Form Kpi - Partner'S Share Of Income, Credits And Modifications - 2012 Page 3
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4Schedule KPI Instructions 2012
Individual, estate and trust partner’s use of information provided on Schedule KPI
Purpose of Schedule KPI
Estates and trusts (continued): Include the
If your 2012 Minnesota source gross income
amounts from
is less than $9,750 and you had Minnesota
Schedule KPI is a supplemental schedule
tax withheld (see line 37), file Form M1 and
provided by the partnership to its individual,
Schedule KPI:
on Form M2:
Schedule M1NR to receive a refund.
estate or trust partners.
line 12 . . . . . . . . . . see M2 instructions
The partners will need this information to
Estates and trusts: You are required to file
line 13 . . . . . . . . . . see M2 instructions
complete a Minnesota Form M1, Individual
Form M2 and pay tax if the Minnesota
line 14 . . . . . . . . . . line 15e
Income Tax Return, or Form M2, Income
gross income is $600 or more.
line 15 . . . . . . . . . . line 15f
Tax Return for Estates and Trusts.
line 16 . . . . . . . . . . line 15c
Lines 22–33
lines 17–20 . . . . . . see M2MT
A partner who is a Minnesota resident will
Lines 22–33 apply to nonresident part-
lines 21–33 . . . . . . see inst. on this page
be taxed by Minnesota on all of his or her
ners. All income of a Minnesota resident
line 34 . . . . . . . . . . information
distributive income from the partnership
is assigned to Minnesota, regardless of the
lines 35–36 . . . . . . do not apply
even if the income is apportioned between
source.
line 37 . . . . . . . . . . line 15b
Minnesota and other states. A nonresident
If certain items are not entirely included in
partner will be taxed on the Minnesota dis-
Line 12 — Employer Transit Pass Credit
your federal adjusted gross income (if an
tributive income from the partnership.
Individuals: Include in the total on line 4
individual) or federal taxable income (if an
of Schedule M1C. To claim this credit, you
These instructions are intended to help
estate or trust) because of passive activity
must include this schedule with Form M1.
you report your share of the partnership’s
loss limitations, capital loss limitations,
income, credits and modifications on your
section 179 limitations or for other reasons,
Line 13 — Enterprise Zone Credit
Minnesota return.
include only the amounts that you included
Individuals: Include in the total on line 6
in your federal adjusted gross income (indi-
of Schedule M1B. To claim this credit, you
You must include Schedule KPI when
viduals) or federal taxable income (estates
must include this schedule with your Form
you file your Form M1. If you do not
or trusts).
M1.
include the schedule with your return as
required, the department will disallow any
Nonresident individuals: Include lines 22–33
Line 14 — Increasing Research Activi-
credits and assess the tax or reduce your
on the corresponding lines in column B of
ties Credit
refund.
Schedule M1NR.
Individuals: Include in the total on line 1
of Schedule M1B. To claim this credit, you
If you received an amended Schedule KPI
Estates and trusts: Lines 22–33 are used
must include this schedule with Form M1.
from the partnership and your income or
to determine the partnership’s Minne-
deductions have changed, you must file an
sota sourced income and non-Minnesota
Line 15 — Historic Structure Rehabili-
amended Minnesota return.
sourced income to include on lines 2 and
tation Credit
7 of Form M2. To determine the non-
Individuals: Use Form M1X, Amended Min-
Individuals: Include in the total on line 3 of
Minnesota losses and income, subtract the
nesota Income Tax Return, for the year you
Schedule M1B and enter the NPS project
amounts on lines 22–33 from the corre-
are amending.
number in the space provided. To claim this
sponding amounts on Schedule K-1.
credit, you must include this schedule with
Estates and trusts: You must use the current
Form M1.
Lines 35–37
version of Form M2X, Amended Income Tax
Nonresident individuals: Although Minneso-
Return for Estates and Trusts, regardless of
Line 16 — JOBZ Jobs Credit
ta source gross income (line 21) determines
the year you are amending.
Individuals: Include in the total on line 4
whether you must file a Minnesota return,
of Schedule M1B. To claim this credit, you
Line Instructions
your Minnesota source distributive income
must include this schedule with Form M1.
Individuals: Include amounts as shown on
is ultimately taxed.
Schedule KPI. For additional information,
Line 21 — Minnesota Source Gross
Lines 35–37 were used to determine your
read the appropriate line instructions.
Income
share of the partnership’s Minnesota source
Minnesota source gross income is used
Estates and trusts: Include the amounts from
distributive income. You may need to refer
to determine if a nonresident individual,
to these amounts when you file your home
Schedule KPI:
on Form M2:
estate or trust is required to file a Minnesota
state’s income tax return.
line 1 . . . . . . . . . . . line 25
income tax return. Gross income is income
line 2 . . . . . . . . . . . line 26
If you are required to pay Minnesota tax on
before business or rental deductions and
line 3 . . . . . . . . . . . line 27
your Minnesota source distributive income,
does not include losses.
line 4 . . . . . . . . . . . does not apply
the partnership is required to withhold tax,
Nonresident individuals: If your 2012
line 5 . . . . . . . . . . . line 29
unless you elect to have the partnership pay
Minnesota source gross income is $9,750
line 6 . . . . . . . . . . . line 33
composite tax to Minnesota on your behalf.
or more and you did not elect composite
line 7 . . . . . . . . . . . line 30
If you elected for the partnership to pay
filing, you are required to file Form M1 and
line 8 . . . . . . . . . . . does not apply
composite tax, you are not required to file
Schedule M1NR, Nonresidents/Part-Year
line 9 . . . . . . . . . . . line 35
Form M1.
Residents.
line 10 . . . . . . . . . . line 38
Continued
line 11 . . . . . . . . . . does not apply
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