Form Ks - Shareholder'S Share Of Income, Credits And Modifications - 2011 Page 3
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32011 Schedule KS Instructions
Shareholder’s use of information provided on Schedule KS
Purpose of Schedule KS
Line 13
Include the amounts from lines 22–32 on the
corresponding lines in column B of Schedule
Enterprise Zone Credit
Schedule KS is a supplemental schedule
Include on line 6 of Schedule M1B. To claim
M1NR.
provided by the S corporation to its share-
this credit, you must include this schedule
holders. The shareholders need this infor-
Lines 33–35
with Form M1.
mation to complete a Minnesota Individual
Composite Income Tax and
Income Tax Return, Form M1.
Line 14
Nonresident Withholding
Although Minnesota source gross income
Increasing Research Activities Credit
A shareholder who is a Minnesota resident
Include in the total on line 1 of Schedule
(line 21) determines whether you must file
will be taxed by Minnesota on all of his or
M1B. To claim this credit, you must include
a Minnesota return, your Minnesota source
her distributive income from the S corpo-
this schedule with Form M1.
distributive income is ultimately taxed.
ration even if the income is apportioned
between Minnesota and other states. A
Lines 33–35 were used to determine your
Line 15
nonresident shareholder will be taxed on
share of the S corporation’s Minnesota
Historic Structure Rehabilitation Credit
the Minnesota distributive income from the
source distributive income. You may need
Include in the total on line 3 of Schedule
S corporation.
to refer to these amounts when you file your
M1B and enter the NPS project number in
home state’s income tax return.
the space provided. To claim this credit, you
These instructions are intended to help
must include this schedule with Form M1.
you report your share of the S corporation’s
If you are required to pay Minnesota tax on
income, credits and modifications on your
your Minnesota source distributive income,
Line 16
Minnesota return.
the S corporation is required to withhold
JOBZ Zone Jobs Credit
tax, unless you elect to have the S corpora-
Include this amount on line 4 of Schedule
You must include Schedule KS when you
tion pay composite tax to Minnesota on your
M1B. To claim this credit, you must include
file your Form M1. If you do not include
behalf. If you elected for the S corporation to
this schedule with your Form M1.
the schedule with your return as required,
pay composite tax, you are not required to
the department will disallow any credits and
Line 21
file Form M1.
assess the tax or reduce your refund.
Minnesota Source Gross Income
Line 33. Your Minnesota source distributive
Minnesota source gross income is used to
If you received an amended Schedule
income is considered your Minnesota tax-
determine if a nonresident is required to
KS from the S corporation and your income
able income from this S corporation.
file a Minnesota income tax return. Gross
or deductions have changed, you must file
income is income before business or rental
an amended Minnesota return. To amend
If there is an amount on line 35 for Min-
deductions and does not include losses.
your return, use Form M1X, Amended Min-
nesota income tax was withheld, you must
nesota Income Tax Return.
include your Minnesota source distributive
If your 2011 Minnesota source gross income
income from line 33 on Schedule M1W,
is $9,500 or more and you did not elect
Line Instructions
line 7, column B.
composite filing, you are required to file
Form M1 and Schedule M1NR, Nonresi-
Include amounts on the appropriate lines
Line 34. If you elected composite income
dents/Part-Year Residents.
as shown on Schedule KS. Be sure to read
tax, the amount paid on your behalf equals
the following line instructions for additional
7.85 percent of your Minnesota taxable
If your 2011 Minnesota source gross income
income on line 33, minus your share of any
information.
is less than $9,500 and you had Minnesota
credits on lines 12, 13, 15 and 16. (You are
tax withheld (see line 35), file Form M1 and
Line 4
not entitled to your share of the Increasing
Schedule M1NR to receive a refund.
Section 179 Expensing
Research Activities Credit if you elected
See Schedule M1M, worksheet for line 7
Lines 22–32
composite income tax.)
instructions, to determine how to report
Minnesota Portion of Federal Amounts
You are not required to file Form M1.
this amount.
Lines 22–32 apply to nonresident share-
Line 35. If you did not elect composite in-
holders. All income of a Minnesota resident
Line 5
come tax, the S corporation may be required
is assigned to Minnesota, regardless of the
Federal Bonus Depreciation Addition
to withhold tax from your Minnesota source
source.
Include this amount on the appropriate line
distributive income. The amount withheld
on the worksheet for line 6 in the Schedule
If certain items are not entirely included in
equals 7.85 percent of your Minnesota tax-
M1M instructions.
your federal adjusted gross income because
able income on line 33, minus your share of
of passive activity loss limitations, capital
Line 12
any credits on lines 12–16.
loss limitations, section 179 limitations or
Employer Transit Pass Credit
To claim nonresident withholding when you
for other reasons, include only the amounts
Include this amount on line 4 of your
file your Form M1, include the amount from
that you included in your federal adjusted
Schedule M1C. To claim this credit, you
Schedule KS, line 35 on Schedule M1W,
gross income.
must include this schedule with Form M1.
line 7, column C. Also include the amount
from Schedule KS, line 33 on Schedule
M1W, line 7, column B. You must include
this schedule when you file your return.
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