Schedule Ks - Shareholder'S Share Of Income, Credits And Modifications - 2016 Page 3
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3Schedule KS Instructions 2016
Shareholder’s use of information provided on Schedule KS
Purpose of Schedule KS
Line 12
Lines 31–33
Historic Structure Rehabilitation Credit
Composite Income Tax and
Schedule KS is a supplemental schedule
Include in the total on line 2 of Schedule
Nonresident Withholding
provided by the S corporation to its share-
M1B and enter the NPS project number in
Although Minnesota source gross income
holders. The shareholders need this infor-
the space provided. To claim this credit, you
(line 19) determines whether you must file
mation to complete a Minnesota Individual
must include this schedule with Form M1.
a Minnesota return, your Minnesota source
Income Tax Return, Form M1.
distributive income is ultimately taxed.
Line 13
A shareholder who is a Minnesota resident
Lines 31–33 were used to determine your
Employer Transit Pass Credit
will be taxed by Minnesota on all of his or
Any amount of the credit remaining from
share of the S corporation’s Minnesota
her distributive income from the S corpo-
Form ETP, not claimed on form M8, line
source distributive income. You may need
ration even if the income is apportioned
6, may be passed through to shareholders
to refer to these amounts when you file your
between Minnesota and other states. A
based on their distributive share.
home state’s income tax return.
nonresident shareholder will be taxed on
the Minnesota distributive income from the
If you are required to pay Minnesota tax on
Include this amount on line 4 of your
S corporation.
your Minnesota source distributive income,
Schedule M1C. To claim this credit, you
the S corporation is required to withhold
must include this schedule with Form M1.
These instructions are intended to help
tax, unless you elect to have the S corpora-
you report your share of the S corporation’s
Line 14
tion pay composite tax to Minnesota on your
income, credits and modifications on your
Enterprise Zone Credit
behalf. If you elected for the S corporation to
Minnesota return.
Include on line 4 of Schedule M1B. To claim
pay composite tax, you are not required to
this credit, you must include this schedule
You must include Schedule KS when you
file Form M1.
with Form M1.
file your Form M1. If you do not include
Line 31. Your Minnesota source distributive
the schedule with your return as required,
Line 19
income is considered your Minnesota tax-
the department will disallow any credits and
Minnesota Source Gross Income
able income from this S corporation.
assess the tax or reduce your refund.
Minnesota source gross income is used to
If there is an amount on line 33 for Min-
determine if a nonresident is required to
If you received an amended Schedule
nesota income tax was withheld, you must
file a Minnesota income tax return. Gross
KS from the S corporation and your income
include your Minnesota source distributive
income is income before business or rental
or deductions have changed, you must file
income from line 31 on Schedule M1W,
deductions and does not include losses.
an amended Minnesota return. To amend
line 7, column B.
your return, use Form M1X, Amended Min-
If your 2016 Minnesota source gross income
nesota Income Tax Return.
Line 32. If you elected composite income
is $10,350 or more and you did not elect
tax, the amount paid on your behalf equals
composite filing, you are required to file
Line Instructions
9.85 percent of your Minnesota taxable
Form M1 and Schedule M1NR, Nonresi-
income on line 31, minus your share of any
dents/Part-Year Residents.
Include amounts on the appropriate lines
credits on lines 11-14. You are not required
as shown on Schedule KS. Be sure to read
If your 2016 Minnesota source gross income
to file Form M1.
the following line instructions for additional
is less than 10,350 and you had Minnesota
information.
Line 33. If you did not elect composite in-
tax withheld (see line 33), file Form M1 and
come tax, the S corporation may be required
Schedule M1NR to receive a refund.
Line 4
to withhold tax from your Minnesota source
Section 179 Expensing
Lines 20–29
distributive income. The amount withheld
See Schedule M1M, worksheet for line 6
Minnesota Portion of Federal Amounts
equals 9.85 percent of your Minnesota tax-
instructions, to determine how to report
Lines 20–29 apply to nonresident share-
able income on line 31, minus your share of
this amount.
holders. All income of a Minnesota resident
any credits on lines 11-14.
is assigned to Minnesota, regardless of the
Line 5
To claim nonresident withholding when you
source.
Federal Bonus Depreciation Addition
file your Form M1, include the amount from
Include this amount on the appropriate line
If certain items are not entirely included in
Schedule KS, line 33 on Schedule M1W,
on the worksheet for line 5 in the Schedule
your federal adjusted gross income because
line 7, column C. Also include the amount
M1M instructions.
of passive activity loss limitations, capital
from Schedule KS, line 31 on Schedule
loss limitations, section 179 limitations or
Line 10
M1W, line 7, column B. You must include
for other reasons, include only the amounts
this schedule when you file your return.
Increasing Research Activities Credit
that you included in your federal adjusted
Include in the total on line 3 of Schedule
gross income.
M1C. To claim this credit, you must include
this schedule with Form M1.
Include the amounts from lines 20–29 on
the corresponding lines in column B of
Line 11
Schedule M1NR.
Greater Minnesota Internship Credit
Include on line 3 of Schedule M1B. To claim
this credit, you must include this schedule
1
with Form M1.
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