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Form 1120-S (Schedule K-1) Minnesota Hennepin: What You Should Know

If the amounts received are different from the amounts on the Schedule K-1, enter the differences in the appropriate columns on the Schedule KS. The shareholder (business) pays all taxes, interest and penalties, and reports any amounts on Schedule KS. An S corporation will  Minnesota Shareholder Election Minnesota has a “Shareholder's election” law in which all S corporation shareholders vote to create a state corporation. If at the time of filing the federal Form 1120-S, an S corporation is established in the state, the federal share is reported on Schedule K. Minnesota S corporation tax Minnesota does not provide a state S corporation tax, nor do they require an S corporation to file a state return. Shareholder Election Requirements The Minnesota Secretary of State maintains an interactive website with detailed information about Minnesota S corporation taxes.

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