1                                                                                                                                                                                                                    1
  2 4  6    8 10 12  14   16  18  20 22  24  26 28  30      32  34  36 38  40    42  44  46 48  50                                                52  54  56 58  60  62 64  66  68  70                 72  74  76 78  80 82  84  86
    3                                                                                                                                                                                                                    3
    4                                                       NEAR FINAL DRAFT 8/1/24                                                                                                                                      4
    5                                                                                                                                                                                                                    5
    6                                                                                                                                                                   *247411*                                         6
    7                                                                                                                                                                                                                    7
    8  2024 KS, Shareholder’s Share of Income,                                                                                                                                                                           8
    9                                                                                                                                                                                                                    9
    10 Credits and Modifications                                                                                                                                                                                         10
    11 S corporation: Complete and provide Schedule KS to each nonresident shareholder and Minnesota shareholder who has                                                                                                 11
    12 adjustments to income or credits, or all shareholders if the S corporation is electing PTE tax.                                                                                                                   12
    13 Tax year beginning (MM/DD/YYYY)  MM         /        DD     /YYYY   and ending (MM/DD/YYYY)      MM                                                   / DD     /YYYY                 KS:Amended              X    13
    14                                                                                                                                                                                                                   14
    15 CORPORATIONNAMEHERE                                                       123456789                                                                              123456789                                        15
    16 Shareholder’s Federal ID or Social Security Number                        S Corporation’s Federal ID Number                                                      S Corporation’s Minnesota Tax ID                 16
    17 SHAREHOLDERNAME                                                                NAMEXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                                                 17
    18 Shareholder’s Name                                                        S Corporation’s Name                                                                                                                    18
    19 MAILINGADDRESS                                                            MAILINGADDRESS                                                                                                                          19
    20 Mailing Address                                                           Mailing Address                                                                                                                         20
    21 CITYXXXXXX           MN    XXXXX       XXXXXXXXXX                                                                                                                      MN   XXXXX                                 21
    22 City                                     State       ZIP Code             City                                                                                         State    ZIP Code                          22
    23                                                                                                                                                                                                                   23
    24 Entity of Shareholder        X   Individual          X    Estate                                                                           Shareholder’s percentage of                                            24
    25 (place an X in one box):     X   Trust               X   Exempt Organization                                                               stock ownership for tax year: XXXXXXXX                                 25
                                       
    26 Calculate lines 1–38 the same for all resident and nonresident shareholders. Calculate lines 39-53 for all nonresident shareholder’s, and resident shareholders if the                                            26
    27 s-corporation elected PTE tax. Round amounts to the nearest whole dollar.                                                                                                    Form M1 filers,                      27
    28                                                                                                                                                                              include on:                          28
    29 Modifications to Federal Taxable Income                                                                                                                                                                           29
    30   1  Interest income from non-Minnesota state and municipal bonds   . . . . .  . . . . .  . . . . . .  .                                   1   123456789                     M1M, line 1                          30
    31                                                                                                                                                                                                                   31
    32   2  State taxes deducted in arriving at s corporation’s net income   . . . .  . . . . .  . . . . . .  . . . .                             2   123456789                     M1MB, line 2                         32
    33   3  Expenses deducted that are attributable to income not taxed by Minnesota                                                                                                                                     33
    34     (other than interest or mutual fund dividends from U .S . bonds)   . . .  . . . . . .  . . . . .  . . .  .                             3   123456789                     M1M, line 3                          34
    35                                                                                                                                                                                                                   35
    36   4  100% of shareholder’s pro rata share of federal bonus depreciation    . . .  . . . . . .  . . . .  .                                  4   123456789                     M1MB, see line 1 inst .              36
    37                                                                                                                                                                                                                   37
    38   5  Foreign-derived intangible income (FDII) deduction   . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .                     5   123456789                     M1MB, line 3                         38
    39                                                                                                                                                                                                                   39
    40    6 This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .6                                                                      40
    41                                                                                                                                                                                                                   41
    42  7a  Shareholder’s pro rata gross profit from installment sales of pass-through                                                                                                                                   42
    43     businesses (see instructions) .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .7a     123456789                     M1AR, line 1                         43
    44                                                                                                                                                                                                                   44
    45 7b   Shareholder’s pro rata installment sale income from pass-through                                                                                                                                             45
    46     businesses (see instructions) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .    7b    123456789                     M1AR, line 3                         46
    47                                                                                                                                                                                                                   47
    48   8  This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .8                                                                      48
    49                                                                                                                                                                                                                   49
    50   9  This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .9                                                                      50
    51                                                                                                                                                                                                                   51
    52 10   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .10                                                                       52
    53                                                                                                                                                                                                                   53
    54 11   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .11                                                                       54
    55                                                                                                                                                                                                                   55
    56 12   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .12                                                                       56
    57                                                                                                                                                                                                                   57
    58 13   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .13                                                                       58
    59                                                                                                                                                                                                                   59
    60 14  Interest from U.S. government bond obligations, minus any expenses                                                                                                                                            60
    61     deducted on the federal return that are attributable to this income  . . .  . . . . . .  . . . .  .14                                      123456789                     M1M, line 14                         61
    62                                                                                                                                                                                                                   62
    63                                                                           9995                                                                                   Continued next page                              63
  2 4  6    8 10 12  14   16  18  20 22  24  26 28  30      32  34  36 38  40    42  44  46 48  50                                                52  54  56 58  60  62 64  66  68  70                 72  74  76 78  80 82  84  86
    65                                                                                                                                                                                                                   65

    1                                                                                                                                                                                                                                                                                                                          1
  2 4  6             8          10          12  14                                                               16  18  20 22  24  26 28  30 32  34  36 38  40                  42  44  46         48  50                           52  54  56 58  60  62                    64  66 68  70                  72  74  76 78  80 82  84  86
    3                                                                                                                                                                                                                                                                                                                          3
    4                                                                                                                                         NEAR FINAL DRAFT 8/1/24                                                                                                                                                          4
       2024 KS, page 2
    5                                                                                                                                                                                                                                                                                                                          5
    6                                                                                                                                                                                                                                                                         *247421*                                         6
    7                                                                                                                                                                                                                                                                                                                          7
    8  SHAREHOLDERNAMEHERE                                                                                                                                                                                                                123456789                                                                            8
    9  Shareholder’s Name                                                                                                                                                                                                                 Shareholder’s Federal ID or Social Security Number                                   9
    10                                                                                                                                        123456789                                                                                   123456789                                                                            10
    11 CORPORATIONNAMEHERECorporation’sS Name                                                                                                 S Corporation’s Federal ID Number                                                           S Corporation’s Minnesota ID Number                                                  11
    12                                                                                                                                                                                                                                                                                                                         12
    13                                                                                                                                                                                                                                                                                                                         13
    14         15  Deferred foreign income (section 965)   . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .                                                                                        15   123456789                                              M1MB, line 17                 14
    15                                                                                                                                                                                                                                                                                                                         15
    16     16  Disallowed section 280E expenses of a licensed cannabis or hemp business  . . .  . . .  .                                                                                                                             16   123456789                                              M1MB, line 16                 16
    17                                                                                                                                                                                                                                                                                                                         17
    18        17      Delayed business interest  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .                                                                          17   123456789                                              (see schedule KS inst.}       18
    19                                                                                                                                                                                                                                                                                                                         19
    20      18        State taxincome                                income (see instructions)in included refund                                                          . . .  . . . . . .  . . . . . .  . .18  .  .                    123456789                                              6 line M1,                    20
    21                                                                                                                                                                                                                                                                                                                         21
    22      19        This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .                                                                            19                                                                                        22
    23                                                                                                                                                                                                                                                                                                                         23
    24         20     This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .                                                                           20                                                                                        24
    25                                                                                                                                                                                                                                                                                                                         25
    26         21  Shareholder’s pro rata share of a net gain relating to dispositions of                                                                                                                                                                                                                                      26
    27             Class 2a property  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .                                                                     21   123456789                                              Schedule NIIT, line 2         27
    28                                                                                                                                                                                                                                                                                                                         28
    29     22  Shareholder’s pro rata share of deductions and modifications                                                                                                                                                                                                                                                    29
    30         relating to line 21 . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .                                                                        22   123456789                                              Schedule NIIT, line 7         30
    31                                                                                                                                                                                                                                                                                                                         31
    32       23       State        Housing Tax Credit  .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . . 23  . . .  .                                                                   123456789                                              M1C, 15line                   32
    33                                                                                                                                                                                                                                                                                                                         33
    34         Enter the credit certificate number from Minnesota Housing:                                                                                               SHTC      1234             123456789                                                                                                                  34
    35                                                                                                                                                                                                                                                                                                                         35
    36           24   Short Line Railroad Infrastructure Modernization Credit  . . .  . . . . . .  . . . . . .  . . . . . .  . .  .                                                                                                  24   123456789                                              M1C, line 14                  36
    37                                                                                                                                                                                                                                                                                                                         37
    38       25       Credit for Sales of Manufactured Home Parks to Cooperatives                                                                                         . . .  . . . . . .  . . . . . .  . . .  .                  25   123456789                                              M1C, line 13                  38
    39                                                                                                                                                                                                                                                                                                                         39
    40       26  Credit for increasing research activities   . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . .  .                                                                                        26   123456789                                              M1C, line 16                  40
    41                                                                                                                                                                                                                                                                                                                         41
    42       27  Film Production Tax Credit                                                                                  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  .27   123456789                                              M1C, line 11                  42
    43                                                                                                                                                                                                                                                                                                                         43
    44                Enter the credit certificate number: TAXC -                                                                      123456789                                                                                                                                                                               44
    45                                                                                                                                                                                                                                                                                                                         45
    46           28  Tax Credit for Owners of Agricultural Assets  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .  .                                                                                        28   123456789                                              M1C, line 12                  46
    47         Enter the certificate number from the certificate received from the                                                                                                                                                                                                                                             47
    48         Rural Finance Authority:                                                                                                                                                                                                                                                                                        48
    49                                                                                                                                                                                                                                                                                                                         49
    50        AO                                        1234                                                     56789                                                                                                                                                                                                         50
    51                                                                                                                                                                                                                                                                                                                         51
    52         29  Credit for Sustainable Aviation Fuel  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . .  .                                                                                   29   123456789                                              M1REF, line 12                52
    53                                                                                                                                                                                                                                                                                                                         53
    54         Enter certificate number from the Department of Agriculture:                                                                                                     123456789                                                                                                                                      54
    55                                                                                                                                                                                                                                                                                                                         55
    56         30  Credit for historic structure rehabilitation . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . .  .                                                                                       30   123456789                                              M1REF, line 7                 56
    57                                                                                                                                                                                                                                                                                                                         57
    58                Enter National Park Service (NPS) number:                                                                        123456789                                                                                                                                                                               58
    59                                                                                                                                                                                                                                                                                                                         59
    60         31  Employer Transit Pass Credit   .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .                                                                               31   123456789                                              M1C, line 5                   60
    61                                                                                                                                                                                                                                                                                                                         61
    62                                                                                                                                                                                                                                                                                                                         62
    63                                                                                                                                                                                                                                                                        Continued next page                              63
                                                                                                                                                                                 9995
  2 4  6             8          10          12  14                                                               16  18  20 22  24  26 28  30 32  34  36 38  40                  42  44  46         48  50                           52  54  56 58  60  62                    64  66 68  70                  72  74  76 78  80 82  84  86
    65                                                                                                                                                                                                                                                                                                                         65

    1                                                                                                                                                                                                                                                       1
  2 4  6    8  10 12  14    16  18  20 22  24  26 28  30 32  34  36   38  40 42  44  46 48  50                                                                   52  54  56 58  60  62 64  66 68  70                                   72  74  76 78  80    82  84  86
    3                                                                                                                                                                                                                                                       3
    4                                                    NEAR FINAL DRAFT 8/1/24                                                                                                                                                                            4
       2024 KS, page 3
    5                                                                                                                                                                                                                                                       5
    6                                                                                                                                                                                  *247431*                                                             6
    7                                                                                                                                                                                                                                                       7
    8  SHAREHOLDERNAMEHERE                                                                                                                                           123456789                                                                              8
    9  Shareholder’s Name                                                                                                                                            Shareholder’s Federal ID or Social Security Number                                     9
    10 CORPORATIONNAMEHERE                                        123456789                                                                                          123456789                                                                              10
    11 S Corporation’s Name                                       S Corporation’s Federal ID Number                                                                  S Corporation’s Minnesota ID Number                                                    11
    12                                                                                                                                                                                                                                                      12
    13                                                                                                                                                                                                                                                      13
    14 32  Enterprise Zone Credit   . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .32                 123456789                                     M1REF, line 8                            14
    15                                                                                                                                                                                                                                                      15
    16 33  Pass-Through Entity Tax Credit. If the pass-through entity tax                                                                                                                                                                                   16
    17     satisfies the shareholder’s filing requirement, check this box  X    . . .  . . . . . .  . . .  .33                                                       123456789                                     (see instructions)                       17
    18                                                                                                                                                                                                                                                      18
    19   34  Minnesota backup withholding  . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .34                         123456789                                     M1W, line 7, col C                       19
    20 Relating to Alternative Minimum Tax                                                                                                                                                                                                                  20
    21   35  Intangible drilling costs  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . .  .35            123456789                 Lines 35-38 are used to                                      21
    22                                                                                                                                                                                         compute M1MT, lines                                          22
    23   36  Gross income from oil, gas and geothermal properties    . . . . .  . . . . .  . . . . .  . . . . . .  . .  .36                                                                    6 and 7. See M1MT                                            23
    24                                                                                                                                                               123456789                 instructions for details.                                    24

    25   37  Deductions allocable to oil, gas and geothermal properties  . . .  . . . . . .  . . . . .  . . . . . .  .37                                             123456789                                                                              25
    26                                                                                                                                                                                                                                                      26
    27   38  Depletion  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .38    123456789                                                                              27
    28 Minnesota Portion of Amounts From Federal Schedule K-1 (1120S)                                                                                                                                                                                       28
    29   39  Minnesota source gross income   . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .39                         123456789                                     info only (see inst.)                    29
    30   40  Ordinary Minnesota source income (loss) from trade or                                                                                                                                                                                          30
    31     business activities  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  .40            123456789                                     M1NR, line 6, col B                      31
    32 41  Income (loss) from Minnesota rental real estate and other                                                                                                                                                                                        32
    33     Minnesota rental activities  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  .41                   123456789                                     M1NR, line 6, col B                      33
    34                                                                                                                                                                                                                                                      34
    35 42  Interest income  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .42           123456789                                     M1NR, line 2, col B                      35
    36                                                                                                                                                                                                                                                      36
    37 43  Ordinary dividends    . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  .43             123456789                                     M1NR, line 2, col B                      37
    38                                                                                                                                                                                                                                                      38
    39   44  Royalties    . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .  .44  123456789                                     M1NR, line 6, col B                      39
    40                                                                                                                                                                                                                                                      40
    41   45  Net Minnesota short-term capital gain (loss)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .45                                 123456789                                     M1NR, line 4, col B                      41
    42                                                                                                                                                                                                                                                      42
    43   46  Net Minnesota long-term capital gain (loss)    . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .  .46                                123456789                                     M1NR, line 4, col B                      43
    44                                                                                                                                                                                                                                                      44
    45   47  Section 1231 Minnesota net gain (loss)   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .47                            123456789                                     M1NR, line 4 or 8, col B 45
    46   48  Other Minnesota income (loss) . (Describe type of income                                                                                                                                                                                       46
    47      or include separate sheet: XXXXXXXXXXXXXXXX)   . . . .  . . . . . .  . . . . .  . .48.  .                                                                123456789                                     M1NR, line 8, col B                      47
    48                                                                                                                                                                                                                                                      48
    49   49 Section 179 expense deduction apportionable to Minnesota     . . .  . . . . . .  . . . . .  . . . . .  .49                                               123456789                                     M1NR inst, line 6, col B                 49
    50 50  S corporation’s Minnesota apportionment factor                                                                                                                                                                                                   50
    51     (line 5, column C of M8A)  . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .50                   123456789                                     information only                         51
    52 Composite Income Tax or Nonresident Withholding                                                                                                                                                                                                      52
    53 51  Minnesota source distributive income (see instructions)   . . .  . . . . .  . . . . . . .  . . . . .  . .  .51                                            123456789                                     see schedule KS inst .                   53
    54  52  Minnesota composite income tax paid by S corporation. If the                                                                                                                                                                                    54
    55      shareholder elected composite income tax, mark an X in this box: X    .  . . . . .  . . .  .52                                                           123456789                                                         composite income tax 55
    56 53    Minnesota income tax withheld for nonresident shareholder                                                                                                                                                                                      56
    57     not electing to file composite income tax. If the shareholder                                                                                                                                                                                    57
    58     completed and signed a Form AWC, mark an X in this box:           X    .  . . . . .  . . .  .53                                                           123456789                                     M1W, line 7, col C                       58
    59                                                                                                                                                                                                                                                      59
    60    S corporations: Include this schedule and copies of federal Schedules K and K-1 when you file your Form M8.                                                                                                                                       60
    61     Shareholders: Include this schedule when you file your Minnesota Form M1.                                                                                                                                                                        61
    62                                                                                                                                                                                                                                                      62
    63                                                                                                                                                                                                                                                      63
                                                                             9995
  2 4  6    8  10 12  14    16  18  20 22  24  26 28  30 32  34  36   38  40 42  44  46 48  50                                                                   52  54  56 58  60  62 64  66 68  70                                   72  74  76 78  80    82  84  86
    65                                                                                                                                                                                                                                                      65