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Form 1065 (Schedule C) Minnesota: What You Should Know

Other returns  Form 1065-B, U.S. Return of Partnership Income — Partnership Filing Requirements What Qualifies as Partnership Income? Business income is all income earned or accrued by the partnership at the partnership level. Examples of partnership income are taxable wages of the partners. (Note: The income of a partner must be excluded if the partnership is treated as an S corporation.)  In addition, a partnership may share in income that is distributed to partners. In this case, the partnership share of income is a deduction from the partnership's gross income. Note: Income derived from sources outside the partnership is taxable to each partner. For example, income from assets sold by the partnership that did not become partnership assets can be part of a partnership's income. Other income is also taxable to the partners, but not to the partnership. The partnership may not make a profit from such income.  Other than from partnership taxable income, a partnership's income from activities other than the acquisition and cultivation of plants and farm products is taxable to each partner in an amount equal to the partner's share of the partnership's adjusted taxable income on that activity. Partnership Income Tax Rates The partner's share of the partnership's net partnership income is reduced for certain adjustments. Income from sources in a state other than Minnesota that has a tax rate greater than the national tax rate (which does not apply to all 50 states) is subject to the partnership taxes only if the tax rate is greater than the partnership's Minnesota partnership tax rate.  Minnesota's tax rates are: 6.65% for partnership taxes assessed before January 1, 2015,  8.95% for partnership taxes assessed on or after January 1, 2015, and  For taxable years beginning after 2014, 7.65% (including the Minnesota corporate gross tax rate) Other Taxes Generally Most federal taxes are imposed on partnerships that are subject to federal income tax. The federal income tax is imposed on the partnership per partnership return, Form 1065. Income from sources other than partnership taxable income can be subject to state gross income tax (GIT), income taxes other than state income taxes, federal estate and gift taxes, and federal unemployment and workers' compensation taxes. Additional information has been collected in 2023 that may be helpful to you about partnership items. Please refer to Form 1065-EZ as a “Supplemental Information and Resources.” It may provide additional tax information on specific partner items.

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