Schedule Kf - Beneficiary'S Share Of Minnesota Taxable Income - 2015 Page 3
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42015 Schedule KF instructions
Beneficiary’s use of information provided on Schedule KF
Purpose of Schedule KF
Line 19. If you are a qualified business
Line 27. Minnesota source gross income is
operating in a JOBZ zone, enter the benefi-
used to determine if a nonresident individ-
Schedule KF is a supplemental schedule
ciary’s distributive share, if any, of the JOBZ
ual is required to file a Minnesota income
provided by the fiduciary to the beneficia-
jobs credit that is passed through to the
tax return. Gross income is income before
ries. The beneficiaries need this information
beneficiary.
business or rental deductions and does not
to complete a Minnesota Individual Income
include losses.
Tax Return, Form M1.
Line 20. If you are a partner of a partner-
If your total 2015 Minnesota source gross
ship or a shareholder of an S corporation
The schedule shows each beneficiary their
income is $10,300 or more and you did
that conducted qualified research and
specific share of the fiduciary’s income,
not elect composite filing, you are required
development in Minnesota, from line 11 of
credits and modifications. A beneficiary
to file Form M1 and Schedule M1NR,
Schedule KPI and line 11 of Schedule KS,
who is a Minnesota resident must report all
Nonresidents and Part-Year Residents. You
enter the beneficiary’s distributive share
income from the trust or estate. A nonresi-
must include all Minnesota source gross
of the credit that is passed through to the
dent beneficiary must report income which
income passed through to you from all
beneficiary. Attach the appropriate schedule
is allocable to Minnesota.
fiduciaries, partnerships and S corporations
when you file your return.
Income allocable to Minnesota includes:
when determining if you are required to file
a Minnesota return.
Line 21. If you are a partner of a partner-
• Income earned from a resident trust or
ship or a shareholder of an S corporation
estate;
If your 2015 Minnesota source gross income
that hired a qualified student for internship,
is less than $10,300 and you are allowed a
• Income earned from Minnesota real or
from line 12 of Schedule KPI and the Sched-
Minnesota income tax withholding credit,
tangible property of a nonresident trust
ule KS, enter the beneficiary’s distributive
file Form M1 and Schedule M1NR to re-
or estate
share of the credit that is passed through
ceive a refund.
to the beneficiary. Attach the appropriate
• Business income apportioned to Minne-
Although Minnesota source gross income
schedule when you file your return.
sota from a nonresident trust or estate
determines whether you must file a Min-
Line 22. If you are a partner of a partner-
[M.S.290.17]
nesota return, your Minnesota source
ship or a shareholder of an S corporation
distributive income is ultimately taxed.
These instructions are intended to help you
that qualified for credit for historic structure
report your share of the fiduciary’s income,
rehabilitation, from line 13 of Schedule KPI
Composite Income Tax
credits and modifications on your Minne-
and Schedule KS, enter the beneficiary’s
Line 28. When determining the ben-
sota return.
distributive share of the credit that is passed
eficiary’s share of the Minnesota source
through to the beneficiary. Attach the
distributive income from this fiduciary, you
If you received an amended Schedule
appropriate certificate when you file your
must make adjustments for any items you
KF from the fiduciary and your income or
return and enter the NPS project number in
passed through to the beneficiary on lines 1
deductions have changed, you must file an
through 22 of the beneficiary’s Schedule KF.
amended Minnesota return. To amend your
the space provided.
return, use Form M1X, Amended Minnesota
Follow the steps in the Worksheet for Line
Nonresident beneficiaries
Income Tax Return.
28 on the next page to determine line 28.
Lines 23—29
Line 29. Nonresident beneficiaries must
Line instructions
pay tax if their Minnesota gross income is
Include amounts on the appropriate lines
Lines 23-29 apply to nonresident benefi-
more than the minimum filing requirement
as shown on Schedule KF. Be sure to read
ciaries. A nonresident beneficiary will be
for the year ($10,300 for 2015).
the following line instructions for additional
taxed on the income which is allocable to
information.
Minnesota.
Skip this line if the nonresident beneficiary
did not elect the fiduciary to pay composite
Lines 1-17. If all or part of the fiduciary’s
Lines 23-26. From the nonresident ben-
income tax on his or her behalf.
income is distributed, then any adjustment
eficiary’s federal Schedule K-1 (1041), enter
shown on lines 25-33 and 35-42 of Form
the Minnesota portion of amounts on lines
To determine the amount of composite
M2 is passed through to the beneficiary(s)
23–26.
income tax to pay on behalf of each electing
in the proportion to their share of distribut-
beneficiary, follow the steps on the Work-
Interest or dividend income derived from a
able net income.
sheet for Line 29 on the next page.
trade or business (S corporations and part-
From line 44 of Form M2, enter the adjust-
nerships) that is apportioned to Minnesota
If the beneficiary elects to be included in
ments to income allocated to each benefi-
should be included on line 25.
composite income tax but has zero tax
ciary.
due, be sure to enter zero on line 29. Even
On line 26, only include other income al-
Line 18. If you received a Minnesota
though the amount may be zero, be sure to
locable to Minnesota. For example, include
income tax withholding credit, enter the
check the box to indicate the election.
other income from services performed in
beneficiary’s distributive share of any credit
Minnesota, but do not include interest, divi-
Continued
that is passed through to the beneficiary. Do
dends or distribution from a pension plan.
not include amounts reported on line 15b of
Include lines 23-26 on the corresponding
Form M2.
lines in column B of Schedule M1NR.
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