Schedule Kf - Beneficiary'S Share Of Minnesota Taxable Income - 2015 Page 4
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42015 Schedule KF instructions (continued)
Once you have completed all the KF sched-
Worksheet for Line 28
ules for your electing nonresident beneficia-
1 80 percent of federal bonus depreciation from line 5 of the beneficiary’s
ries, add the amounts on line 29 of all the
Schedule KF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
schedules and enter the total on line 13 of
2 Lines 23–26 of the beneficiary’s Schedule KF . . . . . . . . . . . . . . . . . . . . . . . . . .
Form M2. This is the amount of composite
3 Add steps 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
income tax you are required to pay on behalf
4 JOBZ income exemptions from line 15 of the beneficiary’s Schedule KF . .
of your electing beneficiaries.
5 To the extent allowed by law, enter one-fifth of the beneficiary’s share of
the federal bonus depreciation that was added back in a year
Questions?
the beneficiary elected to be included in composite income tax . . . . . . . . . .
Call the department at 651-556-3075.
6 Add steps 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information is available in other formats
7 Subtract step 6 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
upon request for persons with disabilities.
Enter the result from step 7 on line 28 of the beneficiary’s Schedule KF. The result in
Need forms?
step 7 is the beneficiary’s adjusted Minnesota source distributive income
You may download forms and other tax-
from this fiduciary.
related information from our website at
Worksheet for Line 29
Multiply line 28 of Schedule KF by 9.85% (.0985) . . . . . . . . . . . . . . . . . .
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2 Add the credits on lines 18 — 22 of Schedule KF . . . . . . . . . . . . . . . . . .
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The result in step 3 is the amount you are required to pay on behalf of the electing
beneficiary. Enter this amount on line 29 of the beneficiary’s Schedule KF and check
the box to indicate the beneficiary’s election to be included.
Federal Changes Not Adopted by Minnesota
Definitions used in determining Minnesota
Update as of January 2017
12
If you claimed the modified treat-
Enter the difference between the
taxable income are based on the Internal
ment of certain qualified film and
special 7-year depreciation and the
A bill signed into law on January 13,
Revenue Code, as amended through Decem-
television production expenses on
recomputed depreciation on the cor-
2017, conforms Minnesota law to
ber 31, 2014.
federal Form 4562, recalculate your
responding line. Individual taxpayer
federal law when determining federal
expenses for Minnesota purposes
enter this amount on line 9 of the
taxable income for tax year 2015.
Since that date, federal tax laws have been
and enter the difference. Individual
Scheduled M1NC.
As a result, taxpayers are no longer
passed that contain a number of provisions
taxpayer enter this amount on line 7
required to recompute Minnesota
affecting tax year 2015. Minnesota has not
15
If you expensed up to the first 50%
of Schedule M1NC.
taxable income for Minnesota tax
adopted these federal changes.
of the cost of qualified mine safety
purposes.
13
If you placed into service certain
equipment, calculate the deprecia-
The following codes will reference a non-
qualified leasehold improvements,
tion on the portion of the equipment
conformity issue, which will require an
restaurant or retail improvement
you expensed. Enterthe difference
adjustment to Minnesota Income. Place the
property and deprecated the property
between the amount expensed and
code in the box and the beneficiary’s pro-rata
using a 15-year class life, recalculate
the amount allowed as depreciation
share of the amount on the corresponding
your Minnesota depreciation using
on the corresponding line. Individual
line. If you need additional lines, attach ad-
a 39-year class life and enter the dif-
taxpayers enter this amount on line 10
ditional KF schedules.
ference. Individual taxpayers enter
of Schedule M1NC.
KF, line 7
this amount on line 8 of Scheduled
40
Other Additions
M1NC.
Code Description of Issue
KF, line 16
11
If you claimed depreciation for
14
If you utilized the special 7-year cost
business property on Indian reserva-
Code Description of Issue
recovery period for property used for
tion on federal Form 4562 using the
50
Other general subtractions. Please
land improvement and support facili-
alternative depreciation class-life,
attach a supplemental statement with
ties for motor sports entertainment
recalculate depreciation using the
your return regarding your subtrac-
facilities you must recalculate the
regular class-life and enter the differ-
tion.
depreciation using a 15- or 39-year
ence. Individual taxpayer enter this
life (as appropriate).
Continue to check our website for updates.
amount on line 6 of Schedule M1NC.
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