Partnership Federal forms: • Form 1065, U.S. Return of Partnership Income: Information return—no tax is paid with this return • K-1 (Form 1065) : Shows each partner's share of income, deductions, and credits • Other schedules may be required: o Schedule B-1 (Form 1065) I nformation in Partners Owning 50% or More of the Partnership o Schedule D (Form 1065) Capital Gains and Losses o Schedule K-2 (Form 1065) & K-3 (Form 1065) International tax information o Schedule M-3 (Form 1065) : Income reconciliation for certain partnerships Minnesota forms : • Form M3, Partnership Return: Main Minnesota partnership form • Taxes the partnership may pay: o Minnesota Minimum Fee o Minnesota Composite Tax (optional) o Withholding for nonresident partners o Pass-Through Entity (PTE) Tax (optional election) • Schedule KPI, Partner's Share of Income, Credits and Modifications: Shows modifications to federal income for Minnesota purposes • Schedule KPC, Partner’s Share of Income, Credits and Modifications: Additional information partners need for their returns Corporation C Corporation Federal forms: • Form 1120, U.S. Corporation Income Tax Return: Report income, deductions, credits, and compute tax • Form 1099-DIV, Dividends and Distributions: Sent to shareholders showing dividends paid (also filed with IRS and Minnesota) • Shareholders report dividends: On their individual Form 1040, U.S. Individual Income Tax Return
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