Joel Posted March 15, 2011 Report Share Posted March 15, 2011 MN preparers assistance is needed. Taxpayers are residents of Florida and receive trust income from Minnesota. In the past the income was small and no income tax was due to MN. The taxpayers have been advised that in 2011 there will be a large capital gain and that taxes will be owed. The concern we have is about estimated taxes for 2011. The written State instruction state that part year and non residents must have 1 dollar of income in 2010 to use the 100% prior year exception to the penalty, yet the ATX instructions say that if their 2010 income was more than 1 dollar then to use the MN adjusted income and do not refer to the 100% exception. Confusing. Have any of you MN preparers had any experience in this? Quote Link to comment Share on other sites More sharing options...
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