M2: Minnesota Income Tax Return for Estates and Trusts (Fiduciary) (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
Form M2 is Minnesota’s 2024 Income Tax Return for Estates and Trusts. It reports federal taxable income, Minnesota adjustments, taxes, credits, and payments to determine the amount due or refund.
What you'll need
Enclose a copy of federal Form 1041, Schedules K-1, and other federal schedules.
Depending on the entries on your return, the form also asks for:
- Schedule M2NM for deductions and losses not allowed by Minnesota or income from non-Minnesota sources.
- Federal Form 4972 for the capital gain amount of a lump-sum distribution.
- Schedule M2SB for tax from the S portion of an Electing Small Business Trust.
- Schedule NIIT for Minnesota Net Investment Income Tax.
- Schedule M1LS or M2MT for tax reported from those schedules.
- Schedules KF for composite income tax for nonresident beneficiaries.
- Schedule KPI, KS, or KF for the research activities credit or Pass-Through Entity Tax Credit.
- Documentation of Minnesota income tax withheld.
- Schedule EST for a trust’s additional charge for underpaying estimated tax.
- Form TPD if making a tax position disclosure.
Have any credit certificate numbers or project numbers requested for the credits you claim. If you need more room for the beneficiary allocation information, enclose a separate sheet.
How to file
Complete Form M2 and have the fiduciary or officer representing the fiduciary sign and date it. Enclose the required federal copies and applicable supporting schedules.
Mail the return to:
Minnesota Fiduciary Income Tax
Mail Station 1310
600 N. Robert St.
St. Paul, MN 55146-1310
Do not use staples on anything you submit.
The form includes a checkbox if you do not want your paid preparer to file your return electronically. It does not provide electronic filing steps.
Common mistakes
- Do not staple any part of your submission.
- Do not leave out the requested copy of federal Form 1041, Schedules K-1, and other federal schedules.
- Leave line 26 blank if subtracting line 25 from line 15 gives a result of zero or less.
- For direct deposit, use an account that is not associated with any foreign banks.
- Check the address-change or name-change box if that information has changed.
Questions people ask
Where do I find the federal taxable income amount for line 1?
Use the amount from line 23 of federal Form 1041.
Can I have my refund deposited directly into my bank account?
Yes. On line 42, select checking or savings and enter your routing and account numbers. Use an account not associated with any foreign banks. Otherwise, you will receive a check.
Can I apply my overpayment to next year’s estimated tax?
Yes. If you are paying estimated tax for 2025, enter on line 40 the amount of your line 39 overpayment you want applied to it. Subtract line 40 from line 39 to calculate your refund on line 41.
Can the department discuss my return with my preparer?
The form includes an authorization you can select to allow the Minnesota Department of Revenue to discuss the return with your preparer.