Minnesota 2012: Factor Apportionment
Updated: 3/14/2013
Article ID: SLN70531
S-Corporations, who do business in multiple states, use factor apportionments to determine state taxes. Also 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 S-Corporation customers, who used the factor apportionment to determine Minnesota taxes, may have filed an incorrect 2012 Minnesota tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
- You filed a 2012 Minnesota S-Corporation tax return before March 11, 2013 AND
- The S-Corporation used Minnesota Form M8A (Apportionment and Minimum Fee) to determine the state tax AND
- Used only two of the three factors of apportionment AND
- Your Minnesota S-Corporation return included composite income tax for nonresidents (Form M8, line 3).
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: Factor Apportionment
