0
Q:

What is composite income tax and who is required to pay it?

Add your answer...

2 Answers

0
Since partnership income is pass-through income, partners who have income from a partnership with Minnesota source income would be required to file a Minnesota individual income tax return, Form M1. Rather than having its nonresident partners file and pay their own Minnesota tax, the partnership may pay “composite income tax” on behalf of its electing nonresident individual partners when filing Form M3. more
Thanks for your feedback!

Related Videos

0
Since S corporation income is pass-through income, shareholders who have income from an S corporation with Minnesota source income would be required to file a Minnesota individual income tax return, Form M1. Rather than having its nonresident shareholders file and pay their own Minnesota tax, the S corporation may pay “composite income tax” on behalf of its electing nonresident individual shareholders when filing Form M8. more
taxes.state.mn.us
1 more source
Hide

Not the answer you're looking for? Try asking your own question.

...