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Form 1065 (Schedule M-3) Minnesota: What You Should Know

If your partnership uses a different federal filing method the Partnership Tax Return may need to be processed and completed separately. See Form 1065 for Business Income. Instructions for Schedule MF-5 — Minnesota Revenue Practices & Support All partnerships that file Form 1065 or 1065-EZ must complete Schedule MF-5, Business Income Tax Return. What Does It Mean to Be a Passive Owner? For your tax year, you're a passive owner if you own nothing in the partnership or if your partnership has more than 10 members. For tax years beginning in 2014, the passive owner threshold is 10,000. For tax years beginning in the 2023 tax year, the passive owner threshold is 100,000. For tax years beginning after the 2023 tax year, the passive owner threshold is 1 million. See the Instructions for Schedule M-3 for the IRS Forms 1065 reporting instructions if you're a partnership that is a taxpayer or have a partner that is a taxpayer. If you meet one of the criteria or have more than 10 partners, you must file Form M3. See the instructions for Schedule M-3 for information on the reporting requirements and other filing requirements. Active Partnerships If you participate in the Active Partnerships Program, as a non-taxpayer, your partnerships must file Form 565, Passive Partner's Partnership Return. To be considered an active partnership, your partnership has less than 10 partners. The partnership has more than 10 partners if all the members are active partners. Active partnerships must have both a gross income and a net income. For tax years beginning before the Tax Cuts and Jobs Act was enacted in April 2018, your annual net income would be 500,000 (1,500,000 – 500,000) plus any other income you reported as a partner in the partnership. The gross income is not subject to income tax. If your partnership files Form 565 that is also called an Active Partner Return and you were a partner in the partnership as of the end of the tax year, you must file and pay the taxes imposed by those returns (Form 1065, Active Partnership Return, or Form 1065), even if your partners gave or sold stock in the partnership during the partnership's tax year.

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