Minnesota Amended Franchise Tax Return/Claim for Refund

Amended Franchise Tax Return/Claim for Refund
2023 M4X, Amended Franchise Tax Return/Claim for Refund
*234911*

2023 M4X, Amended Corporation Franchise Tax Return
Tax year beginning (MM/DD/YYYY)

/

/

and ending (MM/DD/YYYY)

/

Do not use staples on anything you submit.

/

Name of Corporation/Designated Filer

FEIN

Mailing Address

Date Original Return was Filed

City

State

Check if filing a combined income return

Minnesota Tax ID

ZIP Code

Check if reporting Tax Position Disclosure (Enclose Form TPD)

Check if a member of the group (place an X in all that apply):

Check box to indicate the reason you are amending:

is Claiming Public Law 86-272

is in Bankruptcy

IRS Adjustment

Net Operating Loss

Owns a Captive Insurance Company

is a Co-op

Amended Federal Return

Other

A
As Previously Reported

B
Net Change

C
Corrected Amounts

You must round amounts to nearest whole dollar.
1 Minnesota net income or (loss) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . 1
2

Nonapportionable income or (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3

Minnesota apportionable income (subtract line 2 from line 1) . . . . . . . . . . . . 3

4

Apportionment factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5

Net income apportioned to Minnesota (multiply line 3 by line 4) . . . . . . . . . . . 5

6a Minnesota nonapportionable (income) or loss (see instructions) . . . . . . . . . .6a
6b Minnesota nonunitary partnership (income) or loss (see instructions) . . . . 6b
7 Net operating loss deduction (15-year carryforward only) . . . . . . . . . . . . . . . 7
8

Deduction for dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

9

Add lines 6 through 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

10 Taxable income (subtract line 9 from line 5) . . . . . . . . . . . . . . . . . . . . . . . . . .10
11

Regular franchise tax (multiply line 10 by 9.8% [0.098];
if result is zero or less, leave blank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Alternative minimum tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
13

Subtotal (add lines 11 and 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Alternative minimum tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
15

Housing Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Enter the credit certificate number from Minnesota Housing: SHTC -

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2023 M4X, Page 2
*234921*
Name of Corporation/Designated Filer

FEIN
A
As Previously Reported

Minnesota Tax ID
B
C
Net Change
Corrected Amounts

16 Short Line Railroad Infrastructure Modernization Credit . . . . . . . . . . . . . . . .16
17 Credit for Sales of Manufactured Home Parks to Cooperatives . . . . . . . . . . .17
18 Minnesota credit for increasing research activities . . . . . . . . . . . . . . . . . . . . .18
19 Credits against tax prior to minimum fee (add lines 14 through 18) . . . . . . . .19
20

Subtract line 19 from line 13 (if result is zero or less, leave blank) . . . . . . . . . 20

21

Minimum fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

22

Minnesota tax liability (add lines 20 and 21) . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

23

Film Production Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Enter the credit certificate number: TAXC -

24

Tax Credit for Owners of Agricultural Assets (see instructions). . . . . . . . . . . .24

25

Employer Transit Pass Credit (from Schedule ETP, line 4) . . . . . . . . . . . . . . . .25

26 LIFO Recapture Tax Deferral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
27 Add lines 23, 24, 25, and 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
28 Subtract line 27 from line 22 (if result is zero or less, leave blank). . . . . . . . . . . 28
29 Enterprise Zone Credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
30 Historic Structure Rehabilitation Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Enter National Park Service (NPS) project number:
31 Minnesota backup withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
32 Estimated tax and/or extension payments . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
33 Amount due from original Form M4, line 11 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
34 Total refundable credits and tax paid (add lines 29C through 32C and line 33). . . . . . . . . . . . . . . . . . . . . . . . . . . 34
35 Refund amount from original Form M4, line 16 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
36 Subtract line 35 from line 34 (if result is less than zero, enter the negative amount) . . . . . . . . . . . . . . . . . . . . . 36
37 Amount from line 28C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Continued next page

9995

2023 M4X, Page 3
*234931*
Name of Corporation/Designated Filer

Minnesota Tax ID

FEIN

38 Tax you owe. If line 37 is more than line 36, subtract line 36 from line 37.
(if line 36 is a negative amount, see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
39 If you failed to timely report federal changes or the IRS assessed a penalty (see instructions) . . . . . . . . . . . . . . 39
40 Add line 38 and line 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
41 Interest (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
42 AMOUNT DUE (add lines 40 and 41). Skip line 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Check payment method:
Electronic (see instructions)
Check (see instructions)
43 REFUND. If line 36 is more than line 37, subtract line 37 from line 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
If you have a refund, you must enter your banking information below.
Checking

Savings

Routing Number

Account Number (use an account not associated with any foreign banks)

I declare that this return is correct and complete to the best of my knowledge and belief.
Authorized Signature

Title

/
/
Date (MM/DD/YYYY)

Direct Phone

Signature of Preparer

PTIN

/
/
Date (MM/DD/YYYY)

Preparer’s Direct Phone

Title

Direct Phone

Print name of person to contact within corporation to discuss this return

Explain net changes and show computations in detail.
Enclose the list of changes, amended schedules and amended federal Form 1120X, if any.
Mail to: Minnesota Department of Revenue
Mail Station 1255
600 N. Robert St.
St. Paul, MN 55146-1255

I authorize the Minnesota Department of Revenue
to discuss this tax return with the preparer.

EXPLANATION OF CHANGE—Explain below each change in detail. If the changes involve items requiring supporting information,
be sure to attach the appropriate schedule, statement or form to Form M4X to verify the correct amount. If you need more space,
add another sheet.

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2023 M4X, Page 4
Amended Income Calculation

*234941*

Name of Corporation/Designated Filer

FEIN

Minnesota Tax ID

You must round amounts
to nearest whole dollar.
1 a. Federal taxable income before net operating loss deduction and special deductions
(from federal Form 1120) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a
1 b. Interest expense limitation for combined reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b
2 Additions to income
a. Federal deduction taken for taxes based on net income and minimum fee . . 2 a
b. Federal deduction for capital losses (IRC sections 1211 and 1212) . . . . . . . . 2 b
c. Interest income exempt from federal income tax . . . . . . . . . . . . . . . . . . . . . . 2 c
d. Exempt interest dividends (IRC section 852[b][5]) . . . . . . . . . . . . . . . . . . . . . . 2 d
e. Losses from mining operations subject to occupation tax . . . . . . . . . . . . . . . 2 e
f. Federal deduction for percentage depletion
(IRC sections 611-614 and 291) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 f
g. Federal bonus depreciation and suspended loss (IRC section 168[k]) . . . . . . 2 g
h. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 h
i. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 i
j. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 j
k. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2k
Total additions (add lines 2a through 2k) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Total (add lines 1a, 1b, and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Continued next page

9995

2023 M4X page 5
Amended Income Calculation (Continued)
Name of Corporation/Designated Filer

*234951*
FEIN

4 Subtractions from income
a. Refund of taxes based on net income included in federal taxable income . . 4 a
b. Minnesota deduction for capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 b
c. Certain federal credit expenses (see inst. and attach schedule) . . . . . . . . . . . 4 c
d. Gross-up for foreign taxes deemed paid under IRC section 78 . . . . . . . . . . . 4 d
e. Expenses relating to income taxable by Minnesota, but federally exempt . . 4 e
f. Dividends paid by a bank to the U.S. government on preferred stock . . . . . .4 f
g. Income/gains from mining operations subject to the occupation tax . . . . . . 4 g
h. Deduction for cost depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 h
i. Subtraction for prior bonus depreciation addback . . . . . . . . . . . . . . . . . . . . . .4 i
j. Subtraction for prior IRC section 179 addback (attach schedule 179) . . . . . . .4 j
k. Delayed business interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 k
l. Deferred foreign income (Section 965). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 l
m. Disallowed section 280E expenses of a licensed cannabis business . . . . . . 4 m
n. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 n
o. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 o
p. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 p
q. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 q
r. This line intentionally left blank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 r
Total subtractions from federal taxable income before net operating
loss deduction and special deductions (add lines 4a through 4r). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Intercompany eliminations (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
6 Add lines 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Minnesota net income (subtract line 6 from line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Enter this amount on M4X, page 1, line 1, column C.

9995

Minnesota Tax ID

You must round amounts
to nearest whole dollar.

FINAL DRAFT 10/22/23

2023 Form M4X Instructions
Tax rate updated to 8% in inst.
For additional information, refer to the 2023 M4 forms and instructions.

Federal Return Adjustments

If you amend your federal tax return or if the Internal Revenue Service (IRS) makes an adjustment to your federal return, you must notify us
within 180 days. Failure to report federal changes on an amended return, Form M4X, within 180 days will result in a penalty of 10% of any
additional tax due. See line 36 instructions.
Attach a copy of your amended federal return or notice of adjustment to your Form M4X.

Refunds

Use the 2023 Form M4X to make a claim for refund and report changes to your Minnesota liability for tax year 2023. If you make a claim for
a refund and we do not act on it within six months of the date filed, you may bring an action in the district or tax court.

When to File

File Form M4X only after you have filed your original return. You may file Form M4X within 3½ years after the return was due or within one
year from the date of an order assessing tax, whichever is later. If you filed your original return under an extension by the extended due date,
you have up to 3½ years from the extended due date to file the amended return, Form M4X.

Filing Reminders

The amended return must be signed by a person authorized by the corporation.
If you pay someone to prepare your return, the preparer must sign and enter his or her PTIN number and direct phone.
Rounding is required. You must round amounts to the nearest dollar. Drop any amount less than 50 cents and increase any amount that is 50
cents or more to the next higher dollar.

Completing the Form

Enter your tax year beginning and ending dates at the top of the form. On page 3 of Form M4X, include a detailed explanation of why the
original return was incorrect. Providing this information will help us to verify the amended amounts. Do not staple or tape any enclosures to
your return.
Estimated payments and refunds credited to subsequent years cannot be amended.

Use of Information

All information provided on this form is private, except for your Minnesota Tax ID number, which is public. Private information cannot be
given to others except as provided by state law.

Lines 1-32,
Columns A, B and C

Column A: Enter the amounts shown on your original return or as later adjusted by an amended return or audit report (see Where to Find
Amounts From 2023 Return below).
Column B: For each line you are changing, enter the dollar amount of each change as an increase or decrease. Show all decreases in
parentheses. On page 3 of Form M4X, explain the changes in detail. If the changes involve items requiring supporting information (by
corporation return or instructions), attach the appropriate schedule, statement or form to Form M4X to verify the corrected amount.
Column C: Add column B increases to column A, or subtract column B decreases from column A, and enter the result in column C. If there
are no changes, enter the amount from column A.

Line 1

Enter the amount of Minnesota net income or loss before apportionment. For column C, enter the corrected amount from Form M4X, page 5,
line 7.

Line 6a and 6b

Enter Minnesota nonapportionable income or nonunitary partnership income as a negative. Example: ($100). Enter Minnesota
nonapportionable loss or nonunitary partnership loss as a positive. Example: $100.

Continued

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FINAL DRAFT 10/22/23

2023 Form M4X Instructions
Tax (Continued)
rate updated to 8% in inst.
Where to Find Amounts From 2023 Return
M4X, line

M4X, line

M4X, line

1

M4I, line 7

12

23

M4T, line 22

2

M4I, line 8

14

M4T, line 13

24

M4T, line 23

4

M4A, line 9

15

M4T, line 14

25

M4T, line 24

M4T, line 11

6a

M4T, line 4a

16

M4T, line 15

26

M4, line 25

6b

M4T, line 4b

17

M4T, line 16

29

M4, line 4

7

M4T, line 6

18

M4T, line 18

30

M4, line 5

8

M4T, line 8

21

M4T, line 20

31

M4, line 6

Lines 7–27

Refer to the 2023 Corporation Franchise Tax Return (Form M4) instructions for details.
Lines 7, 8, 15, 16, 17, 23, 24, 25, 29, and 30. If you are changing any amounts on these lines, you must attach a corrected copy of the
appropriate schedule.
Lines 14, 15, 16, 17, 18, 23, 24, and 25. Changes to your regular franchise tax on line 11 and/or alternative minimum tax on line 12 may also
affect the amount you are able to claim of any credits against tax (alternative minimum tax credit, research credit, film production tax credit,
tax credit for owners of agricultural assets, and employer transit pass credit).

Line 31

Minnesota requires backup withholding to be made when the payee is subject to federal backup withholding on reportable payments made for
personal services. (IRC section 3406). Corporations are not subject to backup withholding for certain types of payments, including:
• interest and dividends
• broker transactions
• royalty payments
The Minnesota backup withholding is equal to the payment multiplied by the highest Minnesota tax rate for corporations. Report the
taxpayer’s backup withholding on line 31 of Form M4X.
Include a copy of the federal Form 1120X, Form 1120, Form 1099, Schedule KPI, Schedule KS or other documentation showing the amount
withheld. If the documentation is not included with your Form M4X, the department will disallow the amount and assess the tax or reduce
your refund.

Line 33

Enter the total of the following tax amounts, whether or not paid:
• amount from line 11 of your original M4
• amount due of a previously filed Form M4X
• additional tax due as the result of an audit or notice of change
Do not include any amounts that were paid for penalty, interest or underpayment of estimated tax.

Line 35

Enter the total of the following refund amounts:
• overpayment from line 16 of your original M4, even if you have not yet received it
• refund amount of a previously filed Form M4X
• refund or reduction in tax from a protest or other type of audit adjustment
Include any amount that was credited to estimated tax, applied to pay past due taxes or donated to the Minnesota Nongame Wildlife Fund.
Do not include any interest that may have been included in the refunds you received.

Lines 38 and 43

Lines 38 and 43 should reflect the changes to your tax and/or credits as reported on lines 1 through 30 of Form M4X. If you have unpaid
taxes on your original Form M4, Form M4X is not intended to show your corrected balance due.

Line 38

If line 38 is a negative amount, treat it as a positive amount and add it to line 37. Enter the result on line 38. This is the amount you owe,
which is due when you file your amended return. You cannot use any funds in your estimated tax account to pay this amount. Continue with
line 39.

Continued

2

FINAL DRAFT 10/22/23

2023 Form M4X Instructions
Tax(Continued)
rate updated to 8% in inst.
Line 39

If only one of the penalties below applies, you must multiply line 38 by 10% (0.1). If both penalties apply, multiply line 38 by 20% (0.2). Enter
the result on line 39.
• The IRS assessed a penalty for negligence or disregard of rules or regulations
• You failed to report federal changes to the department within 180 days as required

Line 41

Interest is calculated as simple interest and accrues on unpaid tax and penalties from the regular due date until it is paid in full. Use the
formula below with the appropriate interest rate:
Interest = line 40 x number of days past the due date x interest rate ÷ 365

The interest rate is determined each October for the following calendar year. The rate for 2024 is 8%. Rates for years after 2024 will be
available on our website.
If the days fall in more than one calendar year, you must determine the number of days separately for each year.
Penalty will be assessed if the additional tax and interest are not paid with the amended return.

Line 42

If your estimated tax payments during the last 12-month period ending June 30 totaled $10,000 or more, you are required to make all tax
payments electronically starting January 1 of the following year. Once you meet the electronic payment threshold, you are required to pay
electronically for all future periods.
You must also pay electronically if you’re required to pay any Minnesota business tax electronically, such as sales or withholding tax. If you
are required to pay electronically and do not, an additional 5% penalty applies to payments not made electronically, even if a paper check is sent on
time.

Electronic Payment Options
Bank Account

Go to www.revenue.state.mn.us, and select Make a Payment. Follow the prompts for a business to make a corporation franchise tax
payment. You’ll need your Minnesota tax ID number, password and banking information. You cannot use a foreign bank account.
Note: If you’re using the system for the first time and you need a temporary password, call 651-282-5225 or 1-800-657-3605.
After you authorize the payment, you’ll receive a confirmation number. You can cancel a payment up to one business day before the
scheduled payment date, if needed.

Credit or Debit Card

Go to www.revenue.state.mn.us, and select Make a Payment. Select Credit or Debit Card. Your payment will be processed by a thirdparty vendor. The vendor charges a fee for the service.
Automated Clearing House (ACH) credit method and Fed Wire. If you use other electronic payment methods, such as ACH credit
method or Fed Wire, be sure to check with your bank or Fed Wire representative to find out when to initiate the payment in order for it to be
received on time. Some banks require up to three business days to transfer funds.

Check or Money Order

Go to www.revenue.state.mn.us and select Make a Payment. Select Check or Money Order. Use the Payment Voucher System to create a
voucher.
If you are filing a paper return, send the voucher and your check or money order separately from your return to ensure that we properly credit
your payment to your account. Your check authorizes us to make a one-time electronic fund transfer from your account. You will not receive
your canceled check.

Line 43

If you are expecting a refund, you must provide the requested banking information to have the full amount deposited directly into your bank
account. You must use an account not associated with any foreign banks.
Your bank statement will indicate when your refund was deposited to your account.
This refund cannot be applied to your estimated tax account.

Signature

The return must be signed by a person authorized by the corporation.

Continued

3

FINAL DRAFT 10/22/23

2023 Form M4X Instructions
Tax(Continued)
rate updated to 8% in inst.
Preparer Information

If you pay someone to prepare your return, the preparer must sign the return and enter their PTIN number and phone number.
Check the box to authorize the department to discuss this return with the preparer. This authority allows us to discuss with your preparer
these items from this return: line item details; tax due on original and adjustments made during processing; penalty or interest due; documents
received or sent like a tax order or bill; and dates and amounts of payments, credits, or refunds. The authority also allows your preparer to
cancel direct deposit or debit payments and submit an abatement request.
The authority granted by a marked return checkbox is valid for one year after the due date for current original returns, or one year from the
date the form was submitted for amended and noncurrent original returns.
Checking the box does not give your preparer the authority to sign any tax documents on your behalf, represent you at any audit or appeals
conference, or discuss abatement progress. For these types of authorities, you must file Form REV184b, Business Power of Attorney, with the
department.

For Additional Information
Website: www.revenue.state.mn.us
Email:

[email protected]

Phone:

651-556-3075

This material is available in alternate formats.

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