The federal Bipartisan Act of 2018 renewed a number of individual and business tax benefits for tax year 2017. The Internal Revenue Service (IRS) recently announced they updated their forms and schedules to allow taxpayers to file returns claiming these benefits. These changes could affect individuals and businesses filing their 2017 Minnesota tax returns.
For more information on the extended or modified tax provisions for tax year 2017, visit our website:
- Individual Income Tax
- Corporate Franchise Tax
- Income Tax for Estates and Trusts (Fiduciary)
- S Corporation Tax
- Partnership Tax
How does this affect 2017 Minnesota tax return filers?
Minnesota has not adopted these federal changes. Taxpayers claiming these benefits on their federal return must now use the updated forms and instructions posted on the Minnesota Department of Revenue’s website when completing their Minnesota individual income and business tax returns.
Be sure your Minnesota tax preparation software is updated for these provisions before filing Minnesota returns that are affected by the federal changes. Some vendors have indicated it may take up to a week to update their software.
If there are future legislative changes impacting 2017 Minnesota returns, taxpayers may be able to avoid filing an amended return if they use these updated Minnesota forms.
We will continue to monitor the 2018 Minnesota Legislative Session and determine the steps taxpayers should take if any new legislation affects 2017 Minnesota tax returns.
What are the changes to 2017 Minnesota business tax forms and schedules?
Our business tax return instructions list the provisions that may affect 2017 Minnesota business tax returns. We posted these updated schedules and instructions:
- Form M2, Income Tax Return for Estates and Trusts (Instructions Only)
- Form M3, Partnership Return (Instructions Only)
- Form M4, Corporate Franchise Tax Return (Instructions Only)
- Form M8, S Corporation Return (Instructions Only)
- Schedule KF, Beneficiary’s Share of Minnesota Taxable Income
- Lines 8 and 16 Codes
- Schedule KPI, Partner’s Share of Income, Credits and Modifications
- Lines 8 and 10 Codes
- Schedule KS, Shareholder’s Share of Income, Credits and Modifications
- Lines 8 and 10 Codes