KPINC: Federal Adjustments (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
2024 Minnesota Schedule KPINC is a supplemental schedule that partnerships provide to individual, estate, and trust partners. It reports each partner’s share of adjustments for federal tax law changes Minnesota has not adopted, which partners use to complete Schedule M1NC or M2NC
Who files this form
Schedule KPINC is a supplemental schedule that a partnership provides to its individual, estate, or trust partners to report their share of the partnership’s federal nonconformity adjustments.
Partners must include Schedule KPINC with their Minnesota return. Individual partners use the information to complete Schedule M1NC. Estate and trust partners use it to complete Schedule M2NC.
The form also requires Schedule KPINC to be included when filing Schedule KPI.
What you'll need
- Schedule KPINC provided by the partnership.
- Schedule M1NC for an individual partner, or Schedule M2NC for an estate or trust partner.
- The partner’s name and Social Security number or federal ID number.
- The partnership’s name, federal ID number, and Minnesota ID number.
If an amended Schedule KPINC changes your nonconformity adjustments, use Form M1X to amend an individual return or Form M2X to amend an estate or trust return.
How to file
Report the Schedule KPINC amounts on the corresponding lines of Schedule M1NC for individuals or Schedule M2NC for estates and trusts, as directed in the line instructions.
Include Schedule KPINC with your Minnesota return. The form also says to include it when filing Schedule KPI.
The supplied text does not give a mailing address or e-file directions.
Common mistakes
- Leaving out Schedule KPINC. The instructions warn that failing to include it with your Minnesota return will delay processing. The form also requires it with Schedule KPI.
- Not amending after adjustments change. If you receive an amended Schedule KPINC and your nonconformity adjustments have changed, you must amend your Minnesota return.
- Using the wrong sign for the total. A positive line 17 total goes on Schedule KPI, line 6. A negative total goes on Schedule KPI, line 19, as a positive number.
- Not rounding amounts. The form says to enter amounts as positive or negative and round to the nearest whole dollar.
Questions people ask
Why are federal adjustments needed for tax year 2024?
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.
Which schedule do I use to report my KPINC amounts?
Individual partners use Schedule M1NC. Estate and trust partners use Schedule M2NC. Follow the line instructions for where each amount belongs.
What should I do if the partnership sends an amended Schedule KPINC?
If your nonconformity adjustments have changed, you must file an amended Minnesota return. Individuals use Form M1X. Estates and trusts use Form M2X.
Should I enter anything on lines 12 through 15?
No. These lines are intentionally left blank.