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Screen MNEFK1 - Minnesota Electronic Filing Schedules KPI, KS (1040)
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Overview
Use this screen to enter information received on
Schedule KPI, Partner’s Share of Income, Credits and Modifications
and Schedule KS, Shareholder’s Share of Income, Credits and Modifications
. Fields indicated with an asterisk (*) are used in the calculation of the return. You'll need to complete all fields to file electronically. All data on Schedules KPI and KS data share from the business entity. 1 unit of the MNEFK1 screen is created for each K1 federal screen; and only units with adjustments to income are included in electronically filed returns.Enter all entity information on the K1 federal screen if not data-shared. Entity information entered on the federal screen will proforma to the next year. Information entered on this screen won't proforma. All state-specific data on Schedules KPI and KS data shares to this screen.
General Information
Information in this section transfers from the K1 and K1-St2 federal screens. Enter information in this section from Schedule KPI or KS only for fields not available on the K1-St2 federal screen. The Minnesota ID number is required to complete Schedule M1W for each activity that includes withholdings. All other fields in this section are required to be completed only for electronically filed returns.
Partner’s FEIN (Federal Employee Identification number) or SSN (Social Security number) (Force)
The SSN of either the taxpayer or spouse, entered on the federal General Information screen, is automatically used on the KPI form. Use this field to force the FEIN or SSN of the partner, if different from the data entered on the federal General Information screen.
FEIN or SSN number of partner ultimately taxed
Only enter an FEIN or SSN in this field if the partner ultimately being taxed isn't the taxpayer or spouse connected to this activity. If the taxpayer or spouse is the partner ultimately taxed, leave this field blank.
Partner’s distributive share
Enter the partner’s distributive share formatted as (XX.XXXXX). The partner’s distributive share can't be greater than 99.99999.
Income
State income taxes
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.Flow-through Section 179
This field is used only to complete the electronically filed return. Section 179 deductions for Minnesota need to be entered in the K1-3 federal screen to be used in form calculations.
Federal bonus depreciation
An amount entered in this field transfers to the MNDepr screen and the Minnesota Depreciation Adjustment Worksheet when the corresponding K1-St federal screen,
Depreciation addition
field is blank. The entry in either this screen or the K1-St federal screen should be 100 percent of the bonus depreciation. The 80 percent reduction is calculated on the Minnesota Depreciation Adjustment Worksheet.Increasing research credit
Amounts entered in this field are included in Schedule M1C when the
Increasing research activities from Schedule KPI or KS (Force)
field in the MNCr screen is blank.Employer transit pass credit
Amounts entered in this field are included in Schedule M1C when the
Employer transit pass credit from Schedules KPI or KS (Force)
field in the MNCr screen is blank.Allocation of Income and Credits
Apportionment factor
The apportionment factor entered here should not be greater than 1.0000.
Distributive income
An amount entered here transfers to Schedule W, Page 2, when an amount is entered in the
Income tax withheld
field. The Minnesota state tax ID number is also needed to complete Schedule W.Income tax withheld
Amounts entered in this field transfer to Schedule M1W, Page 2. The Minnesota state tax ID number and Minnesota source gross income are also required to complete Schedule M1W. Amounts entered on this field need to match the MN amounts entered for state income tax withheld on its corresponding Federal K1-4 input screen.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1040 Individual
- State: Minnesota