Minnesota K-1 (KPI) reports a shareholder's share of an S-corporation's income, deductions, and state adjustments for Minnesota tax purposes. These forms often contain specific Minnesota adjustments, such as those related to passive activity losses, charitable contributions, and various state-specific tax credits. The inconsistent layouts and extensive footnotes across different Minnesota K-1 (KPI) documents, often differing by preparer and software, can significantly slow down the review process for tax professionals. Abacus addresses this by extracting all relevant fields from Minnesota K-1 (KPI) PDFs and normalizing them into standardized Excel workbooks. This includes meticulous handling of federal and state add-backs, various tax credits, and detailed ownership information, ensuring a clean and efficient import directly into tax preparation software like CCH or GoSystem.
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