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Lines 37–42

Line 37

Worksheet for Line 37

Federal Bonus Depreciation Subtraction

If you claimed bonus depreciation as an addition on your 2009 Form M2:

You may be able to reduce your taxable

1 Portion of lines 27 and 29 of your 2009 Form M2 allocated

income if you:

to fi duciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

• deducted bonus depreciation on your

2 Net operating loss generated for tax year 2009 (line 25, Schedule A of

2009 through 2013 federal return, and

20 08 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 6

• reported 80 percent of the federal bonus

3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

depreciation as an addition to income on

4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

your 2009 through 2013 Form M2, or

• received a federal bonus depreciation

If you claimed bonus depreciation as an addition on your 2010 Form M2:

subtraction in 2014 from another estate or

5 Portion of lines 26 and 28 of your 2010 Form M2 allocated

trust.

to fi duciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

To determine the amount, see Worksheet for

6 Net operating loss generated for tax year 2010 (line 25, Schedule A of

Line 37.

20 10 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 10

7 Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Line 38

8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

JOBZ Income Exemptions

If you claimed bonus depreciation as an addition on your 2011 Form M2:

If you invested in or operated a qualifi ed

business in a JOBZ zone, you may be able

9 Portion of lines 28 and 29 of your 2011 Form M2 allocated

to subtract certain types of income, to the

to fi duciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

extent that the income would otherwise be

10 Net operating loss generated for tax year 2011 (line 25, Schedule A of

taxable.

20 11 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 14

Complete Schedule JOBZ, JOBZ Tax Ben-

11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

efi ts, if in 2014 you received:

12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

• income for renting real or tangible per-

If you claimed bonus depreciation as an addition on your 2012 Form M2:

sonal property used by a qualifi ed busi-

13 Portion of lines 28 and 29 of your 2012 Form M2 allocated

ness located in a zone,

to fi duciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

• income from operating a qualifi ed busi-

14 Net operating loss generated for tax year 2012 (line 25, Schedule A of

ness in a zone,

20 12 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 18

• gains from the sale or exchange of real

or tangible personal property used by a

15 Subtract step 14 from step 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

qualifi ed business located in a zone, or

16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

• gains from the sale of an ownership inter-

If you claimed bonus depreciation as an addition on your 2013 Form M2:

est in a qualifi ed business.

17 Portion of lines 28 and 29 of your 2013 Form M2 allocated

If you received JOBZ income as a part-

to fi duciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

ner of a partnership, a shareholder of an

18 Net operating loss generated for tax year 2013 (line 25, Schedule A of

S corporation or a benefi ciary of another

2013 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 2

estate or trust, these amounts are shown on

19 Subtract step 18 from step 17 (if zero or less, enter 0) . . . . . . . . . . . . . . 3

the Schedule KPI, KS or KF you received

from the entity. Th ere is no need for you to

20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

complete Schedule JOBZ.

If you received a subtraction in 2014 from an estate or trust:

Line 40

21 Total of any bonus depreciation subtraction amounts you received

Subtraction for Prior Addback of Reac-

as a benefi ciary of an estate or trust (from line 12 of Schedule KF) . . 21

quisition of Indebtedness Income

Total subtraction

If you included in this year’s federal tax-

22 Add steps 4, 8, 12, 16, 20, and 21.

able income any discharge of indebtedness

Enter here and on line 37 of Form M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

income from reacquisition of business debt

Line 42

which you elected to defer federally in a

On line 42, enter the amount you are

Net Operating Loss (NOL) from 2008 or

prior year, enter that amount on line 40.

carrying forward for 2014 for Minnesota

2009

purposes.

Line 41

Minnesota did not adopt the provisions of

Railroad Retirement Board Beneﬁ ts

For complete information on how to

the Worker, Homeownership, and Business

determine line 42 and any amount to carry

If you received unemployment, sick pay

Assistance Act of 2009 (WHBA). If you chose

forward, go to our website at

or retirement benefi ts from the Railroad

this federal option, you are limited on your

state.mn.us.

Retirement Board in 2014, you can subtract

Minnesota return to a carryback period of

these amounts from your federal taxable

two years preceding the loss.

income.

Continued

2014 Minnesota Income Tax For Estates And Trusts (Fiduciary) Form M2 Instructions - Department Of Revenue Page 8

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