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Does Schedule KS have to be issued if there are no nonresident shareholders and no modifications or credits passed through to the shareholders?

April 26, 2017Credits issued KS modifications nonresident schedule Shareholders

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Does Schedule KS have to be issued if there are no nonresident shareholders and no modifications or credits passed through to the shareholders?

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No. Schedule KS is a supplemental schedule intended to give shareholders needed information for them to complete their Minnesota individual income tax returns. So, if there are no modifications or credits, you do not need to issue Schedule KS to your shareholders who are Minnesota residents. Nonresident shareholders will need the information from the KS to complete their M1.