Schedule Kpi - Partner'S Share Of Income, Credits And Modifications - 2014 Page 3
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4Schedule KPI Instructions 2014
Individual, estate and trust partner’s use of information provided on Schedule KPI
Estates and trusts (continued): Include the
Nonresident individuals: If your 2014
Purpose of Schedule KPI
Schedule KPI is a supplemental schedule
amounts from
Minnesota source gross income is $10,150
provided by the partnership to its individual,
or more and you did not elect composite
Schedule KPI:
on Form M2:
estate or trust partners.
filing, you are required to file Form M1 and
line 12 . . . . . . . . . . line 15d
Schedule M1NR, Nonresidents/Part-Year
The partners will need this information to
line 13 . . . . . . . . . . line 15d
Residents.
complete a Minnesota Form M1, Individual
line 14 . . . . . . . . . . line 15e
Income Tax Return, or Form M2, Income
If your 2014 Minnesota source gross income
line 15 . . . . . . . . . . line 15d
Tax Return for Estates and Trusts.
is less than $10,150 and you had Minnesota
line 16 . . . . . . . . . . line 15c
tax withheld (see line 37), file Form M1 and
lines 17–20 . . . . . . see M2MT
A partner who is a Minnesota resident will
Schedule M1NR to receive a refund.
lines 21–33 . . . . . . see inst. on this page
be taxed by Minnesota on all of his or her
line 34 . . . . . . . . . . information
distributive income from the partnership
Estates and trusts: You are required to file
lines 35–36 . . . . . . do not apply
even if the income is apportioned between
Form M2 and pay tax if the Minnesota
line 37 . . . . . . . . . . line 15b
Minnesota and other states. A nonresident
gross income is $600 or more.
partner will be taxed on the Minnesota dis-
Please see M2 instructions for any amounts
Lines 22–33
tributive income from the partnership.
refering to line 15e.
Lines 22–33 apply to nonresident part-
These instructions are intended to help
ners. All income of a Minnesota resident
you report your share of the partnership’s
is assigned to Minnesota, regardless of the
Line 11 — Increasing Research Activi-
income, credits and modifications on your
source.
ties Credit
Minnesota return.
Individuals: Include in the total on line 3
If certain items are not entirely included in
of Schedule M1C. To claim this credit, you
You must include Schedule KPI when
your federal adjusted gross income (if an
must include this schedule with Form M1.
you file your Form M1. If you do not
individual) or federal taxable income (if an
include the schedule with your return as
estate or trust) because of passive activity
Line 12 — Greater Minnesota Intern-
required, the department will disallow any
loss limitations, capital loss limitations,
ship Credit
credits and assess the tax or reduce your
section 179 limitations or for other reasons,
Individuals: Include in the total on line 4
refund.
include only the amounts that you included
of Schedule M1B. to claim this credit, you
in your federal adjusted gross income (indi-
If you received an amended Schedule KPI
must include this schedule with Form M1.
viduals) or federal taxable income (estates
from the partnership and your income or
or trusts).
Line 13 — Historic Structure Rehabili-
deductions have changed, you must file an
tation Credit
amended Minnesota return.
Nonresident individuals: Include lines 22–33
Individuals: Include in the total on line 2 of
on the corresponding lines in column B of
Individuals: Use Form M1X, Amended Min-
Schedule M1B and enter the NPS project
Schedule M1NR.
nesota Income Tax Return, for the year you
number in the space provided. To claim this
are amending.
Estates and trusts: Lines 22–33 are used
credit, you must include this schedule with
to determine the partnership’s Minne-
Form M1.
Estates and trusts: You must use the current
sota sourced income and non-Minnesota
version of Form M2X, Amended Income Tax
Line 14 — Employer Transit Pass Credit
sourced income to include on lines 2 and
Return for Estates and Trusts, regardless of
Individuals: Include in the total on line 4
7 of Form M2. To determine the non-
the year you are amending.
of Schedule M1C. To claim this credit, you
Minnesota losses and income, subtract the
must include this schedule with Form M1.
Line Instructions
amounts on lines 22–33 from the corre-
Individuals: Include amounts as shown on
sponding amounts on Schedule K-1.
Line 15 — Enterprise Zone Credit
Schedule KPI. For additional information,
Individuals: Include in the total on line 5
Lines 35–37
read the appropriate line instructions.
of Schedule M1B. To claim this credit, you
Nonresident individuals: Although Minneso-
must include this schedule with your Form
Estates and trusts: Include the amounts from
ta source gross income (line 21) determines
M1.
whether you must file a Minnesota return,
Schedule KPI:
on Form M2:
your Minnesota source distributive income
Line 16 — JOBZ Jobs Credit
line 1 . . . . . . . . . . . line 25
is ultimately taxed.
Individuals: Include in the total on line 3
line 2 . . . . . . . . . . . line 26
of Schedule M1B. To claim this credit, you
line 3 . . . . . . . . . . . line 27
Lines 35–37 were used to determine your
must include this schedule with Form M1.
line 4 . . . . . . . . . . . does not apply
share of the partnership’s Minnesota source
line 5 . . . . . . . . . . . line 29
distributive income. You may need to refer
Line 21 — Minnesota Source Gross
line 6 . . . . . . . . . . . line 30
to these amounts when you file your home
Income
line 7 . . . . . . . . . . . does not apply
state’s income tax return.
Minnesota source gross income is used
line 8 . . . . . . . . . . . line 35
If you are required to pay Minnesota tax on
to determine if a nonresident individual,
line 9 . . . . . . . . . . . line 38
your Minnesota source distributive income,
estate or trust is required to file a Minnesota
line 10 . . . . . . . . . . does not apply
income tax return. Gross income is income
the partnership is required to withhold tax,
line 11 . . . . . . . . . . line 15e
before business or rental deductions and
Continued
does not include losses.
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