Fillable 2019 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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2019 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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*197211*
2019 KPI, Partner’s Share of Income, Credits
and Modicaons
Partnership: Complete and provide Schedule KPI to each nonresident individual, estate or trust partner and any Minnesota individual, estate or trust partner who has adjustments
to income. For corporate and partnership partners, use Schedule KPC instead.
Connued next page
Tax year beginning , 2019 and ending Amended KPI:
Partner’s Federal ID Number or SSN Number FEIN of Partner Ulmately Taxed (see inst) Partnership’s Federal ID Number Partnership’s Minnesota ID
Partner’s Name Partnership’s Name
Mailing Address Mailing Address
City State ZIP Code City State ZIP Code
Enty of Partner (check one box):
Calculate lines 1-25 the same for all resident and nonresident partners. Calculate lines 26-42 for nonresident partners only. Round amounts to the
nearest whole dollar.
Form M1 lers, include on:
Individual, Estate and Trust Partners
1 Interest income from non-Minnesota state and municipal bonds ........................1 M1M, line 1
2 State income tax deducted in arriving at ordinary or net rental income ...................2 M1M, line 5
3 ExpensesdeductedaributabletoincomenottaxedbyMinnesota
(other than interest or mutual fund dividends from U.S. bonds) .........................3 M1M, line 6
4 Ifthepartnershipelectedsecon179expensing,enterthepartner’s
f
low-throughsecon179expensing for Minnesota purposes ...........................
4 M1M, see line 4 inst
5100%ofpartner’sdistribuveshareoffederalbonusdepreciaon ......................5 M1M, see line 3 inst
6Foreign-derivedintangibleincome(FDII)deducon ...................................6 M1M,line7
7Specialdeduconundersecon965 ................................................7 Seeline7inst.
8aPartner’sProratagrossprotfrominstallmentsalesofpass-through
businesses (see instrucons)......................................................8a M1AR, line 1
8bPartner’sproratainstallmentsaleincomefrompass-through ...........................8b M1AR, line 3
businesses (see instrucons)
9 AddionduetofederalchangesnotadoptedbyMinnesota ...............................9 M1NC, line 3
10 IRCSecon461netnonbusinessincome/loss .........................................10 See line 10 inst.
11 Businessinterestexpenselimitaon.................................................11 M1NC, line 8
12InterestfromU.S.governmentbondobligaons,minusanyexpenses
deductedonthefederalreturnthatareaributabletothisincome .....................12 M1M, line 18
13 Deferredforeignincome(secon965) .............................................13 M1M, line 43
14 Global intangible low-taxed income (GILTI) ..........................................14 M1M, line 44
Individual
Trust
Estate
Partner’s distribuve share:
%
9995
*197221*
15 Disallowedsecon280Eexpensesofmedicalcannabismanufacturers...................15 M1M, line 31
16 SubtraconduetofederalchangesnotadoptedbyMinnesota .........................16 M1NC, line 3
17 Creditforincreasingresearchacvies.............................................17 M1C,line9
18 Tax Credit for Owners of Agricultural Assets .........................................18 M1C, line 8
Enterthecercatenumberfromthecercatereceivedfromthe
Rural Finance Authority: AO___ - ___________
19Creditforhistoricstructurerehabilitaon. ..........................................19 M1REF, line 6
Enter NaonalParkService(NPS)number
20 Employer Transit Pass Credit......................................................20 M1C, line 2
21 Enterprise Zone Credit...........................................................21 M1REF,line7
Relang to Alternave Minimum Tax
22 Intangible drilling costs ..........................................................22
23 Grossincomefromoil,gasandgeothermalproperes ...............................23
24Deduconsallocabletooil,gasandgeothermalproperes............................24
25Depleon.....................................................................25
Minnesota Poron of Amounts From Federal Schedule K-1 (1065)
26 Minnesota source gross income ..................................................26
info only (see inst.)
27 Ordinary Minnesota source income (loss)
fromtradeorbusinessacvies ..................................................
27
M1NR, line 6, col B
28 Income (loss) from Minnesota rental real estate .....................................28 M1NR, line 6, col B
29Othernetincome(loss)fromMinnesotarentalacvies..............................29 M1NR, line 6, col B
30 Guaranteed payments ..........................................................30 M1NR, line 6, col B
31 Interest income ................................................................31 M1NR, line 2, col B
32 Ordinary dividends .............................................................32 M1NR, line 2, col B
33Royales .....................................................................33 M1NR, line 6, col B
34 Net Minnesota short-term capital gain (loss) ........................................34 M1NR, line 4, col B
35 Net Minnesota long-term capital gain (loss) ........................................35 M1NR, line 4, col B
Partner’s Name Partner’s Federal ID Number or Social Security Number
Partnership’s Name Partnership’s Federal ID Number
2019 KPI, page 2
Use lines 22-25 to
compute M1MT, lines
6 and 7. See M1MT
instrucons for
details.
Connued next page
9995
*197231*
36Secon1231Minnesotanetgain(loss) ............................................36
M1NR, line 4 or 8, col B
37 Other Minnesota income (loss). (Describe type of income
or include separate sheet: ) .............................37 M1NR, line 8, col B
38Secon179expensededuconapporonabletoMinnesota ..........................38 M1NR inst, line 6, col B
39Partnership’sMinnesotaapporonmentfactor
(line 5, column C of M3A) ........................................................39 informaon only
Nonresident Individual Partners Only:
Composite Income Tax or Nonresident Withholding
40Minnesotasourcedistribuveincome(see instrucons) ..............................40
41 Minnesota composite income tax paid by partnership.
Ifthepartnerelectedcompositeincometax,checkthisbox: .......................
41
composite income tax
42 Minnesota income tax withheld for nonresident individual
partnernotelecngtolecompositeincometax.Ifthe
partnercompletedandsignedaFormAWC,checkthisbox: .......................
42
M1W, line7,colC
Partnership: Include this schedule and copies of federal Schedules K and K-1 with your Form M3.
Partner: Include this schedule with your Form M1 (individuals) or Form M2 (estates and trusts).
Partner’s Name Partner’s Federal ID Number or Social Security Number
Partnership’s Name Partnership’s Federal ID Number
2019 KPI, page 3
9995
If an amount is on line 42
below, include line 40 on
M1W, line 7, col. B.
Purpose of Schedule KPI
Schedule KPI is a supplemental schedule provided by the partnership to its individual, estate or trust partners.
The partners will need this information to complete a Minnesota Form M1, Individual Income Tax Return, or Form M2, Income Tax Return
for Estates and Trusts.
A partner who is a Minnesota resident will be taxed by Minnesota on all of his or her distributive income from the partnership even if the
income is apportioned between Minnesota and other states. A nonresident partner will be taxed on the Minnesota distributive income from the
partnership.
These instructions are intended to help you report your share of the partnership’s income, credits and modications on your Minnesota return.
You must include Schedule KPI when you le your Form M1. If you do not include the schedule with your return as required, the department
will disallow any credits and assess the tax or reduce your refund.
If you received an amended Schedule KPI from the partnership and your income or deductions have changed, you must le an amended
Minnesota return.
Individuals: Use Form M1X, Amended Minnesota Income Tax Return, for the year you are amending.
Estates and trusts: You must use the current version of Form M2X, Amended Income Tax Return for Estates and Trusts, regardless of the year
you are amending.
Line Instrucons
Individuals: Include amounts as shown on Schedule KPI. For additional information, read the appropriate line instructions.
Estates and trusts: Include the amounts from:
Schedule KPI: on Form M2:
line 1 line 25
line 2 line 26
line 3 line 27
line 4 does not apply
line 5 line 29 (see inst.)
line 6 line 33
line 7 line 34
line 8 does not apply
line 9 line 31
line 10 see inst.
line 11 line 36
line 12 line 38
line 13 line 45
line 14 line 46
line 15 line 47
line 16 line 41
line 17 line 15f
line 18 line 15d
line 19 line 15c
line 20 line 15f
line 21 line 15c
line 22-25 Form M2MT
lines 26-38 see inst. on this page
line 39 information
lines 40-41 do not apply
line 42 line 15b
Please see M2 instructions for any amounts refering to line 15d.
Line 7 — Special Deducon under Secon 965
Individuals: Not applicable.
Estates and Trusts: Include on line 34 of Form M2.
Continued
2019 Schedule KPI Instrucons
Individual,estateandtrustpartner’suseofinformaonprovidedonScheduleKPI
1
Line 8a and 8b — Accelerated Installment Sale Gains
Nonresident individuals – if any information is reported to you on line 8 of schedule KPI, le form M1AR with your Minnesota income tax
return.
Resident individuals – if information is reported to you on line 8, retain a copy of this schedule for your records for the entire period that you,
or an entity you have an interest in is receiving installment sale payments. If you become a non-resident in a future year while payments are
being made you are required to le form M1AR with your nal resident tax return.
Line 9 — Addion Due to Federal Changes Not Adopted by Minnesota
Include on line 3 of Schedule M1NC. Enclose a copy of this schedule with Form M1NC.
Line 10 — IRC Secon 461 Net Nonbusiness Income/Loss
Individuals: Include on step 10 of the worksheet for excess business losses within the Schedule M1NC instructions for line 7. Enclose a copy
of this schedule with Form M1NC.
Estates and Trusts: Use this amount when calculating line 35 of Form M2. For any portion distributed to beneciaries, report the beneciary’s
pro rata share of this amount on line 10 of Schedule KF.
Line 11 — Business Interest Expense Limitaon
Individuals: Include on line 8 of Schedule M1NC. Enclose a copy of this schedule with Form M1NC.
Estates and Trusts: Include on line 36 of Form M2.
Line 16 — Subtracon Due to Federal Changes Not Adopted by Minnesota
Include as a negative amount on line 3 of Schedule M1NC. Enclose a copy of this schedule with Form M1NC.
Line 17 — Credit for Increasing Research Acvies
Individuals: Include in the total on line 9 of Schedule M1C. To claim this credit, you must include this schedule with Form M1.
Line 18 — Tax Credit for Owners of Agricultural Assets
Include on line 8 of Schedule M1C. To claim this credit you must include this schedule with Form M1.
Line 19 — Historic Structure Rehabilitaon Credit
Individuals: Include in the total on line 6 of Schedule M1REF and enter the NPS project number in the space provided. To claim this credit,
you must include this schedule with Form M1.
Line 20 — Employer Transit Pass Credit
Individuals: Include in the total on line 2 of Schedule M1C. To claim this credit, you must include this schedule with Form M1.
Line 21 — Enterprise Zone Credit
Individuals: Include in the total on line 7 of Schedule M1REF. To claim this credit, you must include this schedule with your Form M1.
Line 26 — Minnesota Source Gross Income
Minnesota source gross income is used to determine if a nonresident individual, estate or trust is required to le a Minnesota income tax re-
turn. Gross income is income before business or rental deductions and does not include losses.
Nonresident individuals: If your 2019 Minnesota source gross income is $12,200 or more and you did not elect composite ling, you are
required to le Form M1 and Schedule M1NR, Nonresidents/Part-Year Residents.
If your 2019 Minnesota source gross income is less than $12,200 and you had Minnesota tax withheld (see line 42 of Schedule KPI), le Form
M1 and Schedule M1NR to receive a refund.
Estates and trusts: You are required to le Form M2 and pay tax if the Minnesota gross income is $600 or more.
Lines 27 – 38
Lines 27-38 apply to nonresident partners. All income of a Minnesota resident is assigned to Minnesota, regardless of the source.
If certain items are not entirely included in your federal adjusted gross income (if an individual) or federal taxable income (if an estate or trust)
because of passive activity loss limitations, capital loss limitations, section 179 limitations or for other reasons, include only the amounts that
you included in your federal adjusted gross income (individuals) or federal taxable income (estates or trusts).
Nonresident individuals: Include lines 27-38 on the corresponding lines in column B of Schedule M1NR.
Estates and trusts: Lines 27-38 are used to determine the partnership’s Minnesota sourced income and non-Minnesota sourced income to
include on lines 2 and 7 of Form M2. To determine the non-Minnesota losses and income, subtract the amounts on lines 27-38 from the cor-
responding amounts on Schedule K-1.
2
2019 Schedule KPI Instrucons (Connued)
Continued
2019 Schedule KPI Instrucons (Connued)
Lines 40–42
Nonresident individuals: Although Minnesota source gross income (line 26) determines whether you must le a Minnesota return, your Min-
nesota source distributive income is ultimately taxed.
Lines 40-42 were used to determine your share of the partnership’s Minnesota source distributive income. You may need to refer to these
amounts when you le your home state’s income tax return.
If you are required to pay Minnesota tax on your Minnesota source distributive income, the partnership is required to withhold tax, unless you
elect to have the partnership pay composite tax to Minnesota on your behalf. If you elected for the partnership to pay composite tax, you are
not required to le Form M1.
Line 40. Your Minnesota source distributive income is considered your Minnesota taxable income from this partnership.
Line 41. If you elected, the composite tax paid on your behalf equals 9.85 percent of your Minnesota taxable income (line 40), minus your
share of any credits on lines 18-21.
You are not required to le an individual Minnesota return (Form M1).
Line 42. If you did not elect composite income tax, the partnership may be required to withhold tax from your Minnesota source distributive
income. The amount withheld equals 9.85 percent of your Minnesota taxable income (line 40), minus your share of any credits on lines 18-
21.
To claim nonresident withholding when you le your Form M1, you must enclose this schedule showing Minnesota tax was withheld.
Sale of a Partnership Interest
If you sell any portion of your interest in a partnership, some or all of the gain may be taxable. Or you can use any loss on the sale to oset
other Minnesota income to the extent the losses are deducted on your federal return.
To determine the ratio of gain or loss that is assigned to Minnesota at the time of the sale, divide the original cost of the partnership’s tangible
property in Minnesota by the original cost of all tangible property of the partnership. (Tangible property includes real estate, inventory and
equipment.) If you don’t have these numbers, contact the partnership.
If more than 50 percent of the value of the partnership’s assets are intangibles, the gain/loss is allocated to Minnesota using the partnership’s
prior year sales factor. Include the result on Schedule M1NR, line 4, column B.
3
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2019 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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Completed 29 July 2020

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