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Screen MNEFKF - Minnesota Electronic Filing Schedule KF, Beneficiary (1040)

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Overview

Use this screen to enter information received on Schedule KF, Beneficiary’s Share of Minnesota Taxable Income. Fields indicated with an asterisk (*) are used in the calculation of the return. All applicable fields must be completed to file electronically. One unit of the MNEFKF screen is created for each K1T federal screen; only units with adjustments to income are included in electronically filed returns.
Enter all entity information on the K1T federal screen if not data-shared. Entity information entered on the federal screen will proforma to the next year. Information entered directly in this screen will not proforma. All state specific data on Schedule KF data shares to this screen.

General Information

Enter information in this section from Schedule KF. The Minnesota ID number field is required to complete Schedule M1W for each unit that includes withholdings. All other fields in this section are required to be completed only for electronically filed returns.

Additions to Income

State income tax
When the
State income taxes used as a deduction from Schedules KS, KPI or KF (Force)
 field is blank in the MNAdj screen, amounts entered in this field are included on Schedule M1M.
Suspended loss prior years
An amount entered in this field is transferred to the MNDepr screen and the Minnesota Depreciation Adjustment Worksheet. This amount is already adjusted by 80 percent by the entity and included in full in the depreciation adjustment.
Bonus depreciation addition
An amount entered in this field transfers to the MNDepr screen and the Minnesota Depreciation Adjustment Worksheet. This amount is already adjusted by 80 percent by the entity and included in full in the depreciation adjustment. When the Schedule KF includes directly allocated depreciation including bonus depreciation, enter the total federal bonus depreciation, not reduced by 80 percent, on the K1-St screen.

Subtractions from Income

State income tax refund
When the
State tax refund used on federal return from Schedule KF (Force)
 field is blank in the MNAdj screen, amounts entered in this field are included on Form M1.
Subtraction for federal bonus depreciation
An amount entered in this field is transferred to the MNDepr screen and the Minnesota Depreciation Adjustment Worksheet. This amount is already adjusted by 80 percent by the entity and included in full in the depreciation adjustment. When the Schedule KF includes directly allocated depreciation including bonus depreciation, enter the total bonus depreciation deducted, not reduced by 80 percent, on the K1-St screen.
Subtraction for railroad maintenance
Amounts entered here are added to the amount entered in the MNAdj screen and calculated on federal Form 8900 to calculate Schedule M1M.

Credits

Income tax withheld
Amounts entered in this field transfer to Schedule M1W, Page 2. The Minnesota state tax ID number and amount of Minnesota source gross income are also required entries to complete Schedule W.
Credit for owners of agricultural assets
When the
Credit for owners of agricultural assets from Schedules KS, KPI, or KF (Force)
 field is blank in the MNCr screen, an amount entered in this field is included on Schedule M1C, Other Nonrefundable Credits.
Credit historic rehabilitation
When the
Historic structure rehabilitation from Schedules KS, KPI, or KF (Force)
 field is blank in the MNCr screen, an amount entered in this field is included on Schedule M1REF, Refundable Credits.

Nonresident Beneficiary's Minnesota Source Income

Distributive income
An amount entered here transfers to Schedule W, Page 2 when an amount is entered in the
Minnesota income tax withholding credit received by the fiduciary
 field. The Minnesota state tax ID number is also required to complete Schedule W.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Minnesota

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