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Maine Free Printable 2023 Schedule 1S (Form 1040ME) for 2024 Maine Income Modification Subtractions

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Income Modification Subtractions
2023 Schedule 1S (Form 1040ME)

Clear SCHEDULE 1S 2023 Form 1040ME Attachment Sequence No. 5 Print Income Subtraction Modifications See instructions on pages 7 through 8. Enclose with your Form 1040ME. For more information, visit www.maine.gov/revenue/tax-return-forms. Name(s) as shown on Form 1040ME *2302105* 99 Your Social Security Number DO NOT ENTER $ signs, commas, or decimals. SUBTRACTIONS from federal adjusted gross income. 1. U.S. Government Bond interest included in federal adjusted gross income. (See instructions.)....... 1. .00 2. State income tax refund. (Only if included in federal adjusted gross income.)................................... 2. 3. Social Security and Railroad Retirement Benefits included in federal adjusted gross income. (See instructions.)................................................................................................................. 3. .00 .00 4. Pension income deduction. (Complete and attach the worksheet on back.)...................................... 4. Check here if the amount on line 4 includes military retirement pay (from line 6 of the Worksheet for Pension Income Deduction)............................... .00 5. Non-Maine active duty military pay received by a Maine resident and military compensation received by a nonresident of Maine. (See instructions.)............................................. 5. .00 6. Military annuity payments made to a survivor of a deceased member of the military........................ 6. 7. Maine Public Employees Retirement System pick-up contributions paid to the taxpayer during 2023 which have been previously taxed by the state.............................................................. 7. .00 .00 8. Contributions to Qualified Tuition Programs - 529 Plans. (Limited to $1,000 per beneficiary. See Instructions)............................................................................................................. 8. .00 9. Fiduciary adjustment - subtractions only. (Attach a copy of your federal Schedule K-1.).................. 9. .00 10. Bonus depreciation and section 179 recapture. (See instructions.).................................................... 10. .00 11. Medical cannabis business expenses. (See instructions.)............................................................... 11. .00 Enter your registration number or sales tax number:_______________________________ .00 13. Net operating loss recapture.............................................................................................................. 13. .00 14. FAME nonprofit student loan repayment program............................................................................... 14. .00 15. Qualified health care student loan payments made by your employer............................................... 15. .00 16. Municipal property tax benefits for senior citizens ............................................................................. 16. .00 17. Family Development Account proceeds............................................................................................. 17. .00 18. Interest from Maine Municipal General Obligation Bonds, Private Activity Bonds, and Airport Authority Bonds included in federal adjusted gross income............................................. 18. .00 claiming the federal Work Opportunity Credit or Empowerment Zone Credit.................................... 19. .00 20. Earnings from fishing operations contributed to a capital construction fund...................................... 20. .00 12. Adult use cannabis business expenses. (See instructions.)............................................................ 12. Enter your registration number or sales tax number:_______________________________ 19. Amount of the reduction in your salaries and wages expense deductions related to Continue on Form 1040ME, Schedule 1S, page 2 1 2023 Form 1040ME, Schedule 1S, page 2 DO NOT ENTER $ signs, commas, or decimals. *2302203* 21. All items of income, gain, interest, dividends, royalties and other items of income of a pass-through financial institution due to an ownership share in the financial institution. EIN of financial institution: ____________________ .......................................................................... 21. 22. The total of capital gains and ordinary income resulting from depreciation recapture from the sale of multi-family affordable housing property.................................................................... 22. .00 .00 23. Percentage of gain from the sale of eligible timberlands.................................................................... 23. .00 24. Business interest deduction recapture............................................................................................... 24. .00 enter the amount here. Otherwise, leave this line blank. (Attach Schedule ETM.)............................. 25. .00 26. Other. (Attach worksheet(s) - see instructions.)................................................................................. 26. .00 27. Total Subtractions. (Add lines 1 through 26 - enter here and on 1040ME, line 15b.)...................... 27. .00 25. Enrolled tribal members in Maine. If Schedule ETM, column C, line 5 is greater than zero, 2023 - Worksheet for Pension Income Deduction - Schedule 1S, Line 4 Enclose this worksheet and copies of your 1099 form(s) with Form 1040ME. The benefits received under a United States military retirement plan, including survivor benefits, are fully exempt from Maine income tax. See line 6 of the worksheet below. Only military retirement pay received as a result of service in the United States Army, Navy, Air Force, Marines, or Coast Guard qualify for the military retirement deduction on line 6. In addition, you and your spouse (if married) may each deduct up to $30,000 of other eligible pension income* that is included in your federal adjusted gross income. The $30,000 cap must be reduced by any social security and railroad retirement benefits received, whether taxable or not. Deductible pension income, other than military retirement pay, includes state and federal pension benefits and retirement benefits received from plans established and maintained by an employer for the benefit of its employees under Internal Revenue Code (IRC) sections 401(a) (qualified pension plans, including qualified 401 SIMPLE plans), 401(k) (qualified cash or deferred arrangements) and 403 (employee annuities). Deductible pension income also includes benefits received from an individual retirement account under IRC section 408, Roth IRA accounts under IRC section 408A, SIMPLE individual retirement accounts under IRC section 408(k), simplified employee pension plans under IRC section 408(p), benefits received under IRC section 457(b) (state and local government/tax exempt organizations/eligible deferred compensation plans), except that pick-up contributions received from the Maine Public Employees Retirement System (“MainePERS”) allowed to be deducted on Form 1040ME, Schedule 1S, line 7 and pension income from 457(b) plans received prior to age 55 that is not part of a series of equal periodic payments made over the life of the recipient and the recipient’s designated beneficiary, if applicable, may not be included in the deductible pension amount. Note that a conversion of benefits from one account to another does not qualify for the pension income deduction. For example, a deduction may not be taken when a taxpayer converts a traditional IRA to a Roth IRA. The taxpayer, in this case, does not receive a retirement or IRA benefit at the time of conversion. Pension benefits that do not qualify are those received from an ineligible deferred compensation plan under IRC section 457(f), refunds of excess contributions, lump-sum distributions included on federal Form 4972 and distributions subject to the additional 10% federal tax on early distributions. See federal Form 5329, Part 1, or federal Form 1040 or 1040-SR, Schedule 2, line 8. Also, disability benefits reported as wages on your federal income tax return do not qualify. *Eligible pension income does not include benefits earned by another person, except in the case of a surviving spouse. Only the individual who earned the benefit from prior employment may claim the pension income for the deduction. However, a widowed spouse receiving survivor’s benefits under an eligible pension plan may claim that amount for purposes of this deduction, but the total pension deduction for the surviving spouse may not exceed $30,000. Note: Enter eligible non-military pension benefits on line 1 and eligible military retirement pay on Taxpayer line 6. Spouse* 1. Total eligible non-military pension income (both Maine and non-Maine sources) included in your federal adjusted gross income (from federal Form 1040, lines 4b and 5b or Form 1040-SR, lines 4b and 5b). CAUTION: Include only deductible pension benefits that are not specifically excluded. See the instructions above. 1. $ $ 2. Maximum allowable deduction. 2. $ 30,000.00 $ 30,000.00 3. Total social security and railroad retirement benefits you received - whether taxable or not. 3. $ $ 4. Subtract line 3 from line 2 (if zero or less, enter zero). 4. $ $ 5. Enter the smaller of line 1 or line 4 here. 5. $ $ 6. Total eligible military retirement pay included in your federal adjusted gross income (from federal Form 1040, lines 4b and 5b or Form 1040-SR, lines 4b and 5b). 6. $ $ 7. Add line 5 and line 6 and enter the total for both spouses on Schedule 1S, line 4. 7. $ $ *Use this column only if you are married filing jointly and only if your spouse separately earned an eligible pension. Clear 2 Print
Extracted from PDF file 2023-maine-schedule-1s.pdf, last modified November 2023

More about the Maine Schedule 1S Individual Income Tax TY 2023

Before 2020, this was [[Schedule 1]], but it is now [[Schedule 1A]] and [[Schedule 1S]].

We last updated the Income Modification Subtractions in January 2024, so this is the latest version of Schedule 1S, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule 1S directly from TaxFormFinder. You can print other Maine tax forms here.


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Other Maine Individual Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Income Tax Instructions Form 1040ME Instructions
Schedule B Minimum Tax Worksheet for Schedule B
Form 1040ES-ME Vouchers and Instructions for Estimated Tax Payments
Schedule 1 Income Modifications / Pension Income Deduction Worksheet
Schedule 1S Income Modification Subtractions

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Schedule 1S from the Revenue Services in January 2024.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Maine Schedule 1S

We have a total of four past-year versions of Schedule 1S in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Schedule 1S

2023 Schedule 1S (Form 1040ME)

2022 Schedule 1S

22_1040me_sched_1s.indd

2020 Schedule 1S

2020_1040_sched_1s.indd


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