduction to the extent the expense is attributable to qualifying activities when the taxpayer is a qualified child care provider. For more information, see Taxpayer Assistance. D-6. Medical care. A taxpayer may use the Medical Care Deduction, as a deduction to the extent the expense is attributable to qualifying activities when the taxpayer is a qualified health care provider. Taxpayers may apply for a special deduction for medical care as a qualified health care provider. For more information, see taxpayer assistance. For more information, contact: Minnesota Revenue Service Taxpayer Assistance Line P.O. Box 651 St. Paul, MN 55101-061 1. Form 1120-A (Annual Form). The annual Form 1120-A is used to report taxable income from all sources to the Minnesota Division of Taxation, Tax Division. 3. Schedule F (Non-Employee Business and Professions Tax). The Schedule F is a general summary that includes the following information: a. Taxable income. The amount of taxable income (gross income less allowable deductions) for the taxable year. b. Tax paid and payable.

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