M2MT: Alternative Minimum Tax (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
2024 Minnesota Schedule M2MT calculates alternative minimum tax for estates and trusts. It reports federal alternative minimum taxable income, Minnesota adjustments, amounts allocated to Minnesota, and any resulting alternative minimum tax.
Who files this form
For tax year 2024, an estate or trust must complete Schedule M2MT and include it with Minnesota Form M2 if either:
- It was required to complete federal Schedule I, Alternative Minimum Tax.
- The income on Schedule M2MT, line 5, column A, is more than $46,360.
What you'll need
Use these documents and details to complete Schedule M2MT:
- Federal Schedule I, including alternative minimum taxable income from line 27. A copy must be included when you file Form M2.
- Minnesota Form M2, including the relevant additions, subtractions, and tax amount.
- The estate or trust’s name, federal ID number, and Minnesota ID number.
- Total amounts allocated to the fiduciary and the portions from Minnesota sources.
If you are calculating tax for the S Portion of an Electing Small Business Trust (ESBT), use Schedule M2SB and the federal alternative minimum taxable income computation for that portion. Include the federal computation when filing Form M2 and Schedules M2SB and M2MT.
How to file
Include Schedule M2MT and a copy of federal Schedule I when you file Minnesota Form M2.
For the regular Form M2 calculation, enter the result from Schedule M2MT, line 18, on Form M2, line 13, and check the M2MT box. If the line 18 calculation is zero or less, leave it blank.
If you are using Schedule M2MT for the S Portion of an ESBT, check the box at the top of Schedule M2MT and follow the alternate instructions. Enter the line 18 result on Schedule M2SB, line 10, instead.
Common mistakes
- Leaving out attachments: Include Schedule M2MT and a copy of federal Schedule I with Form M2.
- Continuing past the stopping point: If line 7, column A, is $46,360 or less, skip the rest of Schedule M2MT, but still include it with Form M2.
- Using the wrong rounding: Round dollar amounts to the nearest whole dollar and the line 8 ratio to five decimal places.
- Entering zero or negative results where blanks are required: Leave lines 11, 13, and 18 blank if their results are zero or less.
- Missing the ESBT checkbox: If calculating Minnesota AMT for the S Portion of an ESBT, check the box at the top and use the alternate instructions.
Questions people ask
What goes in columns A and B?
For lines 1 through 6, column A shows the total amounts allocated to the fiduciary. Column B shows the portion of those amounts from Minnesota sources.
Do I still attach the schedule if line 7, column A, is $46,360 or less?
Yes. Stop at that point and skip the rest of the schedule, but include it with Form M2.
What exemption amounts are printed on the 2024 schedule?
Line 9 lists a maximum exemption of $46,360. Line 10 lists a $75,000 base income amount used to limit or reduce the exemption.
Are there special instructions for an Electing Small Business Trust?
Yes. If completing Schedule M2MT for the S Portion of an ESBT, check the box at the top and use the alternate instructions for lines 1, 3, 6, 17, and 18. Include the federal computation when filing Form M2 and Schedules M2SB and M2MT.