Form Instructions 1120-S (Schedule K-1) Minneapolis Minnesota 2024-2025

Form Instructions 1120-S (Schedule K-1) Minneapolis Minnesota: What You Should Know

Minnesota Tax Deduction for Income Tax Paid on Minnesota Property Note: If a Nonresident Shareholder's federal income tax liability is reduced by a refundable tax credit, the Minnesota tax deduction amounts on line 31 (see question #30)  of Schedule K-1 (Form 1120S) will be negative, and you'll have to make the adjustments as provided in  Schedule K-1 (Form 1120S). To claim the Minnesota tax deduction on Schedule K-1 (Form 1120S), complete Schedule K-1 (Form 1120S) as described below. Schedule K-1 (Form 1120S) is the Minnesota Schedule of Shares, S Corps Returns, and S Corporation Property Nonresident-Minnesota Shareholder's Share of Income, Credits and Modifications Enter the amount shown on Schedule K-1 (Form 1120S). You must calculate your nonresident Minnesota share of S Corps income and other adjustments and Nonresident Shareholder's Share of Income, Credits and Modifications from these S Corp forms. This is accomplished by adding all items from Schedule K-1 (Form 1120S) under the S Corp heading that refer to income or other adjustments. If the other income or other Adjustments to Income, Credits, or Modifications are not included in Schedule K-1 (Form 1120S), include the amount shown under the category heading by entering the appropriate amount between the square brackets. For example, if Schedule K-1 (Form 1120S) shows an adjusted deduction of 10,000, and your adjusted gross income from the S Corp is 50,000, you enter 10,000 (i.e., 50,000 – 10,000) in the square brackets under “Taxes paid on Minnesota property.” Likewise, make this amount your itemized deduction on Schedule A (Form 1040, line 21) or on Schedule E (Form 1040, page 1) or IRS W-2. This would include the amount shown on line 22 of Schedule K-1 (Form 1120S) and the deductions you would make for Minnesota personal property and services. Minnesota Tax Deduction for Taxes Paid on Other Property Other than Minnesota Personal Property Enter this amount for your nonresident Minnesota share of the taxes you paid on other income, tax payments (otherwise known as credits), modification/change of financial position, and other types of tax payments.

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