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Form Instructions 1040-A Minnesota Hennepin: What You Should Know
Individuals who have multiple business accounts and income on those accounts shall follow the above instructions for calculating Minnesota income tax on Form K-1. For the purposes of Minnesota tax, the proprietor receives Schedule K-1 or Schedule M for his or her business income. Each report is for the year shown on the original. See the example below to see how to use Schedule K-1. The proprietor will also federal Form 1096, 1040-SS, or Schedule S. A copy of the federal individual income tax return will be made with tax due, minus the amount withheld and interest. The proprietor will obtain the correct income tax liability for his business from the IRS with the Schedule K-1. The proprietor will then complete and mail the Schedule K-1. The proprietor will send a copy of the Schedule K-1 to his employer who will send information to the IRS. The proprietor should also mail a copy of his Schedule K-1, to the Tax Enforcement Center to initiate a claim for a credit against his tax liability. The proprietor will then send a copy of the claimed credit to the Tax Enforcement Center as well as his Wisconsin Tax Return. The proprietor is responsible for mailing all tax notices from the tax office to the correct address where tax information can be electronically filed. Forms for the Minnesota tax return must be filed within 90 days following the end date of the tax year, which is June 30 for 2016. The following federal tax returns will be made available: Schedule A — Individual Income Tax Return. For the proprietor filing individual income tax returns on Form K-1, the proprietor will be required to submit Form W-2, Wage and Tax Statement. In all cases, the proprietor must send his federal tax return as indicated at the end of this article. The proprietor must mail a copy of his tax return to the tax office for processing, either by registered U.S. mail or by electronic filing. If the proprietor is an employee and has filed a claim for refund or credit against his income tax liability, federal form 1095-B will be available. The proprietor must use this form upon his timely filing of the Minnesota tax return.
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