NEAR FINAL DRAFT 8/1/24

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2024 Schedule PTE, Pass-through Entity Tax
Partnerships, Limited Liability Companies (LLCs), and S-Corporations: Complete Schedule PTE and file with Form M3 or M8 if you 
are electing to file and pay tax at the entity level. 

Name of LLC, Partnership, or S corporation                                     FEIN                                 Minnesota Tax ID Number

Entity is a  Partnership            LLC     S corporation
Part 1. Tax Calculation. Complete this part to determine the pass-through entity tax due from the entity for qualifying owners. Complete lines 1 
through 27 with amounts attributable to shareholders and nonresident partners. 
  1  80% of federal bonus depreciation (see instructions)... ...... ..... ....... ..... ...... ..... ..... ...... ..   1   
 
  2  Additions for foreign-derived intangible income (FDII) deduction  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2   

  3  This line intentionally left blank . ..... ...... ...... ..... ..... ...... ...... ..... ...... ...... ..... .....   3   
 
 4  State income taxes deducted by the entity to determine net income  (see instructions) .... ...... ....... ....   4                                      
 
  5  Add lines 1 through 4... ...... ..... ...... ...... ..... ...... ..... ...... ...... ..... ...... ...... .....   5  
 
  6  Minnesota apportionment factor (from line 5, column C, of Form M3A or Form M8A) .. ..... ....... ..... ...   6                                         

  7  Multiply line 5 by line 6 ... ...... ...... ...... ..... ...... ..... ...... ..... ...... ...... ...... ..... ...  7   
 
  8  Minnesota portion of amounts from Schedules K-1 (see instructions) ..... ...... ...... ...... ..... ...... ..   8                                      
 
  9  Add lines 7 and 8 . ...... ...... ...... .... ...... ...... ...... ..... ...... ..... ...... ...... ...... ...    9  
 
  10  Subtractions: Deferred foreign income (sec. 965) and delayed business interest . ...... ..... ...... ..... ...   10   
 
 11  State income tax refund included in income (see instructions) ...... ...... ..... ...... ..... ...... ...... .   11   
 
  12 Add lines 10 and 11 ... ...... ..... ...... ..... ...... ...... ...... ..... ...... ..... ...... ...... .....   12  

  13  Multiply line 12 by line 6  ..... ..... ...... ...... ..... ....... ..... ..... ...... ..... ...... ...... ....   13   
 
  14 Subtract line 13 from line 9... ...... ..... ....... ..... ..... ...... ..... ...... ...... ...... ..... .....   14  
  15  Amount on line 14 attributable to resident qualifying shareholders, nonresident qualifying shareholders,  
     and nonresident qualifying partners whose Minnesota income tax liability is not satisfied by this entity  
     level tax. ... ...... ..... ....... ..... ...... ..... ...... ..... ...... ...... ...... ..... ...... ..... .... 15   
       
  16  For qualifying shareholders and qualifying partners whose attributes are included on line 15, enter one-fifth  
     of the bonus depreciation that was added back in a year the shareholder or partner elected to be included  
     in the composite income tax or the entity filed Schedule PTE. ... ...... ..... ...... ...... ..... ...... ..... 16   

 17  For qualifying shareholders and qualifying partners whose attributes are included on line 15, enter one-fifth  
     of the section 179 expensing that was added back in a year the shareholder or partner elected to be included  
     in the composite income tax or the entity filed Schedule PTE... ...... ..... ....... ..... ...... ..... .....   17   

 18  Add lines 16 and 17 ... ...... ..... ...... ..... ...... ...... ...... ..... ...... ..... ...... ...... ..... . 18  
 
  19  Multiply line 18 by line 6 ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... ..... ...... .   19                                 
 
  20  Subtract line 19 from line 15... ...... ..... ....... ..... ...... ..... ...... ..... ...... ...... ...... ...   20                                   

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2024 Schedule PTE, page 2

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  21  Multiply line 20 by 9.85% (.0985) ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... .....   21                                                                   

  22  Subtract line 15 from line 14... ...... ..... ....... ..... ...... ..... ...... ..... ...... ...... ...... .... 22                                                                    

  23  For qualifying shareholders and qualifying partners whose attributes are included on line 22, enter one-fifth  
   of the bonus depreciation that was added back in a year the shareholder or partner elected to be included in  
   the composite income tax or the entity filed Schedule PTE ... ...... ..... ....... ..... ...... ..... ...... .. 23                                                                       

  24  For qualifying shareholders and qualifying partners whose attributes are included on line 22, enter one-fifth  
   of the section 179 expensing that was added back in a year the shareholder or partner elected to be included  
   in the composite income tax or the entity filed Schedule PTE.                                                 ... ...... ...... ...... ..... ...... ..... ....   24                      

  25  Add lines 23 and 24, multiply the result by line 6 ... ...... ..... ...... ...... ..... ...... ..... ...... ....   25                                                                 

  26  Subtract line 25 from line 22... ...... ..... ....... ..... ...... ..... ...... ..... ...... ...... ...... ...   26                                                                   

  27  Multiply line 26 by 9.85% (.0985) ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... .....   27                                                                   

 28  Enter the amount from Schedule PTE-RP line 13 . ..... ...... ...... ...... ..... ...... ...... ..... ...... . 28                                                    

 29lines Add   21, and27,     28.                        Enter this amount or 2, Form line M8, on 3Form line M3,              .... ...... ..... ....... ..          29  

Part 2. Credit Distribution. Complete this part to identify the distribution of the PTE tax credit distributed to qualifying partners,  
qualifying members, or qualifying shareholders. 

                                                                                                                              Is owner’s 
                                                                                                                              Minnesota filing 
                                                                                                                              requirement 
                                                                                                                 Is the owner fulfilled by 
                                                                                                                 a Minnesota  Schedule PTE 
                                                                                                                 resident?    (see inst.)?                 Share of income Share of taxes 
                                  Social Security Number            Name                                         (Yes/No)     (Yes/No)                     (see inst.)     paid (see inst.)
                       1                                                                                                                                   $               $

                       2                                                                                                                                   $               $

                       3                                                                                                                                   $               $

                       4                                                                                                                                   $               $

                       5                                                                                                                                   $               $

                       6                                                                                                                                   $               $

                       7                                                                                                                                   $               $

                       8                                                                                                                                   $               $

                       9                                                                                                                                   $               $

 10                                                                                                                                                        $               $

If there are more than 10 partners, members, or shareholders, attach additional Parts 2 reporting information for those additional owners.

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