Looking for a Minnesota Income Tax Forms And Templates? Download it for free!

M2, Lines 10–17

Line 13

• out-of-state income from partnerships,

Enter the total jobs credit that is being

Composite Income Tax

S corporations and other fi duciaries (en-

claimed directly by the fi duciary and not

ter the name and location of the partner-

passed through to the benefi ciaries.

To determine line 13, you must fi rst fi gure

ship or other fi ducia ry under line 7),

the amount of composite tax attributed to

Line 15d. If you are including an amount

each electing nonresident benefi ciary. See

• rents and royalties from land, build ings,

on this line you must include a statement

the fi duciary instructions for line 27 of

machinery or other tangible property

indicating which credit(s) are being claimed

Schedule KF on page 10.

outside Minnesota (enter the name and

as well as any required forms.

location of the property producing the

Add the composite income tax attributed to

Include on line 15d only credits that are be-

rents and royalties under line 7), and

all electing benefi ciaries (the total of lines 25

ing retained by the fi duciary.

• interest, dividends, income and gains

from all KF schedules), and enter the result

Line 15e. If you are including an amount

from stocks, bonds and other securities

on line 13 of Form M2.

on this line you must include a statement

for nonresident estates and trusts, unless

Lines 15a-15e and 15

indicating which credit(s) are being claimed

the income was generated by a trade or

Total Payments and Credits

as well as any required forms. If you have

business (S corporations and partner-

Line 15a. Enter your total estimated tax and

nonrefundable credits available calculate the

ships) and was apportioned to Minne-

extension payments paid for the tax year,

amount to enter on line 15e as follows:

sota.

including:

• If the amount of nonrefundable cred-

Enclose a separate schedule, if needed.

• your total 2014 estimated tax payments

its available is less than or equal to the

Line 10

made in 2014 and 2015, either paid elec-

amount on line 14 enter the full amount

Minnesota Tax

tronically or by check,

on line 15e,

Use the table starting on page 11 to deter-

• the portion of your 2013 refund applied

• If the amount of nonrefundable credits

mine the amount to enter on line 10.

to your 2014 estimated tax, and

available is more than the amount on line

Line 11

• any 2014 extension payment, paid elec-

14 enter on line 15e the amount of line

Tax from S portion of an Electing Small

tronically or by check, that was made by

14.

Business Trust

the due date when fi ling under an exten-

Credit for Taxes Paid to Another State

If you are fi ling as an Electing Small Busi-

sion.

You may claim a credit on line 15 for taxes

ness Trust (ESBT), you must fi le Schedule

paid to another state if you were a resident

Line 15b. Enter the total of any 2014 Min-

M2SB to report all items relating to the S

trust or estate and you paid 2014 income tax

nesota tax withheld, including:

portion of the trust. Enter the tax calcu-

(including tax withheld) to Minnesota and

• backup with holding on income retained

lated on the M2SB on line 11 of Form M2.

to another state on the same income. For

by the es tate or trust,

Include Schedule M2SB when you fi le Form

purposes of this credit, a Canadian province

• Minnesota income tax with held in er-

M2.

or territory and the District of Columbia are

ror (and not repaid) by an em ployer on

considered a state. Th e credit cannot exceed

Line 12

wages and salaries of a decedent that was

the tax shown on line 10.

Additional Tax

received by the decedent’s estate (enclose

Use Schedule M1CR, Credit for Income Tax

Schedule M1LS—Tax on a Lump-Sum

a copy of federal Form W-2, Wage and

Paid to Another State, as a worksheet to de-

Distribution. If you received a lump-sum

Tax Statement), and

termine the credit. When you fi le Form M2,

distribution from a qualifi ed pension plan,

• the fi duciary’s share of any Minnesota

include the M1CR worksheet or a statement

profi t sharing plan or stock bonus plan and

income tax withholding from Schedule

showing how you arrived at the amount.

the 10-year averaging method on federal

KS or KPI not passed through to the ben-

Line 17

Form 4972 was used, you must complete

efi ciaries.

Minnesota Schedule M1LS, Tax on Lump-

Penalty

If you are including withholding on line

Sum Distribution.

Penalties are collected as part of the tax and

15b, you must include with your Form M2

are in addition to any charge for underpay-

Include the amount from line 11 of Sched-

a copy of the 1099, Schedule KPI, Schedule

ing estimated tax. If you are paying your

ule M1LS on line 12 of Form M2. Be sure

KS or other documentation showing the

tax aft er the regular due date, include the

to check the box for Schedule M1LS and

amount withheld. If the documentation is

appropriate penalties on line 17. Include a

include a copy of the schedule when you fi le

not included, the department will disallow

statement showing how you arrived at the

your return.

the amount and assess the tax or reduce

penalty amount.

Schedule M2MT—Alternative Minimum

your refund.

Tax. If you had to complete federal Schedule

Please note: An extension of time to fi le

Line 15c. A refundable jobs credit, based on

is not an extension to pay. Th erefore, if

I, Alternative Minimum Tax, you must com-

higher-paying jobs, is available to qualifi ed

payment in full is not made by the original

plete Minnesota Schedule M2MT, Alterna-

businesses operating in a JOBZ zone. Com-

due date, an extension of time is invalid and

tive Minimum Tax for Estates and Trusts.

plete and enclose Schedule JOBZ.

both late-fi ling and late-payment penalties

Include the amount from line 17 of Sched-

become applicable.

You may also include any credit you may

ule M2MT on line 12 of Form M2. Be sure

have received as a partner of a partnership

Late Payment. If the tax is not paid by

to check the box for Schedule M2MT and

or shareholder of an S corporation. You

include a copy of the schedule with your

the original due date, a penalty is due of 6

must include your Schedule KPI or KS with

return.

percent of the unpaid tax on line 16.

Form M2.

Continued

2014 Minnesota Income Tax For Estates And Trusts (Fiduciary) Form M2 Instructions - Department Of Revenue Page 5

Related Articles

Related forms

Related Categories