2015 Schedule Kf Instructions
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22015 Schedule KF instructions
Beneficiary’s use of information provided on Schedule KF
Purpose of Schedule KF
Line 18. If you received a Minnesota
Interest or dividend income derived from a
income tax withholding credit, enter the
trade or business (S corporations and part-
Schedule KF is a supplemental schedule
beneficiary’s distributive share of any credit
nerships) that is apportioned to Minnesota
provided by the fiduciary to the beneficia-
that is passed through to the beneficiary. Do
should be included on line 25.
ries. The beneficiaries need this information
not include amounts reported on line 15b of
to complete a Minnesota Individual Income
On line 26, only include other income al-
Form M2.
Tax Return, Form M1.
locable to Minnesota. For example, include
other income from services performed in
Line 19. If you are a qualified business
The schedule shows each beneficiary their
Minnesota, but do not include interest, divi-
operating in a JOBZ zone, enter the benefi-
specific share of the fiduciary’s income,
dends or distribution from a pension plan.
ciary’s distributive share, if any, of the JOBZ
credits and modifications. A beneficiary
jobs credit that is passed through to the
who is a Minnesota resident must report all
Include lines 23-26 on the corresponding
beneficiary.
income from the trust or estate. A nonresi-
lines in column B of Schedule M1NR.
dent beneficiary must report income which
Line 20. If you are a partner of a partner-
Line 27. Minnesota source gross income is
is allocable to Minnesota.
ship or a shareholder of an S corporation
used to determine if a nonresident individ-
Income allocable to Minnesota includes:
that conducted qualified research and
ual is required to file a Minnesota income
development in Minnesota, from line 11 of
tax return. Gross income is income before
• Income earned from a resident trust or
Schedule KPI and line 11 of Schedule KS,
business or rental deductions and does not
estate;
include losses.
enter the beneficiary’s distributive share
• Income earned from Minnesota real or
of the credit that is passed through to the
If your total 2015 Minnesota source gross
tangible property of a nonresident trust
beneficiary. Attach the appropriate schedule
income is $10,300 or more and you did
or estate
when you file your return.
not elect composite filing, you are required
• Business income apportioned to Minne-
to file Form M1 and Schedule M1NR,
Line 21. If you are a partner of a partner-
sota from a nonresident trust or estate
Nonresidents and Part-Year Residents. You
ship or a shareholder of an S corporation
must include all Minnesota source gross
that hired a qualified student for internship,
[M.S.290.17]
income passed through to you from all
from line 12 of Schedule KPI and the Sched-
These instructions are intended to help you
fiduciaries, partnerships and S corporations
ule KS, enter the beneficiary’s distributive
report your share of the fiduciary’s income,
when determining if you are required to file
share of the credit that is passed through
credits and modifications on your Minne-
a Minnesota return.
to the beneficiary. Attach the appropriate
sota return.
schedule when you file your return.
If your 2015 Minnesota source gross income
If you received an amended Schedule
is less than $10,300 and you are allowed a
Line 22. If you are a partner of a partner-
KF from the fiduciary and your income or
Minnesota income tax withholding credit,
ship or a shareholder of an S corporation
deductions have changed, you must file an
file Form M1 and Schedule M1NR to re-
that qualified for credit for historic structure
amended Minnesota return. To amend your
ceive a refund.
rehabilitation, from line 13 of Schedule KPI
return, use Form M1X, Amended Minnesota
and Schedule KS, enter the beneficiary’s
Although Minnesota source gross income
Income Tax Return.
distributive share of the credit that is passed
determines whether you must file a Min-
nesota return, your Minnesota source
through to the beneficiary. Attach the
Line instructions
distributive income is ultimately taxed.
appropriate certificate when you file your
Include amounts on the appropriate lines
return and enter the NPS project number in
as shown on Schedule KF. Be sure to read
Composite Income Tax
the space provided.
the following line instructions for additional
Line 28. When determining the ben-
information.
eficiary’s share of the Minnesota source
Nonresident beneficiaries
Lines 1-17. If all or part of the fiduciary’s
distributive income from this fiduciary, you
Lines 23—29
income is distributed, then any adjustment
must make adjustments for any items you
shown on lines 25-33 and 35-42 of Form
passed through to the beneficiary on lines 1
Lines 23-29 apply to nonresident benefi-
M2 is passed through to the beneficiary(s)
through 22 of the beneficiary’s Schedule KF.
ciaries. A nonresident beneficiary will be
in the proportion to their share of distribut-
taxed on the income which is allocable to
Follow the steps in the Worksheet for Line
able net income.
Minnesota.
28 on the next page to determine line 28.
From line 44 of Form M2, enter the adjust-
Lines 23-26. From the nonresident ben-
ments to income allocated to each benefi-
Continued
eficiary’s federal Schedule K-1 (1041), enter
ciary.
the Minnesota portion of amounts on lines
23–26.
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