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

M2, Lines 10–17

• out-of-state income from partnerships,

Line 13

Line 15d. If you are including an amount

S corporations and other fiduciaries (en-

on this line you must include a statement

Composite Income Tax

ter the name and location of the partner-

indicating which credit(s) are being claimed

Add the composite income tax attributed to

ship or other fiducia ry under line 7),

as well as any required forms.

all electing beneficiaries (the total of lines 25

from all KF schedules), and enter the result

• rents and royalties from land, build ings,

Include on line 15d only credits that are be-

on line 13 of Form M2.

machinery or other tangible property

ing retained by the fiduciary.

outside Minnesota (enter the name and

Lines 15a-15e and 15

Line 15e. If you are including an amount

location of the property producing the

Total Payments and Credits

on this line you must include a statement

rents and royalties under line 7), and

Line 15a. Enter your total estimated tax and

indicating which credit(s) are being claimed

• interest, dividends, income and gains

extension payments paid for the tax year,

as well as any required forms. If you have

from stocks, bonds and other securities

including:

nonrefundable credits available calculate the

for nonresident estates and trusts, unless

amount to enter on line 15e as follows:

• your total 2015 estimated tax payments

the income was generated by a trade or

made in 2015 and 2016, either paid elec-

business (S corporations and partner-

• If the amount of nonrefundable cred-

tronically or by check,

its available is less than or equal to the

ships) and was apportioned to Minne-

• the portion of your 2014 refund applied

amount on line 14 enter the full amount

sota.

to your 2015 estimated tax, and

on line 15e,

Enclose a separate schedule, if needed.

• any 2015 extension payment, paid elec-

• If the amount of nonrefundable credits

Line 10

tronically or by check, that was made by

available is more than the amount on line

Minnesota Tax

the due date when filing under an exten-

14 enter on line 15e the amount of line

Use the table starting on page 10 to deter-

sion.

14.

mine the amount to enter on line 10.

Line 15b. Enter the total of any 2015 Min-

Credit for Taxes Paid to Another State

Line 11

nesota tax withheld, including:

You may claim a credit on line 15 for taxes

paid to another state if you were a resident

Tax from S portion of an Electing Small

• backup with holding on income retained

trust or estate and you paid 2015 income tax

Business Trust

by the es tate or trust,

(including tax withheld) to Minnesota and

If you are filing as an Electing Small Busi-

• Minnesota income tax with held in er-

to another state on the same income. For

ness Trust (ESBT), you must file Schedule

ror (and not repaid) by an em ployer on

purposes of this credit, a Canadian province

M2SB to report all items relating to the S

wages and salaries of a decedent that was

or territory and the District of Columbia are

portion of the trust. Enter the tax calcu-

received by the decedent’s estate (enclose

considered a state. The credit cannot exceed

lated on the M2SB on line 11 of Form M2.

a copy of federal Form W-2, Wage and

the tax shown on line 10.

Include Schedule M2SB when you file Form

Tax Statement), and

M2.

Use Schedule M1CR, Credit for Income Tax

• the fiduciary’s share of any Minnesota

Paid to Another State, as a worksheet to de-

Line 12

income tax withholding from Schedule

termine the credit. When you file Form M2,

Additional Tax

KS or KPI not passed through to the ben-

include the M1CR worksheet or a statement

eficiaries.

Schedule M1LS—Tax on a Lump-Sum

showing how you arrived at the amount.

Distribution. If you received a lump-sum

If you are including withholding on line

Line 17

distribution from a qualified pension plan,

15b, you must include with your Form M2

Penalty

profit sharing plan or stock bonus plan and

a copy of the 1099, Schedule KPI, Schedule

Penalties are collected as part of the tax and

the 10-year averaging method on federal

KS or other documentation showing the

are in addition to any charge for underpay-

Form 4972 was used, you must complete

amount withheld. If the documentation is

ing estimated tax. If you are paying your

Minnesota Schedule M1LS, Tax on Lump-

not included, the department will disallow

tax after the regular due date, include the

Sum Distribution.

the amount and assess the tax or reduce

appropriate penalties on line 17. Include a

your refund.

Include the amount from line 11 of Sched-

statement showing how you arrived at the

ule M1LS on line 12 of Form M2. Be sure

penalty amount.

Line 15c. A refundable jobs credit, based on

to check the box for Schedule M1LS and

higher-paying jobs, is available to qualified

Please note: An extension of time to file

include a copy of the schedule when you file

businesses operating in a JOBZ zone. Com-

is not an extension to pay. Therefore, if

your return.

plete and enclose Schedule JOBZ.

payment in full is not made by the original

Schedule M2MT—Alternative Minimum

due date, an extension of time is invalid and

You may also include any credit you may

Tax. If you had to complete federal Schedule

both late-filing and late-payment penalties

have received as a partner of a partnership

I, Alternative Minimum Tax, you must com-

become applicable.

or shareholder of an S corporation. You

plete Minnesota Schedule M2MT, Alterna-

must include your Schedule KPI or KS with

Late Payment. If the tax is not paid by

tive Minimum Tax for Estates and Trusts.

Form M2.

the original due date, a penalty is due of 6

Include the amount from line 17 of Sched-

percent of the unpaid tax on line 16.

Enter the total jobs credit that is being

ule M2MT on line 12 of Form M2. Be sure

claimed directly by the fiduciary and not

to check the box for Schedule M2MT and

If you file your return after the regular

passed through to the beneficiaries.

include a copy of the schedule with your

due date with a balance due, an additional

return.

5 percent penalty will be assessed on the

unpaid tax.

Continued

Instructions For Form M2 - Minnesota Income Tax For Estates And Trusts (Fiduciary) - 2015 Page 5

Related Articles

Related forms

Related Categories