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Form Schedule K-1 (1065-B) Minnesota: What You Should Know

However, when a partnership files its Schedule K-1 with the Department of Revenue, the information reporting partners choose does not match with their partners' Schedule K-1. Thus, instead of a complete line-by-line listing of income, Minnesota Schedule K-1 partners must enter the following information on Schedule E: (NOTE: See the section above titled, Information Reporting Partners). Schedule K-1 (Form 1065) Line A. Line A of Schedule K-1 must be completed to report the partnership's distributive share of Minnesota income, including Minnesota business income, interest and dividends, and gross rents. If the partnership's income is nil, no line A need be filled in. Line B. Line B of Schedule K-1 must be filled out to report Minnesota partnership business income or gross rents. It must match the state income tax withheld on the return. If the partnership's business income is nil or the taxpayer refuses to enter the amount withheld on the return, line B can be left blank. However, the partnership has the option of giving the state an opinion as to the tax withholding. (See Minnesota Revenue Manual, chapter 10, section 1 (5)). Filing Instructions Partnership information to be reported on Schedule K-1 (Form 1065) includes: (a) Taxpayer's name and the taxpayer's address (as it appears on the partnership's registration) (b) Partner(s) name (if partner is self-employed) or business name if partner is not self-employed (c) Total partners or number of partners if partnership is not a partnership (D) Partner's federal income tax withholding exemption. If the partnership is liable for tax withholding, partner's federal income tax withholding exemption must be entered. If the partnership does not owe tax withholding, partner's federal income tax withholding exemption does not need to be entered. However, if a partner has taxable partner income (e.g., business income on which tax is owed), the tax withholding on partner's partnership income is recorded with partner's tax return. (E) Partnership state tax liability; if the partnership is a registered partnership and a partner does not owe tax withholding, no information needs to be reported on Schedule K-1 (Form 1065). It is unnecessary to identify the state partner in Box 7c if the partnership is obligated to pay tax to another state.

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