2001 Beneficiary's Share of Minnesota Taxable Income by sparkunder16

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									Schedule KF

2001 Beneficiary’s Share of Minnesota Taxable Income
Fiduciary: Complete and provide Schedule KF to each nonresident beneficiary with Minnesota source income and any Minnesota beneficiary who has adjustments to income. Attach copies of all Schedules KF and federal Schedules K-1 to your Form M2.
For calendar year 2001 or fiscal year beginning , 2001 and ending
Estate’s or trust’s federal ID number Minnesota tax ID number

Filing information

Beneficiary’s Social Security number

Beneficiary’s name

Estate’s or trust’s name

Address of beneficiary

Address of fiduciary

City or town

State

Zip code

City or town

State

Zip code

Additions to income 1 State and municipal bond interest from outside Minnesota . . . . . . 1 . . .

Beneficiary: Include on: . . . Line 1, Schedule M1M . . . Line 2, Form M1 . . . Line 3, Schedule M1M

Adjustments to income

2 State income tax deducted on federal return . . . . . . . . . . . . . . . . . 2 3 Expenses deducted on federal return that are attributable to exempt income, such as U.S. government bond interest . . . . . . . . 3 Subtractions from income 4 Interest on U.S. government bond obligations . . . . . . . . . . . . . . . . 4 5 State income tax refund included on federal return . . . . . . . . . . . . 5 6 Carry forward of retirement subtractions not used in 2000 . . . . . . . 6 Nonresident beneficiary’s Minnesota source income from federal Schedule K-1

. . .

. . . Line 6, Form M1 . . . Line 5, Form M1 . . . Line 12, Schedule M1M Include on Schedule M1NR,column B on:

Minnesota nonresidents

7 Capital gain or loss on Minnesota real property . . . . . . . . . . . . . . . 7 8 a Business income or loss . . . . . . . . . . . . . . a b Income from Minnesota rents, royalties, partnerships, S corporations, estates and trusts . b c Farm income or loss . . . . . . . . . . . . . . . . . c . . .

.

. . . Line 5

Total (add lines 8a, 8b, and 8c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Minnesota income from this fiduciary (see instructions). Add lines 7, 8 and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Credit (you must attach this schedule to your Form M1 if claiming the credit) 11 Minnesota income tax withholding credit received by the fiduciary from an S corporation financial institution (beneficiary’s share) . . . 11 Beneficiary: See instructions on back. Attach this schedule to your Form M1.

. . .

. . . Line 7 . . . Line 9 . . . information only

Credit

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. . . Line 3, Schedule M1W

Stock No. 3001260

2001 Fiduciary’s instructions for completing Schedule KF
Instructions for fiduciary
Fiduciaries must complete and provide a Schedule KF to each nonresident beneficiary with Minnesota source income and any Minnesota beneficiary who has adjustments to income. The purpose of Schedule KF is to provide individual beneficiaries with the information they need to file a Minnesota Individual Income Tax Return, Form M1. A beneficiary who is a Minnesota resident must report all income from the trust or estate. A nonresident beneficiary must report income which is assignable to Minnesota. Be sure to attach copies of all Schedules KF and federal Schedules K-1 to your Form M2.

Line instructions
Lines 1–6
If all or part of the fiduciary’s income is distributed, then any adjustment shown on lines 23 through 32 of Form M2 is passed through to the beneficiary(s) in proportion to their share of distributable net income. On line 33 of Form M2, fill in the adjustments to income allocated to each beneficiary.

Lines 7–9
Lines 7, 8 and 9 relate to the nonresident beneficiary’s share of income assignable to Minnesota. On line 9, only include other income assignable to Minnesota. For example, include other income from services performed in Minnesota, but do not include interest, dividends or distribution from a pension plan.

Line 11
If you received a Schedule KS from a financial institution S corporation, fill in the beneficiary’s share of the amount on line 32 of your Form M2.

Information for the beneficiary
The fiduciary listed on the front has completed and provided you with this schedule. The schedule reflects your specific share of the fiduciary’s Minnesota taxable income. You will need this information to complete a Minnesota Individual Income Tax Return, Form M1. A beneficiary who is a Minnesota resident will be taxed by Minnesota on all of his or her income from the trust or estate. A nonresident beneficiary will be taxed on the Minnesota income which is assignable to Minnesota. Nonresident individuals: You are required to file Form M1 and Schedule M1NR, Nonresidents and Part-Year Residents, and pay the tax due if line 10 of your Schedule KF — or the total of your 2001 Minnesota gross income passed through to you from all fiduciaries, partnerships and S corporations — is $7,450 or more.

Questions?
Call the department at: 651-296-3475 or 1-800-657-3871 TTY users may contact the department through Minnesota Relay Service at 1-800-627-3529. If you need information in an alternative format (such as large print or cassette tape), we will provide it.

Line 11
Include this amount on line 3 of your Schedule M1W and attach this schedule to your Form M1. If this schedule is not attached to your Form M1, the department will disallow the credit and assess the tax or reduce your refund.

Need forms?
You may: • Download forms and other tax-related information from our website: www.taxes.state.mn.us • Pick up Minnesota tax forms at the Department of Revenue building at 600 North Robert Street, near the state capitol area in St. Paul. • Order forms by calling: 651-296-4444 or 1-800-657-3676. • Request forms by mail. Write to: Minnesota Tax Forms, Mail Station 1421, St. Paul, MN 55146-1421.


								
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