KPCNC: Federal Adjustments (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
2024 Minnesota Schedule KPCNC is a supplemental schedule that a partnership provides to its corporate or partnership partners. It reports each partner’s share of adjustments to federal taxable income for federal law changes Minnesota has not adopted.
Who files this form
Schedule KPCNC is a supplemental schedule that a partnership provides to its corporate or partnership partners. These partners use it to report their share of the partnership’s federal nonconformity adjustments on their Minnesota returns.
The information is used to complete:
- Schedule M4NC: C corporation partners.
- Schedule KSNC: S corporation partners passing income through to shareholders.
- Schedule KPINC or Schedule KPCNC: Partnership partners passing income through to partners.
Partners must include Schedule KPCNC when filing their Minnesota return.
What you'll need
Have the Schedule KPCNC provided by the partnership and the Minnesota schedule that applies to your partner type: M4NC, KSNC, KPINC, or KPCNC.
The form asks for:
- The partner’s name and Social Security number or federal ID number.
- The partnership’s name, federal ID number, and Minnesota ID number.
- The tax year’s beginning and ending dates.
- Amounts for the applicable federal taxable income adjustments, including the depreciation amounts requested on the form.
How to file
Include Schedule KPCNC when you file Schedule KPC. The instructions printed with the form also require partners to include Schedule KPCNC with their Minnesota return.
C corporation partners report the amounts on Schedule M4NC. S corporation partners pass the information through, pro rata, to shareholders on Schedule KSNC. Partnership partners pass it through, pro rata, to partners on Schedule KPINC or Schedule KPCNC.
Common mistakes
- Leaving out Schedule KPCNC: The printed instructions warn that omitting the required schedule will delay return processing.
- Not amending after an adjustment changes: If the partnership sends an amended Schedule KPCNC and your nonconformity adjustments have changed, you must file an amended Minnesota return.
- Ignoring the amount-entry reminder: Enter amounts as positive or negative and round to the nearest whole dollar.
- Filling in unused lines: Lines 12 through 15 are intentionally left blank.
Questions people ask
Why does the 2024 schedule report federal adjustments?
The form states that Minnesota has not adopted federal law changes enacted after May 1, 2023 that affect federal taxable income for tax year 2024.
How do I calculate line 17?
Enter the total of lines 1 through 16.
What if I receive an amended Schedule KPCNC?
If your nonconformity adjustments have changed, you must amend your Minnesota return. The printed instructions list Form M4X for corporate partners, Form M8X for S corporation partners, and Form M3X for partnership partners.
Where do other federal taxable income adjustments go?
Line 16 is for other adjustments to federal taxable income.