Schedule Ks - Shareholder'S Share Of Income, Credits And Modifications - 2012 Page 3
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3Schedule KS Instructions 2012
Shareholder’s use of information provided on Schedule KS
Purpose of Schedule KS
Line 13
Lines 33–35
Enterprise Zone Credit
Composite Income Tax and
Schedule KS is a supplemental schedule
Include on line 6 of Schedule M1B. To claim
Nonresident Withholding
provided by the S corporation to its share-
this credit, you must include this schedule
Although Minnesota source gross income
holders. The shareholders need this infor-
with Form M1.
(line 21) determines whether you must file
mation to complete a Minnesota Individual
a Minnesota return, your Minnesota source
Income Tax Return, Form M1.
Line 14
distributive income is ultimately taxed.
Increasing Research Activities Credit
A shareholder who is a Minnesota resident
Lines 33–35 were used to determine your
Include in the total on line 1 of Schedule
will be taxed by Minnesota on all of his or
share of the S corporation’s Minnesota
M1B. To claim this credit, you must include
her distributive income from the S corpo-
source distributive income. You may need
this schedule with Form M1.
ration even if the income is apportioned
to refer to these amounts when you file your
between Minnesota and other states. A
Line 15
home state’s income tax return.
nonresident shareholder will be taxed on
Historic Structure Rehabilitation Credit
the Minnesota distributive income from the
If you are required to pay Minnesota tax on
Include in the total on line 3 of Schedule
S corporation.
your Minnesota source distributive income,
M1B and enter the NPS project number in
the S corporation is required to withhold
the space provided. To claim this credit, you
These instructions are intended to help
tax, unless you elect to have the S corpora-
must include this schedule with Form M1.
you report your share of the S corporation’s
tion pay composite tax to Minnesota on your
income, credits and modifications on your
Line 16
behalf. If you elected for the S corporation to
Minnesota return.
JOBZ Zone Jobs Credit
pay composite tax, you are not required to
Include this amount on line 4 of Schedule
You must include Schedule KS when you
file Form M1.
M1B. To claim this credit, you must include
file your Form M1. If you do not include
Line 33. Your Minnesota source distributive
this schedule with your Form M1.
the schedule with your return as required,
income is considered your Minnesota tax-
the department will disallow any credits and
Line 21
able income from this S corporation.
assess the tax or reduce your refund.
Minnesota Source Gross Income
If there is an amount on line 35 for Min-
Minnesota source gross income is used to
If you received an amended Schedule
nesota income tax was withheld, you must
determine if a nonresident is required to
KS from the S corporation and your income
include your Minnesota source distributive
file a Minnesota income tax return. Gross
or deductions have changed, you must file
income from line 33 on Schedule M1W,
income is income before business or rental
an amended Minnesota return. To amend
line 7, column B.
deductions and does not include losses.
your return, use Form M1X, Amended Min-
nesota Income Tax Return.
Line 34. If you elected composite income
If your 2012 Minnesota source gross income
tax, the amount paid on your behalf equals
is $9,750 or more and you did not elect
7.85 percent of your Minnesota taxable
Line Instructions
composite filing, you are required to file
income on line 33, minus your share of any
Form M1 and Schedule M1NR, Nonresi-
Include amounts on the appropriate lines
credits on lines 12, 13, 15 and 16. (You are
dents/Part-Year Residents.
as shown on Schedule KS. Be sure to read
not entitled to your share of the Increasing
the following line instructions for additional
If your 2012 Minnesota source gross income
Research Activities Credit if you elected
information.
is less than $9,750 and you had Minnesota
composite income tax.)
tax withheld (see line 35), file Form M1 and
Line 4
You are not required to file Form M1.
Schedule M1NR to receive a refund.
Section 179 Expensing
Line 35. If you did not elect composite in-
See Schedule M1M, worksheet for line 7
Lines 22–32
come tax, the S corporation may be required
instructions, to determine how to report
Minnesota Portion of Federal Amounts
to withhold tax from your Minnesota source
this amount.
Lines 22–32 apply to nonresident share-
distributive income. The amount withheld
holders. All income of a Minnesota resident
Line 5
equals 7.85 percent of your Minnesota tax-
is assigned to Minnesota, regardless of the
able income on line 33, minus your share of
Federal Bonus Depreciation Addition
source.
Include this amount on the appropriate line
any credits on lines 12–16.
on the worksheet for line 6 in the Schedule
If certain items are not entirely included in
To claim nonresident withholding when you
M1M instructions.
your federal adjusted gross income because
file your Form M1, include the amount from
of passive activity loss limitations, capital
Schedule KS, line 35 on Schedule M1W,
Line 12
loss limitations, section 179 limitations or
line 7, column C. Also include the amount
Employer Transit Pass Credit
for other reasons, include only the amounts
from Schedule KS, line 33 on Schedule
Include this amount on line 4 of your
that you included in your federal adjusted
M1W, line 7, column B. You must include
Schedule M1C. To claim this credit, you
gross income.
this schedule when you file your return.
must include this schedule with Form M1.
Include the amounts from lines 22–32 on
the corresponding lines in column B of
Schedule M1NR.
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