Fill - Free fillable 2021 KPI, Partners Share of Income, Credits and (Minnesota Department of Revenue) PDF form

*217211*

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 1-35 the same for all resident and nonresident partners. Calculate lines 36-52 for all nonresident shareholders, and resident

shareholders if the partnership elected PTE tax. 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 M1MB, line 2

3 

(other than interest or mutual fund dividends from U.S. bonds) .........................3 M1M, line 3

4 ......................4 M1MB, see line 1 inst

5 ...................................5 M1MB, line 3

6 ................................................6 See inst.

7a

businesses (see instrucons)......................................................7a M1AR, line 1

7b Partner’s pro rata installment sale income from pass-through ...........................7b M1AR, line 3

businesses (see instrucons)

8 (KPINC, line 32) ..................8

9  .....................................................9

10  ....................................................10

11  ....................................................11

12  ....................................................12

13  ....................................................13

14

 .....................14 M1M, line 14

2021 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 or credits, or all partners if the partnership is elecng PTE tax. For corporate and partnership partners, use Schedule KPC instead.

Connued next page

Individual

Trust

Estate

Partner’s Distribuve Share

9995

/ / / /

*217221*

15 Deferred foreign income (secon 965) .............................................15 M1MB, line 18

16 Global intangible low-taxed income (GILTI) ..........................................16 

17 ...................17 M1MB, line 17

18(KPINC, line 32 as a posive number)..18

19  ....................................................19

20  ....................................................20

21  ...................................................21

22  ....................................................22

23  ....................................................23

24 .............................................24 M1C, line 13

25  .......................................................25 M1C, line 11



26 Tax Credit for Owners of Agricultural Assets .........................................26 M1C, line 12





27 ..........................................27 M1REF, line 6

Enter 

28......................................................28 M1C, line 5

29 Enterprise Zone Credit...........................................................29 M1REF, line 7

30 

 .........................30 (see instrucons)

31  ...................................................31 M1W, line 7, col C

Relang to Alternave Minimum Tax

32 Intangible drilling costs ..........................................................32

33 ...............................33

34............................34

2021 KPI, page 2

Use lines 32-35 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

*217231*

35.....................................................................35

Minnesota Poron of Amounts From Federal Schedule K-1 (1065)

36 Minnesota source gross income ..................................................36

info only (see inst.)

37

 ..................................................

M1NR, line 6, col B

38 Income (loss) from Minnesota rental real estate .....................................38 M1NR, line 6, col B

39..............................39 M1NR, line 6, col B

40 ..........................................................40 M1NR, line 6, col B

41 Interest income ................................................................41 M1NR, line 2, col B

42 .............................................................42 M1NR, line 2, col B

43 .....................................................................43 M1NR, line 6, col B

44 Net Minnesota short-term capital gain (loss) ........................................44 M1NR, line 4, col B

45 Net Minnesota long-term capital gain (loss) ........................................45 M1NR, line 4, col B

46 ............................................46

M1NR, line 4 or 8, col B

47 Other Minnesota income (loss). (Describe type of income

or include separate sheet: ) .............................47 M1NR, line 8, col B

48 ..........................48 M1NR inst, line 6, col B

49

(line 5, column C of M3A) ........................................................49 informaon only

Nonresident Individual Partners Only:

Composite Income Tax or Nonresident Withholding

50(see instrucons) ..............................50

51

 ......................

composite income tax

52 Minnesota income tax withheld for nonresident individual



 ......................

M1W, line 7, col C

Partnership: 

Partner: 

2021 KPI, page 3

9995

See Schedule KPI Inst.

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 38 of Form M2.

Line 2 – State Taxes Deducted

Individuals: Include on line 2 of Schedule M1MB.

Estates and Trusts: Include on line 39 of Form M2.

Line 3 – Expenses Deducted Aributed to Income Not Taxed by Minnesota

Individuals: Include on line 3 of Schedule M1M.

Estates and Trusts: Include on line 40 of Form M2.

Line 4 –Federal Bonus Depreciaon

Individuals: See Schedule M1MB, worksheet for line 1 instructions, to determine how to report this amount.

Estates and Trusts: Include this amount on step 2 for the worksheet to determine Line 42 of the Form M2.

Line 5 – Foreign Derived Intangible Income (FDII) Deducon

Individuals: Include on line 3 of Schedule M1MB.

Estates and Trusts: Include on line 46 of Form M2.

Line 6 – Special Deducon Under Secon 965

Individuals: This line does not apply.

Estates and Trusts: Include on line 47 of Form M2.

Lines 7a, and 7b – Accelerated Installment Sale Gains

Nonresident Individuals: If any information is reported to you on line 7a 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 7 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.

Estates and Trusts: Pass through pro rata to your beneciaries.

Connued

2021 Schedule KPI Instrucons



Line 8 – Addion Due to Federal Changes Not Adopted by Minnesota

Individuals: This line does not apply.

Estates and Trusts: This line does not apply.

Lines 9 through 13

These lines are intentionally left blank.

Line 14 – Interest on U.S. Government Bond Obligaons

Individuals: Include on line 14 of Schedule M1M.

Estates and Trusts: Include on line 54 of Form M2.

Line 15 – Deferred Foreign Income (Secon 965)

Individuals: Include on line 18 of Schedule M1MB.

Estates and Trusts: Include on line 61 of Form M2.

Line 16 – Global Intangible Low-Taxed Income (GILTI)

Individuals: Include on line 19 of Schedule M1MB.

Estates and Trusts: Include on line 62 of Form M2.

Line 17 – Disallowed Secon 280E Expenses of Medical Cannabis Manufacturers

Individuals: Include on line 17 of Schedule M1MB.

Estates and Trusts: Include on line 63 of Form M2.

Line 18 – Subtracon Due to Federal Changes Not Adopted by Minnesota

Individuals: This line does not apply.

Estates and Trusts: This line does not apply.

Lines 19 through 23

These lines are intentionally left blank.

Line 24 – Credit for Increasing Research Acvies

Individuals: Include on line 13 of Form M1C. To claim this credit, you must include this schedule with Form M1.

Estates and Trusts: Include on line 19 of Form M2. To claim this credit, you must include this schedule with Form M2.

Line 25 – Film Producon Tax Credit

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 26 – Tax Credit for Owners of Agricultural Assets

Individuals: Include on line 12 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 17 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 27 – 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 26 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 28 – Employer Transit Pass Credit

Of the credit amount from Schedule ETP, any amount not claimed on line 6 of Form M3 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 20 of Form M2. To claim this credit, you must include this schedule with Form M2.

2021 Schedule KPI Instrucons (Connued)

Connued

2021 Schedule KPI Instrucons (Connued)

Line 29 – 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 27 of Form M2. To claim this credit, you must include this schedule with Form M2.

Line 30-Pass-Through Enty Tax Credit

Individuals: Include on line 9 of Schedule M1REF. To claim this credit, you must include this schedule with Form M1.

Estates and Trusts: Include on line 23 of Form M2. To claim this credit, you must include this schedule with Form M2.

Nonresidents: If your only Minnesota source income is from entities making a PTE tax election, or entities in which you elected composite

income tax, you do not need to le Form M1.

Line 31 – 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 32 – 35 Items Relang to Alternave Minimum Tax

Individuals: Use the information on lines 32 through 35 to complete Schedule M1MT.

Estates and Trusts: Use the information on lines 32 through 35 to complete Schedule M2MT.

Lines 36 – 49 Minnesota Poron of Federal Amounts

Lines 36-49 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 36 through 48 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 2021 Minnesota source gross income is $12,525 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 2021 Minnesota source gross income is less than $12,525 and you had Minnesota tax withheld (see line 31 and line 52 of Schedule

KPI), le Form M1 and Schedule M1NR to receive a refund.

Estates and Trusts: Use the information on lines 36 through 47 to complete line 7 of Form M2. See Form M2 instructions for details.

Line 50 – Minnesota Source Distribuve Income

Although Minnesota source gross income (line 36 of Schedule KPI) determines whether you must le a Minnesota return, your Minnesota

source distributive income is ultimately taxed.

Line 51 – 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 50,

minus your share of any credits on lines 26-31. You are not required to le Form M1.

Estates and Trusts: This line does not apply.

Line 52 – Minnesota Nonresident withholding

Individuals: Include the amount from line 52 on Schedule M1W, line 7, column C. Also include the amount from line 50 on Schedule M1W,

line 7, column B.

Estates and Trusts: Include the amount from line 52 on Form M2, line 24.

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.

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