NEAR FINAL DRAFT 8/1/24

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2024 KS, Shareholder’s Share of Income,  
Credits and Modifications
S corporation: Complete and provide Schedule KS to each nonresident shareholder and Minnesota shareholder who has  
adjustments to income or credits, or all shareholders if the S corporation is electing PTE tax. 
Tax year beginning (MM/DD/YYYY)           /              /       and ending (MM/DD/YYYY)                                                            /     /                  Amended KS:  

Shareholder’s Federal ID or Social Security Number                        S Corporation’s Federal ID Number                                           S Corporation’s Minnesota Tax ID

Shareholder’s Name                                                        S Corporation’s Name 

Mailing Address                                                           Mailing Address

City                                   State         ZIP Code             City                                                                                         State ZIP Code

Entity of Shareholder          Individual                 Estate                                                                           Shareholder’s percentage of 
(place an X in one box):         Trust                   Exempt Organization                                                               stock ownership for tax year:
                               
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  
s-corporation elected PTE tax. Round amounts to the nearest whole dollar.                                                                                                    Form M1 filers,
                                                                                                                                                                             include on:
Modifications to Federal Taxable Income
  1  Interest income from non-Minnesota state and municipal bonds   . . . . .  . . . . .  . . . . . .  .                                   1                                 M1M, line 1

  2  State taxes deducted in arriving at s corporation’s net income   . . . .  . . . . .  . . . . . .  . . . .                             2                                 M1MB, line 2
  3  Expenses deducted that are attributable to income not taxed by Minnesota 
    (other than interest or mutual fund dividends from U .S . bonds)   . . .  . . . . . .  . . . . .  . . .  .                             3                                 M1M, line 3

  4  100% of shareholder’s pro rata share of federal bonus depreciation    . . .  . . . . . .  . . . .  .                                  4                                 M1MB, see line 1 inst .

  5  Foreign-derived intangible income (FDII) deduction   . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .                     5                                 M1MB, line 3

   6 This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .6                             

 7a  Shareholder’s pro rata gross profit from installment sales of pass-through  
    businesses (see instructions) .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .7a                                   M1AR, line 1

7b   Shareholder’s pro rata installment sale income from pass-through 
    businesses (see instructions) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .    7b                                  M1AR, line 3
  
  8  This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .8                             
  
  9  This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .9   

10   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .10   

11   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .11   

12   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .12   

13   This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .13   

14  Interest from U.S. government bond obligations, minus any expenses
    deducted on the federal return that are attributable to this income  . . .  . . . . . .  . . . .  .14                                                                    M1M, line 14

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2024 KS, page 2
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Shareholder’s Name                                                                                                                                     Shareholder’s Federal ID or Social Security Number

S Corporation’s Name                                                            S Corporation’s Federal ID Number                                      S Corporation’s Minnesota ID Number

15  Deferred foreign income (section 965)   . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .                    15    M1MB, line 17

16  Disallowed section 280E expenses of a licensed cannabis or hemp business  . . .  . . .  .                                                     16    M1MB, line 16

   17 Delayed business interest  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .       17    (see schedule KS inst.} 

 18   State income tax refund included in income (see instructions)                         . . .  . . . . . .  . . . . . .  . . .  .             18    M1, line 6

 19   This line intentionally left blank  . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .         19   

20    This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .        20   

21  Shareholder’s pro rata share of a net gain relating to dispositions of  
    Class 2a property  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  . 21    Schedule NIIT, line 2

22  Shareholder’s pro rata share of deductions and modifications  
    relating to line 21 . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .22    Schedule NIIT, line 7

  23  State Housing Tax Credit  .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . . 23  . . .  .        M1C, 15line 

    Enter the credit certificate number from Minnesota Housing: SHTC                                                   

  24  Short Line Railroad Infrastructure Modernization Credit  . . .  . . . . . .  . . . . . .  . . . . . .  . .  .                               24    M1C, line 14

  25  Credit for Sales of Manufactured Home Parks to Cooperatives                           . . .  . . . . . .  . . . . . .  . . .  .             25    M1C, line 13

  26  Credit for increasing research activities   . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . .  .                26    M1C, line 16

  27  Film Production Tax Credit  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  .        27    M1C, line 11

      Enter the credit certificate number: TAXC -  

  28  Tax Credit for Owners of Agricultural Assets  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .  .                    28    M1C, line 12
    Enter the certificate number from the certificate received from the  
    Rural Finance Authority: 

   AO                  

29  Credit for Sustainable Aviation Fuel  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . .  .               29    M1REF, line 12

    Enter certificate number from the Department of Agriculture: 

30  Credit for historic structure rehabilitation . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . .  .                   30    M1REF, line 7

      Enter National Park Service (NPS) number:  

31  Employer Transit Pass Credit   .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .           31    M1C, line 5

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2024 KS, page 3
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Shareholder’s Name                                                                                                                                            Shareholder’s Federal ID or Social Security Number

S Corporation’s Name                                       S Corporation’s Federal ID Number                                                                  S Corporation’s Minnesota ID Number

32  Enterprise Zone Credit   . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .32                  M1REF, line 8

33  Pass-Through Entity Tax Credit. If the pass-through entity tax  
    satisfies the shareholder’s filing requirement, check this box        . . .  . . . . . .  . . .  .33                                                       (see instructions)

  34  Minnesota backup withholding  . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .34                          M1W, line 7, col C
Relating to Alternative Minimum Tax
  35  Intangible drilling costs  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . .  .35             Lines 35-38 are used to 
                                                                                                                                                               compute M1MT, lines 
  36  Gross income from oil, gas and geothermal properties    . . . . .  . . . . .  . . . . .  . . . . . .  . .  .36                                           6 and 7. See M1MT 
                                                                                                                                                               instructions for details.
  37  Deductions allocable to oil, gas and geothermal properties  . . .  . . . . . .  . . . . .  . . . . . .  .37                                             

  38  Depletion  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .  .38   
Minnesota Portion of Amounts From Federal Schedule K-1 (1120S)
  39  Minnesota source gross income   . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .39                          info only (see inst.)
  40  Ordinary Minnesota source income (loss) from trade or 
    business activities  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  .40             M1NR, line 6, col B
41  Income (loss) from Minnesota rental real estate and other 
    Minnesota rental activities   . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  .41                   M1NR, line 6, col B

42  Interest income  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .42            M1NR, line 2, col B

43  Ordinary dividends   . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  .43               M1NR, line 2, col B

  44  Royalties    . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .  .44   M1NR, line 6, col B

  45  Net Minnesota short-term capital gain (loss)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .45                                  M1NR, line 4, col B

  46  Net Minnesota long-term capital gain (loss)    . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .  .46                                 M1NR, line 4, col B

  47  Section 1231 Minnesota net gain (loss)   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .47                             M1NR, line 4 or 8, col B
  48  Other Minnesota income (loss) . (Describe type of income 
      or include separate sheet:                                 )   . . . .  . . . . . .  . . . . .  . . .  .48                                               M1NR, line 8, col B

  49  Section 179 expense deduction apportionable to Minnesota     . . .  . . . . . .  . . . . .  . . . . .  .49                                               M1NR inst, line 6, col B
50  S corporation’s Minnesota apportionment factor  
    (line 5, column C of M8A)  . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .  .50                    information only
Composite Income Tax or Nonresident Withholding
51  Minnesota source distributive income (see instructions)   . . .  . . . . .  . . . . . . .  . . . . .  . .  .51                                             see schedule KS inst .
 52  Minnesota composite income tax paid by S corporation. If the 
      shareholder elected composite income tax, mark an X in this box:    .  . . . . .  . . .  .52                                                             composite income tax
    53Minnesota income tax withheld for nonresident shareholder  
    not electing to file composite income tax. If the shareholder 
    completed and signed a Form AWC, mark an X in this box:               .  . . . . .  . . .  .53                                                             M1W, line 7, col C

   S corporations: Include this schedule and copies of federal Schedules K and K-1 when you file your Form M8.
    Shareholders: Include this schedule when you file your Minnesota Form M1.

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