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Screen MNPtrAdj - Minnesota Partner Adjustments (1065)
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Partner Adjustments
Interest from state and municipal bonds
UltraTax CS automatically transfers tax-exempt interest income from the federal K-4 and K1-5 Screens to the statement. The total amount of interest from state and municipal bonds transfers to Schedule KPC, line 6. The non-Minnesota amount from state and municipal bonds transfers to Schedule KPI, line 1. Use the location codes in the fieldview and in the following table to indicate if interest income is from inside or outside Minnesota.
Location Code | Description |
|---|---|
I | Inside MN (default) |
O | Outside MN |
State income taxes
UltraTax CS transfers the taxes entered in the federal Inc Screen, F-2 Screen, 4835-2 Screen, and the Rent Screen to the statement. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes based on income are included on Form M3.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Does not transfer to the return |
T | Taxes based on income | Schedule KPI, line 2 and Schedule KPC, line 5 |
Partner Adjustments - Individuals, Estates, and Trusts
Minnesota source gross income (Force)
UltraTax CS automatically calculates Minnesota source gross income for Schedule KPI, line 26. The calculated amount is the Minnesota portion of gross income included in federal Form 1065, lines 1c, 4, 6 and 7 (other than loss); Form 8825, lines 18a, 19 and 20a (other than losses); Schedule F (1040), line 9; and Schedule K (Form 1065), lines 3a, 5, 6a, 7, 8, 9a, 10, and 11. The Minnesota portion of certain federal items can be adjusted using fields in the MN Source Income (Loss) and Deduction Adjustments section of Screen MNAdj. Use this field to override the calculated amount. The amount used is allocated based on the partners’ profit-sharing percentages, unless specially allocated.
Partner Adjustments - Partnerships and Corporations
Nonapportionable Minnesota source income
Use the statement to enter the amount of nonapportionable income from Minnesota sources allocable to corporate and partnership partners.
Total nonapportionable income
Enter the total amount of nonapportionable income allocable to corporate and partnership partners.
Withholding Adjustments
Estimated tax paid (Force)
UltraTax CS automatically calculates the Minnesota individual estimated tax for Form AWC, line 3. Use this field to enter a different amount to be used.
Tax withheld from other income
Enter the Minnesota income tax withheld from other income for Form AWC, line 4.
Tax withheld (Force)
UltraTax CS automatically calculates the Minnesota income tax withheld for nonresident individual partners for Form M3, line 3, Schedule KPI, Page 3, line 42, and MN Nonresident Withholding Worksheet. Use this field to enter a different amount to be used.