2014 Minnesota Income Tax For Estates And Trusts (Fiduciary) Form M2 Instructions - Department Of Revenue Page 3
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15General Information
(continued)
Other penalties. Th ere are also civil and
If you are paying composite income tax for
criminal penalties for intentionally failing to
your electing benefi ciaries, check the box
fi le a Minnesota return, evading tax and for
for composite income tax on the front of
fi ling a false, fraudulent or frivolous return.
Form M2 and see the line 13 instructions
on page 5.
Reporting Federal
Request for Early Audit
Changes
You may request an early audit of the return
of a decedent, estate, termi nating trust, or
If the Internal Revenue Service (IRS) chang-
other fi duciary entity on Form M22, Request
es or audits your federal return and it aff ects
for Early Audit of Minnesota Income Tax
your Minnesota return or distributions to
Return. Filing Form M22 reduces the time
benefi ciaries, you must fi le a Form M2X,
limit the department has to assess any ad-
Amended Income Tax Return for Estates and
ditional taxes from 3½ years aft er you fi le an
Trusts, with the department within 180 days
income tax return to 18 months.
aft er you were notifi ed by the IRS.
Use of Information
To fi le an amended return, use Form M2X.
Enclose a copy of the IRS report or your
Your Minnesota tax ID number is public
amended federal return with your amended
information. All other information on this
Minnesota return.
form is private, and cannot be given to
others except as provided by state law. Th e
If the changes do not aff ect your Minnesota
identity and income information of the
return or Schedules K-1, you have 180 days
benefi ciaries are required under state law so
to send a letter of explanation to the de-
the department can determine the benefi -
partment. Send your letter and a complete
ciary’s correct Minnesota taxable income
copy of your amended federal return or the
and verify if the benefi ciary has fi led a
correction notice to: Minnesota Fidu ciary
return and paid the tax. Th e Social Security
Income Tax, Mail Station 5140, St. Paul, MN
numbers of the benefi ciaries are required
55146-5140.
under M.S. 289A.12, subd. 13.
If you fail to report as required, a 10 percent
penalty will be assessed on any additional
tax.
When Filing a Paper Return
Filing Reminders
How to Assemble
Where to Send
Composite Income Tax
Arrange your Minnesota schedules in the
Mail your completed Minnesota and fed-
Minnesota allows estates and trusts to fi le
order they were completed and place them
eral forms and schedules, using the mailing
composite Minnesota income tax on behalf
behind your Form M2. Th en place your
label below. Cut on the dotted line and tape
of their benefi ciaries who are nonresident
federal return and its schedules behind the
to your envelope.
individuals and who elect to be included.
Minnesota material.
As a result, the electing benefi ciary is not
Or mail your forms to:
required to fi le Form M1, Minnesota Indi-
Minnesota Revenue
vidual Income Tax Return.
Fiduciary Income Tax
Th e electing individuals must not have any
Mail Station 1310
Minnesota source income other than the
St. Paul, MN 55145-1310.
income from this trust or estate and other
Fiduciary Income Tax
entities electing composite fi ling.
St. Paul, Minnesota 55145-1310
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