Fillable 2020 Schedule KF, Beneciarys Share of Minnesota Taxable (Minnesota Department of Revenue)

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2020 Schedule KF, Beneciarys Share of Minnesota Taxable (Minnesota Department of Revenue)

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Tax year beginning (MM/DD/YYYY) , 2020 ending (MM/DD/YYYY)
Beneciary’s Social Security Number Estate’s or Trust’s Federal ID Number Minnesota Tax ID Number
Beneciary’s Name Estate’s or Trust’s Name
Address of Beneciary Address of Fiduciary
Beneciary City State ZIP Code Fiduciary City State ZIP Code
Calculate lines 1–27 the same for all resident and nonresident beneciaries. Calculate
lines 28–34 for nonresident beneciaries only. Round amounts to the nearest whole dollar.
Addions to income
Beneciary: Include on:
1 State and municipal bond interest from outside Minnesota .......................... 1 Line 1, Schedule M1M
2 State taxes deducted in arriving at net income .................................... 2 Line 5, Schedule M1M
3
Expenses deducted that are aributable to income not taxed by Minne-
sota (other than interest or mutual fund dividends from U.S. bonds) .................. 3 Line 6, Schedule M1M
4 80 percent of the suspended loss from 2001–2005 or 2008–2019
that was generated by bonus depreciaon ........................................ 4 Line 8 inst., M1M
5
80 percent of federal bonus depreciaon
.......................................... 5 Line 3 inst., M1M
6a Beneciary’s pro rata gross prot from installment sale of pass-through enes
(see instrucons) ............................................................ 6a Line 1, Schedule M1AR
6b Beneciary’s pro rata installment sale income from sales of pass-through enes ...... 6b Line 3, Schedule M1AR
(see instrucons)
6c Applicable S corporaon’s or partnership’s apporonment percentage of the year of sale 6c Line 6, Schedule M1AR
(see instrucons)
7 Addion due to federal changes not adopted by Minnesota (KFNC, line 24) ............ 7
8 Net operang loss (NOL) carryover adjustment .................................... 8 Line 10, Schedule M1M
9 Foreign derived intangible income (FDII) deducon ................................. 9 Line 7, Schedule M1M
10 This line intenonally le blank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 This line intenonally le blank ............................................... 11
12 Special deducon under secon 965 ........................................... 12 See line 12 inst.
Subtracons from income
13 Interest on U.S. government bond obligaons, minus any expenses
deducted on the federal return that are aributable to this income . . . . . . . . . . . . . . . . . 13 Line 18, Schedule M1M
14 State income tax refund ..................................................... 14 Line 6, Form M1
15 Federal bonus depreciaon subtracon ........................................ 15 Line 21, Schedule M1M
2020 Schedule KF, Beneciary’s Share of Minnesota Taxable Income
Fiduciary: Complete and provide Schedule KF to each nonresident beneciary with Minnesota source income and
any Minnesota beneciary who has adjustments to income.
Amended KF:
(connued)
9995
*207111*
/ /
/ /
16 Subtracon for prior addback of reacquision of business
indebtedness income included in federal taxable income .......................... 16 Line 36, Schedule M1M
1 7 Subtracon for railroad maintenance expenses....................................17 Line 37, Schedule M1M
18 Subtracon due to federal changes not adopted by Minnesota (KFNC, line 24 as a posive number) 18
1 9 Net operang loss (NOL) carryover adjustment................................... 19 Line 35, Schedule M1M
20 Deferred foreign income (secon 965) .......................................... 20 Line 43, Schedule M1M
2 1 Global intangible low-taxed income (GILTI) ...................................... 21 Line 44, Schedule M1M
2 2 Disallowed secon 280E expenses of medical cannabis manufacturers ............... 22 Line 31, Schedule M1M
Credits (you must enclose this schedule with your Form M1 if claiming a credit) Include on:
2 3 Any Minnesota income tax withholding credit received by the duciary .............. 23 Line 7, Schedule M1W
24 Credit for increasing research acvies ......................................... 24 Line 12, Form M1C
25 Tax Credit for Owners of Agricultural Assets ..................................... 25 Line 11, Form M1C
Enter the cercate number from the cercate
you received from the Rural Finance Authority: AO -
26 Credit for historic structure rehabilitaon (enclose cercate) ...................... 26 Line 6, Schedule M1REF
Naonal Park Service (NPS) project number:
27 Minnesota backup withholding ............................................... 27 Line 7, Schedule M1W
Nonresident beneciaries Include on Schedule
Minnesota poron of amounts from federal Schedule K-1 (1041) M1NR, column B on:
28 Capital gain or loss on Minnesota real property .................................. 28 Line 4
29 a Business income or loss ...................a
b Income from Minnesota rents, royales, part-
nerships, S corporaons, estates and trusts ... b
c Farm income or loss ...................... c
Total (add lines 29a, 29b, and 29c) ............................................ 29 Line 6
30 Interest and dividend income derived from a trade or business
(S corporaons and partnerships) that is assignable to Minnesota ................... 30 Line 2
31 Other income ............................................................. 31 Line 8
32 Minnesota source gross income from this duciary
.............................. 32 informaon only
Composite income tax for elecng nonresident beneciaries
33 Minnesota source distribuve income from this duciary .......................... 33 informaon only
34 Minnesota composite income tax paid by duciary.
If the beneciary elected composite income tax, check this box ............... 34 composite income tax
Fiduciary: Enclose this schedule and copies of all Schedules KF and federal Schedules K-1 with your Form M2.
Beneciary: See instrucons. Include this schedule when you le your Form M1.
2020 KF, page 2
9995
*207121*
Beneciary’s Name Beneciary’s Social Security Number
2020 Schedule KF Instrucons
Purpose of Schedule KF
Schedule KF is a supplemental schedule provided by the duciary to its beneciaries. The beneciaries need this information to complete a
Form M1, Minnesota Individual Income Tax Return, or Form M2, Income Tax Return for Estates and Trusts.
The schedule shows each beneciary their specic share of the duciary’s income, credits and modications. A beneciary who is a
Minnesota resident must report all income from the trust or estate. A nonresident beneciary must report income which is allocable to
Minnesota.
These instructions are intended to help you report your share of the duciary’s income, credits and modications on your Minnesota return.
If you received an amended Schedule KF from the duciary and your income or deductions have changed, you must le an amended
Minnesota return. To amend your return, use Form M1X, Amended Minnesota Income Tax Return, or Form M2X, Amended Income Tax
Return for Estates and Trusts.
Line Instrucons
Include amounts on the appropriate lines as shown on Schedule KF.
Line 1 – 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 – 80% Suspended Loss
Individuals: See Schedule M1M, worksheet for line 8 instructions, to determine how to report this amount.
Estates and Trusts: Include on line 38 of Form M2.
Line 5 – 80% 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.
Lines 6a, 6b, and 6c – Accelerated Installment Sale Gains
Nonresident Individuals: If any information is reported to you on line 6 of Schedule KF, 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 6 of Schedule KF, 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.
Estates and Trusts: Pass through pro rata to your beneciaries.
Line 7 – Addion Due to Federal Changes Not Adopted by Minnesota
Individuals: Not applicable.
Estates and Trusts: Not applicable.
Line 8 – Net Operang Loss (NOL) Carryover Adjustment
Individuals: Include on line 10 of Schedule M1M.
Estates and Trusts: Include on line 42 of Form M2.
Line 9 – 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.
Beneciary’s use of informaon provided on Schedule KF
Continued
1
2020 Schedule KF Instrucons (connued)
Line 12 – Special Deducon Under Secon 965
Individuals: Not applicable.
Estates and Trusts: Include on line 44 of Form M2.
Line 13 – 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 14 – State Income Tax Refund
Individuals: Include on line 6 of Form M1.
Estates and Trusts: Include on line 49 of Form M2.
Line 15 – Federal Bonus Depreciaon Subtracon
Individuals: Include on line 21 of Schedule M1M.
Estates and Trusts: Include on line 50 of Form M2.
Line 16 – Subtracon for Prior Addback of Reacquision of Business Indebtedness Income
Individuals: Include on line 36 on Schedule M1M.
Estates and Trusts: Include on line 52 of Form M2.
Line 17 – Subtracon for Railroad Maintenance Expenses
Individuals: Include on line 37 of Schedule M1M.
Estates and Trusts: Include on line 53 of Form M2.
Line 18 – Subtracon Due to Federal Changes not Adopted by Minnesota
Individuals: Not applicable.
Estates and Trusts: Not applicable.
Line 19 – Net Operang Loss (NOL) Carryover Adjustment
Individuals: Include on line 35 of Schedule M1M.
Estates and Trusts: Include on line 54 of Form M2.
Line 20 – 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 21 – 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 22 – 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 23 –Minnesota Income Tax Withholding Credit
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: Include on line 21 of Form M2. To claim this credit, you must include this schedule with Form M2.
Line 24 – 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 25 – 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.
2
Continued
2020 Schedule KF Instrucons (connued)
Line 26 – 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 27 – 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.
Lines 28 – 31 Minnesota Poron of Federal Amounts
Lines 28-31 apply to nonresident beneciaries. All income of a Minnesota individual resident is assigned to Minnesota, regardless of the
source.
If certain items are not entirely included in your federal adjusted gross 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.
Line 28
Individuals: If you are a nonresident or part-year resident, include the amount on line 4, 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 32 – Minnesota Source Gross Income
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 filing, you are required to file Form M1
and Schedule M1NR, Nonresident/Part-Year Residents.
If your 2020 Minnesota source gross income is less than $12,400 and you had Minnesota tax withheld (see line 23 and line 27 of Schedule
KF), le Form M1 and Schedule M1NR to receive a refund.
Line 33 – Minnesota Source Distribuve Income
Although Minnesota source gross income (line 32 of Schedule KF) determines whether you must le a Minnesota return, your Minnesota
source distributive income is ultimately taxed.
Lines 33 – 34 were used to determine your share of the duciary’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 elected for the duciary to pay composite tax, you are not required to le Form M1.
Line 34 – Minnesota Composite Income Tax
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 23, and 25-27. You are not required to le Form M1.
Forms and Informaon
Website: www.revenue.state.mn.us
Phone: 651-556-3075
This information is available in alternate formats.
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2020 Schedule KF, Beneciarys Share of Minnesota Taxable (Minnesota Department of Revenue)

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Completed 9 March 2021

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