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32015 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
Historic Structure Rehabilitation Credit
corresponding lines in column B of Schedule
Schedule KS is a supplemental schedule
Include in the total on line 2 of Schedule
M1NR.
provided by the S corporation to its share-
M1B and enter the NPS project number in
holders. The shareholders need this infor-
Line 28
the space provided. To claim this credit, you
mation to complete a Minnesota Individual
If an amount is on line 35, include line 33 on
must include this schedule with Form M1.
Income Tax Return, Form M1.
M1W, line 7, col. B.
Line 14
A shareholder who is a Minnesota resident
Lines 33–35
Employer Transit Pass Credit
will be taxed by Minnesota on all of his or
Composite Income Tax and
Any amount of the credit remaining from
her distributive income from the S corpo-
Nonresident Withholding
Form ETP, not claimed on form M8, line
ration even if the income is apportioned
Although Minnesota source gross income
6, may be passed through to shareholders
between Minnesota and other states. A
(line 21) determines whether you must file
based on their distributive share.
nonresident shareholder will be taxed on
a Minnesota return, your Minnesota source
the Minnesota distributive income from the
Include this amount on line 4 of your
distributive income is ultimately taxed.
S corporation.
Schedule M1C. To claim this credit, you
Lines 33–35 were used to determine your
must include this schedule with Form M1.
These instructions are intended to help
share of the S corporation’s Minnesota
you report your share of the S corporation’s
Line 15
source distributive income. You may need
income, credits and modifications on your
Enterprise Zone Credit
to refer to these amounts when you file your
Minnesota return.
Include on line 5 of Schedule M1B. To claim
home state’s income tax return.
this credit, you must include this schedule
You must include Schedule KS when you
If you are required to pay Minnesota tax on
with Form M1.
file your Form M1. If you do not include
your Minnesota source distributive income,
the schedule with your return as required,
the S corporation is required to withhold
Line 16
the department will disallow any credits and
tax, unless you elect to have the S corpora-
JOBZ Zone Jobs Credit
assess the tax or reduce your refund.
tion pay composite tax to Minnesota on your
Include this amount on line 3 of Schedule
behalf. If you elected for the S corporation to
M1B. To claim this credit, you must include
If you received an amended Schedule
pay composite tax, you are not required to
this schedule with your Form M1.
KS from the S corporation and your income
file Form M1.
or deductions have changed, you must file
Line 21
an amended Minnesota return. To amend
Line 33. Your Minnesota source distributive
Minnesota Source Gross Income
your return, use Form M1X, Amended Min-
income is considered your Minnesota tax-
Minnesota source gross income is used to
nesota Income Tax Return.
able income from this S corporation.
determine if a nonresident is required to
file a Minnesota income tax return. Gross
If there is an amount on line 35 for Min-
Line Instructions
income is income before business or rental
nesota income tax was withheld, you must
Include amounts on the appropriate lines
deductions and does not include losses.
include your Minnesota source distributive
as shown on Schedule KS. Be sure to read
income from line 33 on Schedule M1W,
If your 2015 Minnesota source gross income
the following line instructions for additional
line 7, column B.
is $10,300 or more and you did not elect
information.
composite filing, you are required to file
Line 34. If you elected composite income
Form M1 and Schedule M1NR, Nonresi-
Line 4
tax, the amount paid on your behalf equals
dents/Part-Year Residents.
Section 179 Expensing
9.85 percent of your Minnesota taxable
See Schedule M1M, worksheet for line 6
income on line 33, minus your share of any
If your 2015 Minnesota source gross income
instructions, to determine how to report
credits on lines 12, 13, 15, and 16. You are
is less than 10,300 and you had Minnesota
this amount.
not required to file Form M1.
tax withheld (see line 35), file Form M1 and
Schedule M1NR to receive a refund.
Line 5
Line 35. If you did not elect composite in-
Federal Bonus Depreciation Addition
come tax, the S corporation may be required
Lines 22–32
Include this amount on the appropriate line
to withhold tax from your Minnesota source
Minnesota Portion of Federal Amounts
on the worksheet for line 5 in the Schedule
distributive income. The amount withheld
Lines 22–32 apply to nonresident share-
M1M instructions.
equals 9.85 percent of your Minnesota tax-
holders. All income of a Minnesota resident
able income on line 33, minus your share of
is assigned to Minnesota, regardless of the
Line 11
any credits on lines 12, 13, 15, and 16.
source.
Increasing Research Activities Credit
To claim nonresident withholding when you
Include in the total on line 3 of Schedule
If certain items are not entirely included in
file your Form M1, include the amount from
M1C. To claim this credit, you must include
your federal adjusted gross income because
Schedule KS, line 35 on Schedule M1W,
this schedule with Form M1.
of passive activity loss limitations, capital
line 7, column C. Also include the amount
loss limitations, section 179 limitations or
Line 12
from Schedule KS, line 33 on Schedule
for other reasons, include only the amounts
Greater Minnesota Internship Credit
M1W, line 7, column B. You must include
that you included in your federal adjusted
Include on line 4 of Schedule M1B. To claim
this schedule when you file your return.
gross income.
this credit, you must include this schedule
with Form M1.
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