Minnesota 2012: Composite Tax
S-Corporation shareholders, who do not live in Minnesota, may elect to have the S-Corporation report and pay composite income tax on their behalf.
Certain Minnesota S-Corporation customers, who elected to pay composite tax, may have filed an incorrect 2012 Minnesota tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a 2012 Minnesota S-Corporation tax return before March 6, 2013 AND
- The S-Corporation elected to pay composite tax AND
- The 2012 tax return included a Section 179 deduction.
If you are affected, you may need to amend your Minnesota tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Minnesota 2012: Composite Tax.