Schedule Kpi - Partner'S Share Of Income, Credits And Modifications - 2017 Page 5
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52017 Schedule KPI Instructions
(continued)
7 of Form M2. To determine the non-
Minnesota return (Form M1).
Minnesota losses and income, subtract the
Line 36. If you did not elect composite in-
amounts on lines 21–32 from the corre-
come tax, the partnership may be required
sponding amounts on Schedule K-1.
to withhold tax from your Minnesota
source distributive income. The amount
Lines 34–36
withheld equals 9.85 percent of your Min-
Nonresident individuals: Although Minne-
nesota taxable income (line 34), minus your
sota source gross income (line 20) deter-
share of any credits on lines 12-15.
mines whether you must file a Minnesota
return, your Minnesota source distributive
To claim nonresident withholding when
income is ultimately taxed.
you file your Form M1, you must enclose
this schedule showing Minnesota tax was
Lines 34–36 were used to determine your
withheld.
share of the partnership’s Minnesota source
distributive income. You may need to refer
Sale of a Partnership Interest
to these amounts when you file your home
If you sell any portion of your interest in
state’s income tax return.
a partnership, some or all of the gain may
If you are required to pay Minnesota tax on
be taxable. Or you can use any loss on the
your Minnesota source distributive income,
sale to offset other Minnesota income to
the partnership is required to withhold tax,
the extent the losses are deducted on your
unless you elect to have the partnership pay
federal return.
composite tax to Minnesota on your behalf.
To determine the ratio of gain or loss that
If you elected for the partnership to pay
is assigned to Minnesota at the time of the
composite tax, you are not required to file
sale, divide the original cost of the partner-
Form M1.
ship’s tangible property in Minnesota by the
Line 34. Your Minnesota source distributive
original cost of all tangible property of the
income is considered your Minnesota tax-
partnership. (Tangible property includes
able income from this partnership.
real estate, inventory and equipment.) If
you don’t have these numbers, contact the
Line 35. If you elected, the composite tax
partnership.
paid on your behalf equals 9.85 percent of
your Minnesota taxable income (line 34),
If more than 50 percent of the value of the
minus your share of any credits on lines
partnership’s assets are intangibles, the
12-15.
gain/loss is allocated to Minnesota using
the partnership’s prior year sales factor.
You are not required to file an individual
Include the result on Schedule M1NR, line
4, column B.
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