Fillable 2020 Form M2, Income Tax Return for Estates (Minnesota Department of Revenue)

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2020 Form M2, Income Tax Return for Estates (Minnesota Department of Revenue)

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The 2020 Form M2, Income Tax Return for Estates (Minnesota Department of Revenue) form is 4 pages long and contains:

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Tax year beginning (MM/DD/YYYY) , ending (MM/DD/YYYY)
2020 Form M2, Income Tax Return for Estates and Trusts
Check if address
has changed:
9995
*202011*
Installment sale of pass-
through assets or interests
Secon 645 Elecon
ESBT
QSST
Check if name
has changed:
/ / / /
/ /
Name of Estate or Trust Federal ID Number Minnesota ID Number Number of Schedules KF
Name and tle of duciary Decedent’s Social Security Number Date of Death Number of Beneciaries
Current address of duciary Fiduciary City Fiduciary State Fiduciary ZIP Code
Decedent’s last address or grantor’s address when trust became irrevocable Decedent or Grantor City Decedent or Grantor State Decedent or Grantor ZIP
Check all that apply:
Inial Return
Grantor Trust
Irrevocable Trust — Date trust became irrevocable
Decedent’s Estate — Gross value of estate
Form M706 Filed
Bankruptcy Estate —
Debtor Social Security Number (SSN)
If ling jointly, second debtor SSN
1 Federal taxable income (from line 23 of federal Form 1041) .............................................. 1
2 Fiduciary’s deducons and losses not allowed by Minnesota (see instrucons, pages 4 and 5) .................. 2
3 Capital gain amount of lump-sum distribuon (enclose federal Form 4972) .................................. 3
4 Addions (from line 60, column E, on page 4 of this form) ................................................ 4
5 Add lines 1 through 4 .............................................................................. 5
6 Subtracons (from line 60, column E, on page 4 of this form) .................... 6
7 Fiduciary’s income from non-Minnesota sources (see instrucons, page 5) ......... 7
8 Add lines 6 and 7 ................................................................................. 8
9 Minnesota taxable net income. Subtract line 8 from line 5 ............................................... 9
10 Tax from table on pages 13 through 16 using the income amount shown on line 9 .......................... 10
11 Tax from S poron of an Elecng Small Business Trust (enclose Schedule M2SB) ............................. 11
12 Total of tax from (enclose appropriate schedules): a. Schedule M1LS b. Schedule M2MT ........ 12
13 Composite income tax for nonresident beneciaries (enclose Schedules KF) ................................ 13
14 Total 2020 income tax. Add lines 10 through 13 ....................................................... 14
Final Return
Statutory Resident
Statutory Nonresident
Due Process Nonresident (see Schedule M2RT)
Composite Income Tax
Trust/Estate Owns or Operates a Business —
FEIN
1
5 Credit for taxes paid to another state .............................................................. 15
16 Tax Credit for Owners of Agricultural Assets ........................................................ 16
Enter the cercate number from the cercate you received from the Rural Finance Authority:
AO
-
17 Unused credit for owners of agricultural assets from a prior year ....................................... 17
AO -
18 Other nonrefundable credits (see instrucons) ...................................................... 18
19 Total nonrefundable credits. Add lines 15 through 18 ................................................. 19
20 Subtract line 19 from line 14 (if result is zero or less, leave blank) ....................................... 20
21 Minnesota income tax withheld (enclose documentaon) ............................................ 21
22 Total esmated tax payments and extension payments ............................................... 22
23 Historic Structure Rehabilitaon Tax Credit (enclose cercate) ........................................ 23
Enter Naonal Park Service (NPS) project number:
24 Other refundable credits (see instrucons).......................................................... 24
25 Add lines 21 through 24 ......................................................................... 25
2 6 Tax due. If line 20 is more than line 25, subtract line 25 from line 20 .................................... 26
27 Penalty (see instrucons, page 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
28 Interest (see instrucons, page 8) .................................................................. 28
29 Trusts only: Addional charge for underpaying esmated tax (enclose Schedule EST) ...................... 29
30 AMOUNT DUE. If you entered an amount on line 26, add lines 26 through 29.
Check payment method:
check electronic (see instrucons, page 3) ....................... 30
31 Overpayment. If line 25 is more than the sum of lines 20 and 27 through 29,
subtract lines 20 and 27 through 29 from line 25. .................................................... 31
32 If you are paying esmated tax for 2021, enter the amount from line 31 you want applied to it, if any ........ 32
33 REFUND. Subtract line 32 from line 31 ............................................................. 33
34 To have your refund direct deposited, enter the following. Otherwise, you will receive a check.
Checking Savings
I authorize the Minnesota Department of Revenue to discuss this tax return with the person below.
2020 M2, page 2
9995
*202021*
I do not want my paid preparer to le my return electronically.
Signature of Fiduciary or Ocer Represenng Fiduciary Minnesota Tax ID or Social Security Number Date (MM/DD/YYYY) Dayme Phone
Print Name of Contact E-mail Address for Correspondence, if Desired
Fiduciary E-mail Paid Preparer E-mail
Paid Preparer’s Signature Preparer’s PTIN Date (MM/DD/YYYY) Dayme Phone
/ /
/ /
Roung number Account number (use an account not associated with any foreign banks)
Enclose a copy of federal Form 1041, Schedules K-1, and other federal schedules.
Mail to: Minnesota Fiduciary Income Tax, Mail Staon 1310, 600 N. Robert St., St. Paul, MN 55145-1310
Addions to Income
35 State and municipal bond interest from outside Minnesota ..................................... 35
36 State taxes deducted in arriving at net income ................................................ 36
37 Expenses deducted on your federal return that are aributable to income not taxed
by Minnesota (other than interest or mutual fund dividends from U.S. bonds) ...................... 37
38 80 percent of the suspended loss from 2001–2005 or 2008–2019 on your
federal return that was generated by bonus depreciaon (see instrucons, page 10) ................ 38
39 80 percent of federal bonus depreciaon .................................................... 39
40 Secon 199A qualied business income...................................................... 40
41 Addion due to federal changes not adopted by Minnesota (M2NC, line 25) ........................ 41
42 Net operang loss (NOL) carryover adjustment ................................................ 42
43 Foreign-derived intangible income (FDII) deducon ............................................ 43
44 Special deducon under secon 965......................................................... 44
45 This line intenonally le blank ............................................................. 45
46 This line intenonally le blank ............................................................ 46
47 Add lines 35 through 46. Enter the result here and on line 61, column E, under Addions ............ 47
Subtracons from Income
48 Interest on U.S. government bond obligaons, minus any expenses
deducted on your federal return that are aributable to this income ............................. 48
49 State income tax refund included on federal return ............................................
49
50 Federal bonus depreciaon subtracon (see instrucons, page 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
51 Subtracon due to federal changes not adopted by Minnesota (M2NC, line 25 as a posive number)...
51
52 Subtracon for prior addback of reacquision of business indebtedness income .................... 52
53 Subtracon for railroad maintenance expenses ................................................ 53
54 Net operang loss carryover adjustment ..................................................... 54
55 Deferred foreign income (Secon 965) ....................................................... 55
56 Global intangible low-taxed income (GILTI).................................................... 56
57 Disallowed secon 280E expenses of medical cannabis ......................................... 57
58 Add lines 48 through 57. Enter the result here and on line 61, column E, under Subtracons .......... 58
2020 M2, page 3
9995
*202031*
(connued)
2020 M2, page 4
Allocaon of Adjustments Between Fiduciary and Beneciaries (see instrucons, page 12)
A B C D E
Beneciary’s Social Share of federal Percent of total on Shares assignable to beneciary and to duciary
Name of each beneciary Security number distributable net income line 61, column C Addions Subtracons
59 %
%
%
%
%
%
%
60 Fiduciary %
61 Total 100%
Enclose separate sheet, if needed.
*202041*
9995
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2020 Form M2, Income Tax Return for Estates (Minnesota Department of Revenue)

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Completed 28 February 2021

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