Fillable 2020 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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2020 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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*207211*
Tax year beginning (MM/DD/YYYY) ,and ending (MM/DD/YYYY) Amended KPI:
Partner’s Federal ID or Social Security 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 1-26 the same for all resident and nonresident partners. Calculate lines 27-43 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 taxes deducted in arriving at partnership’s net 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hadsecon179expensingforpropertyplacedinserviceinascalyearbeginning
...
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 inst.
8aPartner’sProratagrossprotfrominstallmentsalesofpass-through
businesses (see instrucons)......................................................8a M1AR, line 1
8b Partner’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(KPINC, line 24) ..................9
10 Thislineintenonallyleblank ....................................................10
11 Thislineintenonallyleblank ....................................................11
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
2020 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
Individual
Trust
Estate
%
Partner’s Distribuve Share
9995
/ / / /
beforeJanuary1,2020,enterthepartner’sow-throughsecon179expensingforMinnesota purposes
*207221*
14 Global intangible low-taxed income (GILTI) ..........................................14 M1M, line 44
15 Disallowedsecon280Eexpensesofmedicalcannabismanufacturers...................15 M1M, line 31
16SubtraconduetofederalchangesnotadoptedbyMinnesota(KPINC, line 24 as a posive number)..16
17 Creditforincreasingresearchacvies.............................................17 M1C, line 12
18 Tax Credit for Owners of Agricultural Assets .........................................18 M1C, line 11
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 5
21 Enterprise Zone Credit...........................................................21 M1REF, line 7
22 Minnesotabackupwithholding ...................................................22 M1W, line 7, col C
Relang to Alternave Minimum Tax
23 Intangible drilling costs ..........................................................23
24Grossincomefromoil,gasandgeothermalproperes ...............................24
25Deduconsallocabletooil,gasandgeothermalproperes............................25
26Depleon.....................................................................26
Minnesota Poron of Amounts From Federal Schedule K-1 (1065)
27 Minnesota source gross income ..................................................27
info only (see inst.)
28 Ordinary Minnesota source income (loss)
fromtradeorbusinessacvies ..................................................
28
M1NR, line 6, col B
29 Income (loss) from Minnesota rental real estate .....................................29 M1NR, line 6, col B
30Othernetincome(loss)fromMinnesotarentalacvies..............................30 M1NR, line 6, col B
31 Guaranteed payments ..........................................................31 M1NR, line 6, col B
32 Interest income ................................................................32 M1NR, line 2, col B
33 Ordinary dividends .............................................................33 M1NR, line 2, col B
2020 KPI, page 2
Use lines 23-26 to
compute M1MT, lines
6 and 7. See M1MT
instrucons for
details.
Connued next page
9995
Partner’s Name Partner’s Federal ID Number or SSN
Partnership’s Name Partnership’s Federal ID Number
*207231*
34Royales .....................................................................34 M1NR, line 6, col B
35 Net Minnesota short-term capital gain (loss) ........................................35 M1NR, line 4, col B
36 Net Minnesota long-term capital gain (loss) ........................................36 M1NR, line 4, col B
37Secon1231Minnesotanetgain(loss) ............................................37
M1NR, line 4 or 8, col B
38 Other Minnesota income (loss). (Describe type of income
or include separate sheet: ) .............................38 M1NR, line 8, col B
39Secon179expensededuconapporonabletoMinnesota ..........................39 M1NR inst, line 6, col B
40Partnership’sMinnesotaapporonmentfactor
(line 5, column C of M3A) ........................................................40
informaon only
Nonresident Individual Partners Only:
Composite Income Tax or Nonresident Withholding
41Minnesotasourcedistribuveincome(see instrucons) ..............................41
42 Minnesota composite income tax paid by partnership.
Ifthepartnerelectedcompositeincometax,checkthisbox:
......................
42
composite income tax
43 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:
......................
43
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).
2020 KPI, page 3
9995
If an amount is on line 43
below, include line 41 on
M1W, line 7, col. B.
Partner’s Name Partner’s Federal ID Number or SSN
Partnership’s Name Partnership’s Federal ID Number
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.
An individual 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. An individual 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 and Form M2. 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
Include amounts on the appropriate lines as shown on Schedule KPI.
Line 1 – Non-Minnesota State and Municipal Bond Interest
Individuals: Include on line 1 of Schedule M1M.
Estates and Trusts: Include on line 35 of Form M2.
Line 2 – State Taxes Deducted
Individuals: Include on line 5 of Schedule M1M.
Estates and Trusts: Include on line 36 of Form M2.
Line 3 – Expenses Deducted Aributed to Income Not Taxed by Minnesota
Individuals: Include on line 6 of Schedule M1M.
Estates and Trusts: Include on line 37 of Form M2.
Line 4 – Secon 179 Expensing
Individuals: See Schedule M1M, worksheet for line 4 instructions, to determine how to report this amount.
Estates and Trusts: Not applicable.
Line 5 –Federal Bonus Depreciaon
Individuals: See Schedule M1M, worksheet for line 3 instructions, to determine how to report this amount.
Estates and Trusts: Include on line 39 of Form M2.
Line 6 – Foreign Derived Intangible Income (FDII) Deducon
Individuals: Include on line 7 of Schedule M1M.
Estates and Trusts: Include on line 43 of Form M2.
Line 7 – Special Deducon Under Secon 965
Individuals: This line does not apply.
Estates and Trusts: Include on line 44 of Form M2.
Lines 8a, and 8b – Accelerated Installment Sale Gains
Nonresident Individuals: If any information is reported to you on line 8a of Schedule KPI, le Form M1AR, Accelerated Recognition of
Installment Sale Gains, with your Minnesota individual income tax return.
Resident Individuals: If any information is reported to you on line 8 of Schedule KPI, 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 nonresident in a future year
while payments are being made, you are required to le Form M1AR, Accelerated Recognition of Installment Sale Gains, with your nal
resident tax return.
Connued
2020 Schedule KPI Instrucons
Individual,estateandtrustpartner’suseofinformaonprovidedonScheduleKPI
1
Estates and Trusts: Pass through pro rata to your beneciaries.
Line 9 – Addion Due to Federal Changes Not Adopted by Minnesota
Individuals: This line does not apply.
Estates and Trusts: This line does not apply.
Line 12 – Interest on U.S. Government Bond Obligaons
Individuals: Include on line 18 of Schedule M1M.
Estates and Trusts: Include on line 48 of Form M2.
Line 13 – Deferred Foreign Income (Secon 965)
Individuals: Include on line 43 of Schedule M1M.
Estates and Trusts: Include on line 55 of Form M2.
Line 14 – Global Intangible Low-Taxed Income (GILTI)
Individuals: Include on line 44 of Schedule M1M.
Estates and Trusts: Include on line 56 of Form M2.
Line 15 – Disallowed Secon 280E Expenses of Medical Cannabis Manufacturers
Individuals: Include on line 31 of Schedule M1M.
Estates and Trusts: Include on line 57 of Form M2.
Line 16 – Subtracon Due to Federal Changes Not Adopted by Minnesota
Individuals: This line does not apply.
Estates and Trusts: This line does not apply.
Line 17 – Credit for Increasing Research Acvies
Individuals: Include on line 12 of Form M1C. To claim this credit, you must include this schedule with Form M1.
Estates and Trusts: Include on line 18 of Form M2. To claim this credit, you must include this schedule with Form M2.
Line 18 – Tax Credit for Owners of Agricultural Assets
Individuals: Include on line 11 of Form M1C and enter the certicate number in the space provided. To claim this credit, you must include this
schedule with Form M1.
Estates and Trusts: Include on line 16 of Form M2 and enter the certicate number in the space provided. To claim this credit, you must
include this schedule with Form M2.
Line 19 – Credit for Historic Structure Rehabilitaon
Individuals: Include 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.
Estates and Trusts: Include on line 23 of Form M2 and enter the NPS project number in the space provided. To claim this credit, you must
include this schedule with Form M2.
Line 20 – Employer Transit Pass Credit
Of the credit amount from Schedule ETP, any amount not claimed on line 6 of Form M8 may be passed through to partners based on their
distributive share.
Individuals: Include on line 5 of Form M1C. To claim this credit, you must include this schedule with Form M1.
Estates and Trusts: Include on line 18 of Form M2. To claim this credit, you must include this schedule with Form M2.
Line 21 – Enterprise Zone Credit
Individuals: Include on line 7 of Form M1REF. To claim this credit, you must include this schedule with Form M1.
Estates and Trusts: Include on line 24 of Form M2. To claim this credit, you must include this schedule with Form M2.
Line 22 – Minnesota Backup Withholding
Individuals: Include on line 7, column C of Schedule M1W. To claim this credit, you must include this schedule with Form M1.
Estates and Trusts: Pass through pro rata to your beneciaries. You must include this schedule with Form M1.
Lines 23 – 26 Items Relang to Alternave Minimum Tax
Individuals: Use the information on lines 23 through 26 to complete Schedule M1MT.
Estates and Trusts: Use the information on lines 23 through 26 to complete Schedule M2MT.
2
2020 Schedule KPI Instrucons (Connued)
Connued
2020 Schedule KPI Instrucons (Connued)
Lines 27 – 40 Minnesota Poron of Federal Amounts
Lines 27-40 apply to nonresident individual partners, and Estate and Trust income tax payers.
If certain items are not entirely included in your federal income because of passive activity loss limitation, capital loss limitations, section 179
limitations or for other reasons, include only the amounts that you included in your federal adjusted gross income.
Individuals: Use the information on lines 27 through 38 to complete Schedule M1NR.
Minnesota source gross income is used to determine if a nonresident is required to le a Minnesota individual income tax return. Gross
income is income before business or rental deductions and does not include losses.
If your 2020 Minnesota source gross income is $12,400 or more and you did not elect composite ling, you are required to le Form M1 and
Schedule M1NR, Nonresident/Party-Year Residents.
If your 2020 Minnesota source gross income is less than $12,400 and you had Minnesota tax withheld (see line 22 and line 43 of Schedule
KPI), le Form M1 and Schedule M1NR to receive a refund.
Estates and Trusts: Use the information on lines 27 through 38 to complete Form M2.
Line 28
Individuals: If you are a nonresident or part-year resident, include the amount on line 6, column B of Schedule M1NR.
Estates and Trusts: Use this information to complete line 7 of Form M2. See Form M2 instructions for details.
Line 29
Individuals: If you are a nonresident or part-year resident, include the amount on line 6, column B of Schedule M1NR.
Estates and Trusts: Use this information to complete line 7 of Form M2. See Form M2 instructions for details.
Line 30
Individuals: If you are a nonresident or part-year resident, include the amount on line 2, column B of Schedule M1NR.
Estates and Trusts: Use this information to complete line 7 of Form M2. See Form M2 instructions for details.
Line 31
Individuals: If you are a nonresident or part-year resident, include the amount on line 8, column B of Schedule M1NR.
Estates and Trusts: Use this information to complete line 7 of Form M2. See Form M2 instructions for details.
Line 41 – Minnesota Source Distribuve Income
Although Minnesota source gross income (line 27 of Schedule KPI) determines whether you must le a Minnesota return, your Minnesota
source distributive income is ultimately taxed.
Line 42 – Minnesota Composite Income Tax
Individuals: If you elected composite income tax, the amount paid on your behalf equals 9.85% of your Minnesota taxable income on line 33,
minus your share of any credits on lines 18-22. You are not required to le Form M1.
Estates and Trusts: This line does not apply.
Line 43 – Minnesota Nonresident withholding
Individuals: Include the amount from line 43 on Schedule M1W, line 7, column C. Also include the amount from line 39 on Schedule M1W,
line 7, column B.
Estates and Trusts: Include the amount from line 43 on Form M2, line 21.
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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2020 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue)

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Completed 3 March 2021

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