Instructions For Form M2 - Minnesota Income Tax For Estates And Trusts (Fiduciary) - 2015 Page 8
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13Lines 37–42
Line 38
Worksheet for Line 37
JOBZ Income Exemptions
If you claimed bonus depreciation as an addition on your 2010 Form M2:
If you invested in or operated a qualified
1 Portion of lines 26 and 28 of your 2010 Form M2 allocated
business in a JOBZ zone, you may be able
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
to subtract certain types of income, to the
2 Net operating loss generated for tax year 2010 (line 25, Schedule A of
extent that the income would otherwise be
2010 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 6
taxable.
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Complete Schedule JOBZ, JOBZ Tax Ben-
4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
efits, if in 2015 you received:
If you claimed bonus depreciation as an addition on your 2011 Form M2:
• income for renting real or tangible per-
5 Portion of lines 28 and 29 of your 2011 Form M2 allocated
sonal property used by a qualified busi-
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
ness located in a zone,
• income from operating a qualified busi-
6 Net operating loss generated for tax year 2011 (line 25, Schedule A of
ness in a zone,
2011 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 10
• gains from the sale or exchange of real
7 Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
or tangible personal property used by a
8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
qualified business located in a zone, or
If you claimed bonus depreciation as an addition on your 2012 Form M2:
• gains from the sale of an ownership inter-
est in a qualified business.
9 Portion of lines 28 and 29 of your 2012 Form M2 allocated
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
If you received JOBZ income as a part-
10 Net operating loss generated for tax year 2012 (line 25, Schedule A of
ner of a partnership, a shareholder of an
S corporation or a beneficiary of another
2012 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 14
estate or trust, these amounts are shown on
11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
the Schedule KPI, KS or KF you received
12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
from the entity. There is no need for you to
If you claimed bonus depreciation as an addition on your 2013 Form M2:
complete Schedule JOBZ.
13 Portion of lines 28 and 29 of your 2013 Form M2 allocated
Line 40
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Subtraction for Prior Addback of Reac-
14 Net operating loss generated for tax year 2013 (line 25, Schedule A of
quisition of Indebtedness Income
2013 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 18
If you included in this year’s federal tax-
15 Subtract step 14 from step 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
able income any discharge of indebtedness
16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
income from reacquisition of business debt
which you elected to defer federally in a
If you claimed bonus depreciation as an addition on your 2014 Form M2:
prior year, enter that amount on line 40.
17 Portion of lines 28 and 29 of your 2014 Form M2 allocated
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Line 42
18 Net operating loss generated for tax year 2014 (line 25, Schedule A of
Net Operating Loss (NOL) from 2008 or
2014 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 2
2009
19 Subtract step 18 from step 17 (if zero or less, enter 0) . . . . . . . . . . . . . . 3
Minnesota did not adopt the provisions of
20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
the Worker, Homeownership, and Business
Assistance Act of 2009 (WHBA). If you
If you received a subtraction in 2015 from an estate or trust:
chose this federal option, you are limited
21 Total of any bonus depreciation subtraction amounts you received
on your Minnesota return to a carryback
as a beneficiary of an estate or trust (from line 12 of Schedule KF) . . 21
period of two years preceding the loss.
Total subtraction
On line 42, enter the amount you are
22 Add steps 4, 8, 12, 16, 20, and 21.
carrying forward for 2015 for Minnesota
Enter here and on line 37 of Form M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
purposes.
For complete information on how to
determine line 42 and any amount to carry
forward, go to our website at
state.mn.us.
The beneficiary(s) of a trust or an estate
must file an individual income tax return to
report their portion of the income distrib-
uted. A resident beneficiary must report all
income from the trust or estate. A nonresident
beneficiary who receives $10,300 or more of
Minnesota gross income must report income
assignable to Minnesota.
Continued
8
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial