2023 Minnesota Income Tax for Estates and Trusts (Fiduciary) 
Form M2 Instructions 
Contents                       What’s New for 2023 
What’s New... ...... ... 1     Federal Conformity 
Filing Requirements  . . . 1–2 Minnesota law was updated to generally adopt the Internal Revenue Code (IRC) as amended through May 1, 2023. 
General Information ... 2-3    The 2023 Minnesota income tax forms incorporate federal law through this IRC date. 
Filing Reminders  .... .... 3                                                                    
Form M2 Instructions   4–12    Delayed Business Interest Deduction Subtraction
Allocation                     The new delayed business interest deduction modification allows a subtraction for 1/5th of the amount of the non-
of Adjustments ... . . 12–13   conformity adjustment additions required as a result of the CARES Act Section 2306. For more details, see page 12. 
Schedule KF... .... .13–16     Delayed Net Operating Loss (NOL) Deduction Subtraction 
Tax Tables   ... ..... .17–20  The new delayed NOL deduction modification allows a subtraction for the nonconformity adjustment additions 
                               required as a result of the CARES Act Section 2303. For more details, see page 12. 
Questions?                     Housing Tax Credit 
You can find forms and         The new Housing Tax Credit is a nonrefundable credit for qualifying contributions to a state fund. To be eligible for 
information, including         the credit, you must apply to the Minnesota Housing Finance Agency (MHFA) and receive a credit certificate. For 
answers to frequently          more details, visit the MHFA website at www.mnhousing.gov. 
asked questions and 
options for filing and         Short Line Railroad Infrastructure Modernization Credit 
paying electronically, on      The new Short Line Railroad Infrastructure Modernization Tax Credit is a nonrefundable credit for railroad recon-
our website at:                struction or replacement expenditures of a Class II or Class III railroad. For more details, see Schedule RAIL. 
www.revenue.state.mn.us 
                               Credit for Sales of Manufactured Home Parks to Cooperatives 
Send us an e-mail at:          The new Credit for Sales of Manufactured Home Parks to Cooperatives is a nonrefundable credit for 5% of the 
businessincome.tax@state. 
                               amount of the sale. For more details, see Schedule MHP. 
mn.us 
Call us at 651-556-3075        Global Intangible Low-Taxed Income (GILTI) 
This information is available  Minnesota generally conformed to the federal treatment of GILTI (but not the federal section 250 deduction) and 
in alternate formats.          repealed the related Minnesota income tax subtraction modifications. GILTI is treated as dividend income for the 
                               purposes of the corporate dividends received deduction and the sales factor. 

Before You File                Filing Requirements
                               An estate or trust, regardless of whether it is considered a resident, must file Minnesota Form M2, Income Tax Return 
Complete a Federal             for Estates and Trusts (Fiduciaries) when it has $600 or more of gross income allocable to Minnesota or a nonresident 
Return                         alien as a beneficiary. [M.S. 289A.08.subd. 2]   When required, the trustee of a trust or the personal representative of an 
Before you complete Form       estate must file Form M2 and pay the tax. 
M2, complete federal 
Form 1041, U.S. Income         Bankruptcy Estates
Tax Return for Estates and     If the fiduciary of a bankruptcy estate of a Minnesota resident filed a federal return, a Minnesota return must also be 
Trusts, and supporting         filed. Use Form M1, Individual Income Tax Return, to determine the Minnesota tax and attach it to Form M2. File it in 
schedules. You will need       the same way you file federal returns. 
to reference them.             Resident Estates 
Minnesota Tax ID               A resident estate is an estate of a deceased person where: 
Number                         (1) The decedent was domiciled in Minnesota at the date of death, or
Your Minnesota tax             (2) The personal representative or fiduciary was appointed by a Minnesota court in a proceeding other than an ancil-
ID is the seven-digit          lary proceeding, or
number you’re assigned         (3) The administration of the estate is carried on in Minnesota in a proceeding other than an ancillary proceeding.
when you register with         [M.S. 290.01, subd. 7a]
the department. It’s 
important to include           Resident trusts 
                               The definition of a resident trust differs depending on the date—before or after December 31, 1995—the trust becomes 
your Minnesota tax ID on 
your return so that any        irrevocable or is first administered in Minnesota. 
payments you make are          For trusts that became irrevocable or were first administered in Minnesota after December 31, 1995,  a resident 
properly credited to your      trust means a trust, except a grantor type trust, which meets one of the following criteria: 
account.                       1.  The trust was created by a will of a decedent who at their death was a Minnesota resident
If you don’t have a            2.  The trust is irrevocable, and at the time it became irrevocable, the grantor was a Minnesota resident. A trust is
Minnesota tax ID, you             considered irrevocable if the grantor is not treated as the owner as defined in sections 671 to 678 of the IRC.
must apply for one. Go to      For trusts that became irrevocable or were first administered in Minnesota before January 1, 1996, a resident 
www.revenue.state.mn.us        trust, except a grantor type trust, means any trust administered in Minnesota. 
and type Business              To be considered a resident trust administered in Minnesota, you must meet two of these three criteria: 
Registration in the search     1. A majority of the discretionary investment decisions are made in Minnesota
box or call 651-282-5225 
                               2. The majority of discretionary distribution decisions are made in Minnesota
or 1-800-657-3605. 
                               3. The trust’s official books and records are kept in Minnesota  [M.S. 290.01, subd. 7b]
                                                                                                                                                    1 
Rev. 5/24                                                                                                                              Continued 

Relevant Minimum Connection of Resident Trusts. The Minnesota Supreme Court ruled in Fielding v. Commissioner of Revenue, 916 N.W.2d
323 (Minn. 2018) that a trust may be taxed as a resident if there is “(1) some ‘minimum connection’ between the state and the entity subject to tax, 
and (2) a ‘rational relationship’ between the income the state seeks to tax and the protections and benefits conferred by the state.”  
The court set out “relevant connections” to be considered, which include Minnesota’s connections to: 
  • the trustee
  • the trust’s assets
  • the administration of the trust
  • the trust in the tax year at issue
The resident trust statute is presumed to be constitutional. Complete and enclose Schedule M2RT with your return if you meet the statutory
definition of a resident trust, but believe you may not have sufficient minimum connections to Minnesota to be taxed as a resident trust. Complete
Form M2 as a nonresident and use Schedule M2NM to determine your non-Minnesota income (loss) to include on lines 2 and 7 of Form M2.
General Information 
Due Date for Filing and Paying 
The regular due date for filing Form M2 and paying the tax due is April 15, 2024. If the due date lands on a weekend or legal holiday, returns 
and payments electronically made or postmarked the next business day are considered timely. If you file your return according to a fiscal year, 
your return and payment are due the 15th day of the fourth month following the end of the tax year. Short-year returns are due by the 15th day 
of the fourth month following the month in which the short year ends. Example: If the fiscal year end is May 31, the due date is September 15. 
Extension of Time to File 
All estates and trusts are granted an automatic six-month extension to file Form M2, if the tax is paid in full by the regular due date. If the tax 
is not paid by the regular due date, the extension of time to file is invalid.  
If the IRS grants an extension to file your federal return, your state filing due date is extended to the federal due date. This is a filing extension 
only. To avoid penalties, you must make an extension tax payment by the regular due date. See Extension Payment below for details. 
Payments 
There are four types of fiduciary income tax payments—extension payments, estimated tax payments, tax return payments, and amended return 
payments. Note: If you are currently paying electronically using the ACH credit method, continue to call your bank as usual. If you want to 
make payments using the ACH credit method, instructions are available at www.revenue.state.mn.us. 
Extension Payment 
Your tax is due by the regular due date, even if you’re filing under an extension. Any tax not paid by the regular due date is subject to penalties 
and interest (see lines 33 and 34 instructions on page 8). 
If you’re filing after the regular due date, you can avoid penalty and interest by making an extension payment for the full amount of the tax 
owed by the regular due date. For information about payment options see Payment Options on page 3. If you administer 100 or more trusts or 
are required to make other payments electronically, you are required to pay all fiduciary income taxes electronically. [M.S. 289A.20, subd. 1c] 
Estimated Payments 
A trust must make quarterly estimated tax payments if it has: 
  • an estimated tax of $500 or more
  • any nonresident beneficiary’s share of estimated composite income tax of $500 or more
Payments are due by the 15th day of the fourth, sixth, and ninth months of the tax year and the first month following the end of the tax year.
Installments for a short tax year are due in equal payments on the 15th day of the fourth, sixth, ninth and final months of the tax year depending
on the number of months in the short tax year. No installments are required for a short tax year of fewer than four months.
The required annual payment is the lesser of:
• 90 percent of your current year’s tax liability, or
• 100 percent of the prior year’s tax liability. However, if the trust has more than $150,000 of Minnesota assignable adjusted gross income, you
must use 110 percent, rather than 100 percent, of the prior year’s tax liability.
The required annual payment must be paid in four equal installments unless certain exceptions apply (see the instructions for Schedule EST, 
Additional Charge for Underpayment of Estimated Tax). 
If estimated tax is required for both the estimated tax and the composite income tax, include both on the same quarterly payment. [M.S. 
289A.25] 
To make an estimated tax payment, see Payment Options  on page 3. If paying by check, send a completed payment voucher with your 
payment. 
Tax Return Payment 
If there is an amount due on line 36 of Form M2, you must make a tax return payment. If you’re paying by check, send a completed payment 
voucher with your payment. 
Penalties and Interest 
Late payment.  A late payment penalty is assessed on any tax not paid by the regular due date. The penalty is 6% of the unpaid tax. If you file 
your return after the regular due date with a balance due, and you do not pay that balance, an additional 5% penalty will be assessed on the 
unpaid tax. 
Late filing. There is also a penalty if you file after the extended due date and owe tax. The late filing penalty is 5% of any tax not paid  
by the extended due date. 
Interest. You must also pay interest on the penalty and tax you are sending in late. The interest rate for 2024 is 8%. 
Other penalties. There are also civil and criminal penalties for intentionally failing to file a Minnesota return, evading tax and for            2 
filing a false, fraudulent or frivolous return. 

Payment Options
If you administer 100 or more trusts, you are required to pay all the fiduciary income taxes electronically. We will assess a penalty of 5% of the pay-
ment if you fail to do so when required. 
Pay with your Bank Account 
Go to www.revenue.state.mn.us and click Log in to e-Services 
If you’re using the system for the first time and need a temporary password, call 651-282-5225 or 1-800-657-3605. 
To be timely, you must complete your transaction and receive a confirmation number on or before the due date for that payment. 
Pay by Credit or Debit Card 
We use a third-party vendor to process credit and debit card payments. A fee is charged for this service. 
  •  Go to www.revenue.state.mn.us and click Make a Payment 
  •  Click By Credit or Debit Card and follow the prompts to complete the payment 
Pay by Check 
  •  Go to our website at www.revenue.state.mn.us and click Make a Payment 
  •  Click By Check or Money Order to create a payment voucher 
  •  Mail with your check to the address on the voucher 
Your check authorizes us to make a one-time electronic fund transfer from your account. You may not receive your cancelled check. 

Reporting Federal Changes
If the Internal Revenue Service (IRS) changes or audits your federal return and it affects your Minnesota return or distributions to beneficiaries, 
you must file a Form M2X, Amended Income Tax Return for Estates and Trusts, with the department within 180 days after you were notified by 
the IRS. Enclose a copy of the IRS report or your amended federal return with your amended Minnesota return. 
If the changes do not affect your Minnesota return or Schedules K-1, you have 180 days to send a letter of explanation to the department. Send 
your letter and a complete copy of your amended federal return or the correction notice to:     Minnesota Fiduciary Income Tax, Mail Station 5140, 
600 N. Robert St., St. Paul, MN 55146-5140 
If you fail to report as required, a 10 percent penalty will be assessed on any additional tax. [M.S. 289A.60, subd. 24] 

Filing Reminders 
Composite Income Tax
Minnesota allows estates and trusts to file composite Minnesota income tax on behalf of their beneficiaries who are nonresident individuals and 
elect to be included. As a result, the electing beneficiary is not required to file Minnesota Form M1, Minnesota Individual Income Tax Return. 
The electing individuals must not have any Minnesota source income other than the income from this trust or estate and other entities for which 
they are electing composite tax or are a part of a PTE tax return. 
Beneficiaries receiving distributions from an estate or trust reporting installment sale gains on line 6 of Schedule KF are not eligible for inclusion 
in a composite return. 
If you are paying composite income tax for your electing beneficiaries, check the box for composite income tax on the front of Form M2 and see 
the line 13 instructions on page 5. 

Request for Early Audit
You may request an early audit of a decedent’s income tax return, property tax refund claim, the return of an estate, or of a terminating trust by 
filing Minnesota Form M22, Request for Early Audit of Minnesota Income Tax Return. The request reduces the time the department has to assess 
additional taxes from 3 1/2 years from the later of the date the return was due, or when it was filed, to 18 months after the request was received. 
Use of Information 
Your Minnesota tax ID number is public information. All other information on this form is private, and cannot be given to others except as 
provided by state law. The identity and income information of the beneficiaries are required under state law so the department can determine the 
beneficiary’s correct Minnesota taxable income and verify if the beneficiary has filed a return and paid the tax. The Social Security numbers of 
the beneficiaries are required under M.S. 289A.12, subd. 13. 

When Filing a Paper Return
How to Assemble 
Arrange your Minnesota schedules in the order they were completed and place       Minnesota Department of Revenue
them behind your Form M2. Schedules KF should be grouped together and sorted      Fiduciary Income Tax
                                                                                  Mail Station 1310 
with the largest share of Minnesota source income first. Then place your federal  600 N. Robert St. 
return and its schedules behind the Minnesota material. Do not staple or tape any St. Paul, Minnesota  55146-1310 
enclosures to your return. 
Where to Send 
Mail your Minnesota and federal forms and schedules, using the mailing label below. Cut on the dotted line and tape to your envelope. 
Or mail to: Minnesota Department of Revenue, Fiduciary Income Tax, Mail Station 1310, 600 N. Robert St., St. Paul, MN 55146-1310                      3 
                                                                                                                                                      3 

Form M2 Instructions 
Before you complete Form M2, you must first complete federal Form 1041 and supporting schedules. 
If you are a                                                                         Completed federal Form 
Charitable remainder or charitable lead trust (enter zero on Form M2, lines 1 and 9) 1041A or 5227 
Designated or qualified settlement fund (under IRC section 468B)                     1120-SF 
Qualified funeral trust                                                              1041-QFT 
Electing small business trust (ESBT)                                                 1041 

Tax Year 
If you are filing on a fiscal year basis, enter the beginning and ending dates. Without the dates, your filing and payments may not be considered 
timely. 
Minnesota Tax ID Number 
Enter your Minnesota tax ID number on Form M2. Without it, processing of the return is delayed, and your estimated tax and extension 
prepayments cannot be verified and credited properly. 
Check Boxes 
Place an X in all boxes that apply. 
Bankruptcy estate.  A separate and distinct taxable entity created when an individual debtor files for bankruptcy under Chapter 7 or 11 of Title 
11 of the United States Code. Enter the bankruptcy debtor’s SSN in the bankruptcy debtor SSN box and, if filing jointly, enter the second 
debtor’s SSN in the corresponding box. 
Composite income tax. If you are paying composite income tax for your electing nonresident beneficiaries. See the line 13 instructions on page 
5. 
Due Process Nonresident. A trust or estate that meets the definition of a statutory resident (check the statutory resident checkbox), but you 
believe may not have sufficient minimum connections to Minnesota to be taxed as a resident trust or estate. If you check this box and are a 
trust, you must also complete and enclose Schedule M2RT with your return. See the instructions on pages 1- 2 and Schedule M2RT for more 
details. 
ESBT (Electing Small Business Trust). An ESBT is a non-grantor trust that has income from one or more S corporations. The portion of an 
ESBT that consists of stock of one or more S corporations is treated as a separate trust. See Schedule M2SB for more details. 
Initial return. If this is the fiduciary’s first return filed in Minnesota. 
Final return. If this is the fiduciary’s final return. For income tax purposes, Minnesota follows federal law on termination of estates and trusts. 
All income, deductions and credits are passed through to the beneficiaries. 
Form M706 Filed. If the decedent’s estate or trust had a M706 estate tax return filed. Enter the gross value of the estate on the line provided. 
Grantor Trust. A trust is a grantor trust if the grantor retains certain powers or ownership benefits. 
Installment Sale of Pass-through Assets or Interests. If the trust or estate: 
  • executed an installment sale, after December 31, 2016, of S corporation stock or partnership interests being reported on federal Form 6252, 
  • executed an installment sale, after December 31, 2016, of the assets of an S corporation or partnership being reported on federal Form 6252, 
    or 
  • owns an interest in an S corporation, partnership, trust, or estate reporting installment sale gains on line 7 of Schedule KPI or KS, line 6 of 
    Schedule KF, or line 10 of Schedule KPC. 
If you are required to check the box and the gain from the sale was distributed, complete line 6 of all applicable Schedules KF  to report 
installment sale information to your beneficiaries. Instructions are provided with Schedule KF. Beneficiaries who are receiving Schedules KF 
with positive values on line 6 may not be included in a composite return. 
Irrevocable Trust. A trust is considered irrevocable if the grantor no longer has control over the trust assets and administration. Enter the date 
the trust became irrevocable. 
Owns or Operates Business. If the estate or trust owns or operates a business through the estate or trust. Provide the Federal Identification 
Number(FEIN) of the business in the box provided. If the estate or trust owns or operates more than one business, provide a list of all FEINs of 
the businesses in an attachment. 
QSST. If the trust is filing as a Qualified Subchapter S Trust. 
Section 645 Election. The IRC section 645 election allows a qualified revocable trust to be treated and taxed as part of the related estate during 
the election period. If the election is made for federal income tax purposes, it also applies for Minnesota. Enclose a copy of federal Form 8855 
or letter making the election. 
Statutory Nonresident. A trust or estate that does not meet the definition of a statutory resident under Minnesota Statute section 290.01, 
subdivisions 7a and 7b and therefore is considered a statutory nonresident. See instructions on pages 1- 2 for more details. 
Statutory Resident.  A trust or estate that meets the definition of a statutory resident under Minnesota Statute section 290.01, subdivisions 7a 
and 7b. See instructions on pages 1- 2 for more details. 
Tax Position Disclosure. If you filed Form TPD to disclose items or positions that are not otherwise adequately disclosed on your return.     4
See Form TPD for more details.                                                                                                Continued   4 

Form M2 Instructions (continued) 

Line Instructions 
Round amounts to whole dollars. Drop amounts less than 50 cents and increase amounts 50 cents or more to the next higher dollar. 
Line 2 — Deductions and Losses not Allowed                 
Use Schedule M2NM to determine the amount to include on Line 2. 
Line 3 — Capital Gain of Lump Sum Distribution 
If you received a qualifying lump-sum distribution in 2023 and chose the capital gain election on federal Form 4972, enter the capital gain 
from line 6 of federal Form 4972. Include a copy of federal Form 4972 when you file Form M2. 
Lines 4 and 6 —Additions and Subtractions 
Include the amount from line 74, column E of Form M2. See the instructions for Allocation of Adjustments on page 12 for more details. 
Line 7— Income from Non-Minnesota Sources 
Use Schedule M2NM to determine the amount to include on Line 7. 
Line 10 — Minnesota Tax 
Use the table starting on page 16 to determine the amount to enter on line 10. 
Line 11 — Tax from S portion of an Electing Small Business Trust 
If you are filing as an Electing Small Business Trust (ESBT), you must file Schedule M2SB to report all items relating to the S portion of the 
trust. Enter the tax calculated on the M2SB on line 11 of Form M2. Include Schedule M2SB when you file Form M2. 
Line 12 — Additional Tax 
Schedule M1LS—Tax on a Lump-Sum Distribution. If you received a lump-sum distribution from a qualified pension plan, profit sharing plan 
or stock bonus plan and the 10-year averaging method on federal Form 4972 was used, you must complete Minnesota Schedule M1LS, Tax 
on Lump-Sum Distribution. 
Include the amount from line 11 of Schedule M1LS on line 12 of Form M2. Check the box for Schedule M1LS and include a copy of the 
schedule when you file your return. 
Schedule M2MT—Alternative Minimum Tax.    If you had to complete federal Schedule I, Alternative Minimum Tax, you must complete 
Minnesota Schedule M2MT, Alternative Minimum Tax for Estates and Trusts. 
Include the amount from line 18 of Schedule M2MT on line 12 of Form M2. Check the box for Schedule M2MT and include a copy of the 
schedule with your return. 
Line 13 — Composite Income Tax 
Add the composite income tax attributed to all electing beneficiaries (the total of line 47 from all Schedules KF), and enter the result on line 
13 of Form M2. 
Line 15 — Credit for Taxes Paid to Another State 
You may claim a nonrefundable credit on line 15 for taxes paid to another state if all of the following are true: 
• You are filing as a Minnesota resident estate or trust. 
• You paid 2023 income tax to Minnesota. 
• You paid 2023 income tax to another state on the same income as Minnesota. For purposes of this credit, a Canadian province or territory 
and the District of Columbia are considered a state. 
The credit cannot exceed the sum of the taxes shown on lines 10 and 11 of Form M2. 
Use Schedule M1CR, Credit for Income Tax Paid to Another State, as a worksheet to determine the credit and enter the result on line 15. 
You may not carry forward any unused credit. 
Line 16 – Film Production Credit 
If you received a credit certificate from the Department of Employment and Economic Development (DEED) for eligible production costs, 
enter the credit amount on line 16 and the certificate number in the space provided. 
You may carry any unused credit forward for up to 5 years. 
For more details regarding this tax credit, go to the DEED website at mn.gov/deed. 
Line 17 – Tax Credit for Owners of Agricultural Assets 
If you received a credit certificate from the Minnesota Rural Finance Authority for selling or leasing agricultural assets to a beginning farmer, 
enter the credit amount on line 17 and certificate number in the space provided. 
If you have multiple credits, enter the certificate number the estate or trust received directly from the Rural Finance Authority within the 
certificate number box. If you have multiple credits and received all credits from other pass-through entities, enter the certificate number 
relating to the largest credit amount within the certificate number box. Include a statement showing the certificate numbers and corresponding 
credit amounts for all credits you included on line 17. Subtotal all credit amounts on line 17. 
You may carry any unused credit forward for up to 15 years. 

                                                                                                                       Continued             5 

Form M2 Instructions (continued) 
Line 18 — Unused Credits for Owners of Agricultural Assets from a Prior Year 
If you have a carryforward of one or more prior year Owners of Agricultural Assets Credits, enter the credit amount you are claiming for the 
current year and the relating certificate number from prior year(s). 
If you can claim multiple carryforward credits in the current year, include a statement summarizing the credit amounts and relating certificate 
numbers from prior years. Enter the total carryforward amount for all credits you are claiming in the current year on line 18. 
Include a breakdown schedule showing the amount of credits earned, used, and remaining in each taxable year. 
Line 19 — Housing Tax Credit 
If you received a certificate from the Minnesota Housing Finance Agency (MHFA) for qualifying contributions to a state fund, enter the credit 
amount on line 19 and the certificate number in the space provided. 
You may carry any unused credit forward for up to 10 years. 
For more details regarding this tax credit, go to the MHFA website at www.mnhousing.gov. 
Line 20 - Short Line Railroad Infrastructure Modernization Credit 
You may be eligible for the nonrefundable Short Line Railroad Infrastructure Modernization Credit if the estate or trust operates as a Class II or 
Class III Railroad. 
If you qualify, complete Schedule RAIL, Short Line Railroad Infrastructure Modernization Credit. Enter the credit amount on line 20. 
You may carry any unused credit forward for up to five years or transfer the unused credit to one other taxpayer. To transfer the credit, complete 
the Assignment Form on Schedule RAIL. 
Line 21 - Credit for Sales of Manufactured Home Parks to Cooperatives 
You may be eligible for the nonrefundable Credit for Sales of Manufactured Parks to Cooperatives if the estate or trust sold a manufactured 
home park to a cooperative. 
If you qualify, complete Schedule MHP, Credit for Sales of Manufactured Home Parks to Cooperatives. Enter the credit amount on line 21. 
You may carry any unused credit forward for up to 5 years. 
Line 22 — Credit for Increasing Research Activities 
An estate or trust may receive a Minnesota Credit for Increasing Research Activities as a partner of a partnership or shareholder of an S 
corporation that paid qualified research and development expenses in Minnesota. 
Include on line 19 the credit amount you received on the: 
• 2023 Schedule KS, line 24 
• 2023 Schedule KPI, line 24 
• 2023 Schedule KF, line 31 
The credit is limited to the sum of the taxes shown on lines 10 and 11 of Form M2, or the liability for tax, whichever is less. You may carry any 
unused credit forward for up to 15 years. 
Line 23 — Other Nonrefundable Credits 
If you are claiming a nonrefundable credit other than the credits listed on lines 15 through 22, include the credit on line 23. 
Include on line 23 any credits eligible outright by an estate or trust or received on Schedules KPI, KS, or KF as a partner, shareholder, or 
beneficiary of another entity. 
Include on line 23 only the portion of the credit(s) being retained by the estate or trust. Any portion of the credit(s) being distributed to 
beneficiaries should be reported on the beneficiaries’ Schedules KF. 
If you are including an amount on line 23, include a statement indicating which credit(s) the estate or trust is claiming. Include with your return 
filing any required forms, schedules, credit certificates, or documentation. 
Employer Transit Pass Credit 
You may be eligible for the nonrefundable Employer Transit Pass Credit if the estate or trust operated a business that purchases transit passes 
to sell or give to employees. The credit is equal to 30 percent of the difference between the price you paid for the pass and the price charged 
employees. 
If you qualify, complete Schedule ETP, Employer Transit Pass Credit. Enter the credit amount on line 23. 
You may not carry forward any unused credit. 
SEED Capital Investment Credit 
You may be eligible for the SEED Capital Investment Credit if: 
  •  The estate or trust invested in a qualified business in Breckenridge, Dilworth, East Grand Forks, Moorhead, or Ortonville. 
  •  The business has been certified by the Minnesota Department of Employment and Economic Development (DEED) as qualifying for the 
SEED Capital Investment Program. 
Enter the credit amount from the credit certificate you received from the DEED on line 23. 
You may carry any unused credit forward for up to four years.                                                                   Continued       6 

Form M2 Instructions (continued) 

Alternative Minimum Tax Credit 
You may be eligible for the Alternative Minimum Tax Credit if the estate or trust paid Minnesota alternative minimum tax in one or more 
taxable years from 1989 through 2022. If the estate or trust did not pay Minnesota alternative minimum tax, you do not qualify for the credit. 
Use the Schedule M1MTC, Alternative Minimum Tax Credit, as a worksheet to determine if you qualify or have a credit carry over from a prior 
year of any unused portion of your minimum tax credit. Enter the credit calculated from Schedule M1MTC on line 23. 
Line 26 — Pass-Through Entity Tax Credit 
An estate or trust may receive a tax credit as a qualifying owner of an electing pass-through entity. 
Include on line 26 the credit amount you received on the: 
  •  2023 Schedule KS, line 30 
  •  2023 Schedule KPI, line 30 
  •  2023 Schedule KF, line 39 

Line 27 — Minnesota Income Tax Withheld 
Enter the total of any 2023 Minnesota tax withheld, including: 
  •  Minnesota income tax withheld in error (and not repaid) by an employer on wages and salaries of a decedent that was received by the 
decedent’s estate (enclose a copy of federal Form W-2, Wage and Tax Statement), and 
  •  The fiduciary’s share of any Minnesota income tax withholding from Schedule KS or KPI not passed through to the beneficiaries. 
Minnesota requires backup withholding to be made when the payee is subject to federal backup withholding on reportable payments made to a 
trust for personal services. (IRC section 3406). The Minnesota backup withholding is equal to the payment multiplied by the highest Minnesota 
tax rate for trusts. The Minnesota backup withholding must be passed through to the trust’s beneficiary(s) based upon the income distributed to 
the beneficiary(s). Report each beneficiary’s portion of the backup withholding on line 40 of Schedule KF. 
If you are including withholding on line 27, include a copy of the federal Form 1099, Schedule KPI, Schedule KS or other documentation 
showing the amount withheld. If the documentation is not included with your Form M2, the department will disallow the amount and assess the 
tax or reduce your refund. 
Line 28 — Total Estimated Tax Payments and Any Extension Payments 
Enter your total estimated tax and extension payments paid for the tax year, including: 
  •  your total 2023 estimated tax payments made in 2023 and 2024, either paid electronically or by check, 
  •  the portion of your 2022 refund applied to your 2023 estimated tax, and 
  •  any 2023 extension payment, paid electronically or by check, that was made by the due date when filing under an extension. 
Line 29 — Historic Structure Rehabilitation Tax Credit 
You may be eligible for the refundable Minnesota Historic Structure Rehabilitation Credit if all of the following apply: 
  •  You made qualified improvements to a certified historic structure in Minnesota. 
  •  The improvements qualify for the federal Historic Rehabilitation Credit under Internal Revenue Code, section 47. 
  •  You applied for certification to the Minnesota State Historic Preservation Office (SHPO) before starting the project. 
  •  SHPO issued a credit certificate upon the project’s completion. 
For estates and trusts who receive a credit certificate from Minnesota SHPO, enter the National Park Service (NPS) project number from the 
credit certificate you received in the space provided, and include on line 29: 
  •  The credit amount shown on the credit certificate if the initial application for allocation certificate was submitted to SHPO on or before 
December 31, 2017. 
  •  One-fifth of the credit amount shown on the credit certificate if the initial application for allocation certificate was submitted to SHPO after 
December 31, 2017. 
For details about the Minnesota and federal credits, go to the SHPO website at mn.gov/admin/shpo. 
Line 30 — Other Refundable Credits 
If you are claiming a refundable credit other than the Historic Structure Rehabilitation Tax Credit or Pass-Through Entity Tax Credit, include 
the credit on line 30. 
Include on line 30 any credits eligible outright by an estate or trust or received on Schedules KPI, KS, or KF as a partner, shareholder, or 
beneficiary of another entity. 
Include on line 30 only the portion of the credit(s) being retained by the estate or trust. Any portion of the credit(s) being distributed to 
beneficiaries should be reported on the beneficiaries’ Schedules KF. 
If you are including an amount on line 30, include a statement indicating which credit(s) the estate or trust is claiming. Include with your return 
filing any required forms, schedules, credit certificates, or documentation. 
                                                                                                                           Continued            7 

Form M2 Instructions (continued) 

Enterprise Zone Credit 
You may be eligible for the refundable Enterprise Zone Credit if the estate or trust operated a business that has been approved by the Minnesota 
Department of Employment and Economic Development (DEED) as employment property in an enterprise zone. 
If you received are approval from DEED for the Enterprise Zone Credit, enter the credit amount on line 30. Attach the certification document 
received from the DEED. 
For more details about the zones, go to the DEED website at mn.gov/deed. 
Angel Investment Tax Credit 
You may be eligible for the refundable Angel Investment Tax Credit if you made investment in certain Minnesota businesses. The Minnesota 
Department of Employment and Economic Development (DEED) certifies investors, investment funds, and businesses as being eligible to 
participate in this credit program. 
If you received the Angel Investment Tax Credit Certificate issued by DEED, enter the credit amount on line 30. 
For more information about credit eligibility, go to the DEED website at mn.gov/deed. 
Line 33 — Penalty 
Penalties are collected as part of the tax and are in addition to any charge for underpaying estimated tax. If you are paying your tax after the 
regular due date, include the appropriate penalties on line 33. Include a statement showing how you arrived at the penalty amount. 
Late Payment. If the tax is not paid by the original due date, a penalty is due of 6 percent of the unpaid tax on line 32. 
Balance Not Paid. If you file your return after the regular due date with a balance due, an additional 5 percent penalty will be assessed on the 
unpaid tax. 
Late Filing. If you are filing your return after the extended due date, you must pay a late filing penalty. The late filing penalty is 5 percent of the 
unpaid tax on line 32. 
Payment Method. If you are required to pay electronically and do not, an additional 5 percent penalty applies to payments not made 
electronically, even if your paper check is sent on time. 
If, during the 12 months ending June 30 of the tax year, you paid $10,000 or more in estimated tax payments, you are required to make all 
future estimated tax payments electronically beginning January 1 of the following tax year. Once you meet the electronic payment threshold, 
you are required to pay electronically for all future periods. 
You must also pay electronically if you’re required to pay any Minnesota business tax electronically. 
Line 34 — Interest 
You must pay interest on the unpaid tax and penalty from the regular due date until the total is paid. The interest rate for calendar year 2024 is 
8%. To figure how much interest you owe, use the following formula with the appropriate interest rate:  
Interest = (tax + penalty) x # of days late x interest rate ÷ 365 
Line 35 — Trusts Only - Additional Charge 
Skip this line if you are an estate. 
Trusts: If you did not pay the correct amount of estimated tax by the due dates, you may have to pay an additional charge for underpaying or 
not paying estimated tax. 
You may also owe an additional charge if the sum of the following is more than $500: 
  • Line 14 
  • Less the sum of any credits on lines 15 - 24. 
Complete Schedule EST, Additional Charge for Underpayment of Estimated Tax (for Trusts, Partnerships and S Corporations), to determine 
the additional charge for underpaying estimated tax, if any, to enter on line 35. Include Schedule EST with your return. 
Line 36 — Amount Due 
Add lines 32 through 35. This is the total amount you owe. 
Check the appropriate box on line 36 to indicate your method of payment. See Payment Options on page 3. 
Line 37 — Overpayment 
If you have an overpayment, you may choose to have it directly deposited into your bank account, apply all or a portion of your overpayment 
toward your 2024 estimated tax account, or receive a check. 
Line 38 — 2024 Estimated Tax 
Skip this line if you owe additional tax or you will be electing to have your entire refund directly deposited (see line 40). 
If you are paying 2024 estimated tax, you may apply all or a portion of your refund to your 2024 estimated tax.  
Enter the portion of line 37 you want to apply toward your 2024 estimated tax. 
Line 39 — Minnesota Income Tax Refund 
Subtract line 38 from line 37. The result is the amount of your 2023 Minnesota income tax refund that will be refunded to you. 
If you want to request your refund to be direct deposited into your bank account, complete line 40. Your bank statement will indicate when your 
refund was deposited to your account. Otherwise, skip line 40 and your refund will be sent to you in the mail.                Continued          8 

Form M2 Instructions (continued) 

Signature
The return must be signed by the fiduciary or authorized officer of the organization receiving, controlling or managing the income of the 
estate or trust. The person must also include his or her ID number. 
If someone other than the fiduciary prepared the return, the preparer must also sign and provide their Preparer Tax Identification Number 
(PTIN) and phone number. 
Check the box to authorize the department to discuss this return with the preparer. This authority allows us to discuss with your preparer 
these items from this return: line item details; tax due on original and adjustments made during processing; penalty or interest due; docu-
ments received or sent like a tax order or bill; and dates and amounts of payments, credits, or refunds. The authority also allows your 
preparer to cancel direct deposit or debit payments and submit an abatement request. 
The authority granted by a marked return checkbox is valid for one year after the due date for current original returns, or one year from the 
date the form was submitted for amended and noncurrent original returns. 
Checking the box does not give your preparer the authority to sign any tax documents on your behalf, represent you at any audit or appeals 
conference, or discuss abatement progress. For these types of authorities, you must file Form REV184b, Business Power of Attorney, with 
the department. 

E-mail Address 
If the department has questions regarding your return and you want to receive correspondence electronically, indicate the e-mail address 
below your signature. Check a box to indicate if the e-mail address belongs to the fiduciary or paid preparer. 
By providing an e-mail address, you are authorizing the department to correspond with you or the designated person via email and you 
understand that the entity’s nonpublic tax data may be transmitted over the Internet. 
You also accept the risk that the data may be accessed by someone other than the intended recipient. The department is not liable for any 
damages that the fiduciary may incur as a result of an interception. 

Line 40 — To Request Direct Deposit of Refund                                                                                                  
                                                                                                  You can find your bank’s routing number and 
If you want your refund to be directly deposited into your checking or savings account, enter the account number on the bottom of your check. 
routing and account numbers. 
The routing number must have nine digits.The account number may contain up to 17 digits 
(both numbers and letters). Enter the number and leave out any hyphens, spaces and symbols. 
If the routing or account number is incorrect or is not accepted by your financial institution, your refund will be sent to you in the form of a 
paper check. 
By completing line 40, you are authorizing the department and your financial institution to initiate electronic credit entries, and if necessary, 
debit entries and adjustments for any credits made in error. 

Line 41 — State and Municipal Bond Interest         
Enter the amount of interest or dividends received from bonds or a bond mutual fund which invests in non-Minnesota state or municipal 
securities. 
For dividends received from a bond mutual fund, determine the amount to include using the following instructions: 
  • If 95 percent or more of the federally tax-exempt dividends from a mutual fund came from bonds issued by Minnesota, only the portion of 
    the dividend generated by non-Minnesota bonds must be included. 
  • If less than 95 percent of all federally tax-exempt interest dividends from a mutual fund came from bonds issued by Minnesota, all of the 
    federally tax-exempt interest dividend from that fund must be included. 
Nonresident estates and trusts: Non-Minnesota interest or dividends received from bonds or a bond mutual fund do not have to be added 
back to Minnesota income. [M.S. 290.0131, subd. 2] 
Line 42 — State Taxes Deducted in Arriving at Net Income 
Enter the amount of state income tax, sales and use tax, motor vehicle sales tax, excise tax, or tax based on net income paid or accrued within 
the taxable year and deducted on the federal return. For the purposes of this addition, “state” means any state or any province or territory of 
Canada to the extent the tax is deducted under IRC section 63(d). [M.S. 290.0131, subd. 3] State income tax deductions are not allowed on 
the Minnesota return. 
Line 43 — Expenses Related to Income Not Taxed by Minnesota, Other Than From U.S. Bond Obligations 
Enter the amount of expenses deducted on your federal return that relate to income not taxed by Minnesota. [M.S. 290.0131, subd. 6].    If you 
had expenses attributable to interest or mutual fund dividends from U.S. bonds, see the instructions for line 57 on page 10. 

                                                                                                                             Continued           9 

Form M2 Instructions (continued) 
Line 44 — Suspended Loss of Bonus Depreciation 
If you’re claiming a suspended loss from 2001-2005 or 2008-2022 on your federal return that was generated by bonus depreciation, and you 
did not add back 80 percent of the bonus depreciation in those years, complete the following steps: 
       1 Bonus depreciation from 2001–2005 or 2008-2022 not added back on Form M2 ..................................               
      2  Total suspended loss from activity remaining after 2023 .....................................................             
      3  Subtract step 2 from step 1 (if a negative amount, enter zero)  .................................................         
       4 Multiply step 3 by 80 percent (.80)...................................................................... 
       5 Total of the 80 percent bonus depreciation addition passed through to you as a beneficiary of another estate or trust 
    (from line 4 of Schedule KF)      .......................................................................... 
       6 Add steps 4 and 5. Enter hereand on line 44 .............................................................. 

Line 45 — Bonus Depreciation Addition                  
If you claimed federal bonus depreciation, you must add back 80 percent of the bonus depreciation to Minnesota. Follow the steps below to 
determine line 45. 
       1 Add line 14 and line 25 of your federal Form 4562*......................................................... 
      2  Total of bonus depreciation passed through to you as a shareholder of an S corporation (from line 4 of Schedule KS), or  
    as a partner of a partnership (from line 4 of Schedule KPI) ................................................... 
      3  Add steps 1 and 2.................................................................................... 
      4  Multiply step 3 by 80% (.80) ........................................................................... 
      5  Total of any 80% federal bonus depreciation addition you received as a beneficiary of another estate or trust (from  
    line 5 of Schedule KF) ................................................................................ 
6 Add steps 4 and 5. Enter here and on line 45 ............................................................... 
* If bonus depreciation included in step 1 or 2 generated a loss in an activity that cannot be deducted in 2023 (e.g., a passive activity loss, a 
loss in excess of basis, or an excess business loss), you may reduce step 1 or 2 by the amount of loss not allowed from the activity for 2023, 
up to the bonus depreciation claimed by the activity. 
In a future year, you must include the bonus depreciation as an addition when the 2023 suspended loss is allowed. The bonus depreciation is 
treated as the last suspended loss allowed. 

Line 46 — Section 199A Qualified Business Income (QBI) 
Enter the amount of QBI you deducted from net income under Internal Revenue Code (IRC) section 199A for the taxable year. Include on line 
46 only the portion of the QBI deduction being retained by the estate or trust. Allocate 100% of line 46 to the fiduciary on line 74 of Form M2. 
[M.S. 290.0131, subd. 16] 
Line 47 
This line is intentionally left blank. 
Line 48 — Net Operating Loss (NOL) Carryover Adjustment 
If you claimed a federal net operating loss deduction on line 15b of federal Form 1041 in this tax year, add that amount to line 48 as a positive 
number. 
Line 49 — Foreign-Derived Intangible Income (FDII) Deduction 
Enter the amount of foreign-derived intangible income (FDII) you deducted from net income under IRC section 250 for the taxable year. [M.S. 
290.0131, subd. 17] 
Line 50 
This line is intentionally left blank. 
Line 51 — Other Additions 
Include an amount on line 51 if the estate or trust is required to make any of the following Minnesota additions: 
  •  First-time home buyer savings account addition [M.S. 290.0131, subd. 14] 
  • 529 plan addition [M.S. 290.0131, subd. 15] 
Lines 52 through 55 
These lines are intentionally left blank. 
Line 57 — Net Interest from U.S. Bonds 
Interest earned on certain direct federal obligations is taxable on the federal return, but is not taxable on the state return. You may reduce your 
taxable income if you reported interest on your federal return that is exempt from state income tax. 
Include the interest you received from certain U.S. bonds, bills, notes and other debt instruments, reduced by any related investment interest 
and other expenses you deducted on your federal return that relate to this income. 
                                                                                                                                            10 
                                                                                                                                   Continued 

Form M2 Instructions (continued) 

You may also include the portion of dividends from mutual funds that are attributable to such bonds, bill or notes, reduced by any related 
expenses you deducted on your federal return. 
Enclose a statement from the fund indicating the proportionate interest earned on the above securities. [M.S. 290.0132, subd. 2] 
Line 58 — State Income Tax Refunds 
Income tax refunded by Minnesota or any other taxing jurisdiction that was included as income on the federal return is not  
taxed by Minnesota. [M.S. 290.0132, subd. 3] 
Line 59 — Federal Bonus Depreciation Subtraction
You may be able to reduce your taxable income if you: 
   • deducted bonus depreciation on your 2018 through 2022 federal return, and 
   • reported 80 percent of the federal bonus depreciation as an addition to income on your 2018 through 2022 Form M2, or 
  •  received a federal bonus depreciation subtraction in 2023 from another estate or trust. 
To determine the amount, see Worksheet for Line 59. 
Worksheet for Line 59 
If you claimed bonus depreciation as an addition on your 2018 Form M2: 
   1   Portion of lines 28 and 29 of your 2018 Form M2 allocated to fiduciary        ...........................................                                          1 
   2   Net operating loss generated for tax year 2018 (line 25, Schedule          A of 2018 federal Form             1045).  Enter           as a positive number   ..    2 
   3  Subtract step 2 from step 1 ............................................................................... 3  
   4   Multiply step 3 by 20% (.20)   .............................................................................                                                       4 
If you claimed bonus depreciation as an addition on your 2019 Form M2: 
   5   Portion of lines 28 and 29 of your 2019 Form M2 allocated to fiduciary       ...........................................                                           5 
   6   Net operating loss generated for tax year 2019 (line 25, Schedule          A of 2019 federal Form             1045).  Enter           as a positive number   . .   6 
   7   Subtract step 6 from step 5 ...............................................................................                                                        7 
   8   Multiply step 7 by 20% (.20)   .............................................................................                                                       8 
If you claimed bonus depreciation as an addition on your 2020 Form M2: 
   9   Portion of lines 38 and 39 of your 2020 Form M2 allocated to fiduciary       ...........................................                                           9 
   10  Net operating loss generated for tax year 2020 (line 24, Schedule          A of 2020 federal Form             1045).  Enter           as a positive number     10 
   11  Subtract step 10 from step 9............................................................................. 11                                                      
   12  Multiply step 11 by 20% (.20) ........................................................................... 12                                                      
If you claimed bonus depreciation as an addition on your 2021 Form M2: 
   13  Portion of lines 41 and 42 of your 2021 Form M2 allocated to fiduciary .......................................... 13                                              
   14  Net operating loss generated for tax year 2021 (line 24, Schedule          A of 2021 federal Form             1045).  Enter           as a positive  number   14      
   15  Subtract step 14 from step 13 (if zero or less, enter 0).........................................................15  
   16  Multiply step 15 by 20% (.20)........................................................................... 16                                                          
If you claimed bonus depreciation as an addition on your 2022 Form M2: 
   17  Portion of lines 41 and 42 of your 2022 Form M2 allocated to fiduciary..........................................17  
   18  Net operating loss generated for tax year 2022 (line 24, Schedule          A of 2022 federal Form             1045).  Enter           as a positive  number   18      
   19  Subtract step 18 from step 17 (if zero or less, enter 0).........................................................19  
   20  Multiply step 19 by 20% (.20)........................................................................... 20                                                          
If you received a subtraction in 2023 from an estate or trust: 
    21Total of any bonus depreciation subtraction amounts you received   
    as a beneficiary of an estate or trust (from line 18 of Schedule KF)  .............................................. 21  
Total subtraction 
    22Add steps 4, 8, 12, 16, 20, and 21. Enter here and on line 59 of Form M2      ............................................ 22                                         

Line 60 
This line is intentionally left blank. 
Line 61 — Subtraction for Railroad Maintenance Expenses 
Enter the amount of any qualified railroad track maintenance expenditures that are not allowed to be deducted on your federal return due to 
claiming the federal credit under IRC section 45G(a). This includes the amount of depreciation expenses you were not allowed for federal 
income tax purposes due to making a basis adjustment as a result of claiming the federal credit. [M.S. 290.0132, subd. 22] 
Line 62 — Net Operating Loss (NOL) Carryover Adjustment  
Enter the amount of  your Minnesota net operating loss allowed in this year. [M.S. 290.095, subd. 11] 
Line 63 — Deferred Foreign Income (IRC Section 965) 
Enter the amount of deferred foreign income included in net income under IRC section 965 for the taxable year. [M.S. 290.0132, subd. 27] 
                                                                                                                                                                             11 

Line 64 — Disallowed IRC Section 280E Expenses of a Licensed Cannabis Business 
If you are a licensed cannabis business with the Office of Cannabis Management, you may subtract expenses that were not allowed for federal tax 
purposes under IRC section 280Ee. Enter the disallowed IRC section 280E expenses on line 62. [M.S. 290.0132, subd. 29] 
Lines 65 — Delayed Business Interest 
You may be able to reduce your taxable income if you: 
     •       Reported a nonconformity adjustment in tax years 2019 through 2022 for business interest expense deducted under the special rule (CARES 
             Act Section 2306) in section 163(j)(1)(A) and (B) of the Internal Revenue Code. 
     •       Have an unused Minnesota-only excess business interest expense carried forward from your 2019 through 2022 Minnesota returns. 
To determine the amount of your subtraction, sum the amounts reported on the following nonconformity adjustment lines: 
     •       2019 Form M2, line 36, or 2019 Form M2SB, line 23 
     •  2020 Schedule M2NC, line 6, or 2020 Schedule M2SBNC, line 6 
     •       2021 Schedule M2NC, line 5, or 2021 Schedule M2SBNC, line 5 
     •       2022 Schedule M2NC, line 5, or 2022 Schedule M2SBNC, line 5 
Multiply the total of the above lines by 20 percent. This is the amount of your subtraction in tax year 2023. The remaining 4/5th of the total can 
be taken as a 20 percent subtraction in each of the tax years 2024 through 2027. 
Lines 66 — Delayed Net Operating Loss Deduction 
You may be able to reduce your taxable income if you: 
     •       Reported a nonconformity adjustment in tax years 2017 through 2022 for net operating loss deducted as a result of the CARES Act Section 
             2303. 
     •       Have an unused Minnesota-only net operating loss deduction carried forward from your 2017 through 2022 Minnesota returns. 
To determine the amount of your subtraction, sum the amounts reported on the following nonconformity adjustment lines: 
     •       2017 Form M2, line 31b with Code 19, or 2017 Form M2SB, line 18b with Code 19 
     •       2018 Schedule M2NC, line 26, or 2018 Schedule M2SBNC, line 27 
     •       2019 Form M2, line 35, or 2019 Form M2SB, line 22 
     •       2020 Schedule M2NC, line 4, or 2020 Schedule M2SBNC, line 4 
     •  2021 Schedule M2NC, line 3, or 2021 Schedule M2SBNC, line 3 
     •  2022 Schedule M2NC, line 3, or 2022 Schedule M2SBNC, line 3 
Use the worksheet below to determine your Minnesota subtraction. 
      Worksheet for Line 66 
      1   Enter the amount from your prior year nonconformity adjustments totaled above .................................... 
      2   Enter the amount of federal taxable income from line 23 of federal Form 1041. If less than zero, enter 0. ................. 
      3   Multiply step 2 by 80% (.80) ............................................................................. 
             4 Enter the lesser of step 1 or step 3. Include this amount on line 66  ............................................... 
      5   Subtract step 4 from step 1. This is your Minnesota NOL carried into 2024. Retain this amount for your records ........... 

Line 67 — Other Subtractions 
Include an amount on line 67 if the estate or trust is required to make any of the following Minnesota subtractions: 
     •       Gain on forced sale of farm property subtraction [M.S. 290.0132, subd. 6] 
     •       National Guard and reserve compensation subtraction [M.S. 290.0132, subd. 11] 
     •       Armed forces active-duty compensation paid to Minnesota residents subtraction [M.S. 290.0132, subd. 12] 
     •       Nonresident military service compensation subtraction [M.S. 290.0132, subd. 15] 
     •       National service educational awards subtraction [M.S. 290.0132, subd. 16] 
     •       Military service pension and retirement pay subtraction [M.S. 290.0132, subd. 21] 
        •    Contributions to section 529 plan subtraction [M.S. 290.0132, subd. 23] 
        •    First-time home buyer savings account subtraction [M.S. 290.0132, subd. 25] 
        •    Social Security benefits subtraction [M.S. 290.0132, subd. 26] 
        •    Volunteer driver reimbursement subtraction [M.S. 290.0132, subd. 30] 
        •    Qualified retirement benefits subtraction [M.S. 290.0132, subd. 34] 
        •    Damages for sexual harassment or abuse subtraction [M.S. 290.0132, subd. 35] 
Lines 68 through 71 
These lines are intentionally left blank. 

                                                                                                                                           12 

Allocation of Adjustments (Lines 73-75) 
The beneficiary(s) of a trust or an estate must file an individual or fiduciary income tax return to report their portion of the income distributed. 
A resident individual beneficiary must report all income from the trust or estate. A nonresident individual beneficiary who receives $13,825 or 
more of Minnesota gross income must report income assignable to Minnesota. 
The purpose of this section is to allocate any adjustments noted on lines 41-55 and 57-71 between the beneficiary(s) and fiduciary. If all the 
income is retained by the trust or estate, then any adjustment is allocated entirely to the fiduciary. If all of the income is distributed, then any 
adjustment is passed through to the beneficiary(s) in proportion to their share of distributable net income. If part of the income is retained and 
part distributed, then part of the adjustment is allocated to the fiduciary and part to the beneficiary(s). 
The share of adjustments in column E is the same percentage share as the fiduciary’s and each beneficiary’s share of federal distributable net 
income to the total distributable net income (the amount on Form 1041, Schedule B, line 7). Divide each share by the total distributable net 
income to determine the percentage. 
Certain adjustments must be assigned entirely to the fiduciary or the beneficiary. See the instructions for line 27 on page 7 for the allocation 
instructions for Minnesota backup withholding. See the instructions for line 46 on page 10 for the allocation instructions for the Section 199A  
QBI addition. 
Where the adjustment is an addition, that portion of the adjustment allocated to each beneficiary and to the fiduciary must be shown as an addi-
tion. 
Where the adjustment is a subtraction, that part of the adjustment allocated to each beneficiary and to the fiduciary must be shown as a 
subtraction. 

Column C 
Enter the federal distributable net income assigned to each beneficiary and the fiduciary as determined     for federal purposes. Add the amounts 
and enter the total on line 75, column C. 

Column D 
To obtain the proper percentage, divide each figure from column C on lines 73 and 74 by the total of column C on line 75. Enter this percentage 
in column D to correspond with each beneficiary and the fiduciary. The total of column D must equal 100%. 

Column E 
To obtain the proper share for each beneficiary and the fiduciary, multiply the adjustment on line 75, column E, under additions and 
subtractions by the percentage in column D. Enter the result for each beneficiary and the fiduciary in column E, under additions or subtractions. 
Complete a Schedule KF for each beneficiary who is assigned adjustments. Complete and provide Schedule KF to each nonresident beneficiary 
with Minnesota source income and any Minnesota beneficiary who has adjustments to income. 

Completing Schedule KF
Complete and provide Schedule KF to each nonresident beneficiary and any Minnesota resident beneficiary who has adjustments to income. 
Enter the information associated with this estate or trust and beneficiary. 

Purpose
An estate or trust must provide each nonresident beneficiary, and any Minnesota beneficiary with adjustments to income, with enough 
information for them to complete a Minnesota income tax return and determine their correct Minnesota tax. 
Schedule KF provides beneficiaries the information they need to file a Minnesota income tax return. The schedule shows each beneficiary their 
specific share of the fiduciary’s income, credits and modifications. Provide the beneficiary a copy of both the front and back of the completed 
Schedule KF and instructions. 
If there are no modifications or credits and the beneficiary is a full-year Minnesota resident, you do not have to provide Schedule KF. 
You must enclose with your Form M2 copies of the Schedules KF and attachments issued to your beneficiaries and copies of your federal 
Schedules K-1. 

Line Instructions 
Enter the name, address and social security number of the beneficiary. 
Calculate lines 1-40 the same for all resident and nonresident beneficiaries. Calculate lines 41-45 for estate, trust, and nonresident individual 
beneficiaries only. Calculate lines 46-47 for nonresident beneficiaries only. Round amounts to the nearest whole dollar. 

All Beneficiaries, Lines 1-40
KF, lines 1-5 and 7-29 
If all or part of the fiduciary’s income is distributed, then any adjustment shown on lines 41-55 and 57-71 of Form M2 is passed through to 
the beneficiary(s) in proportion to their share of distributable net income. Certain adjustments must be assigned entirely to the fiduciary or the 
beneficiary. See the  Allocation of Adjustments instructions on page 12 for more details. From line 73 of Form M2, enter the adjustments to 
income allocated to each beneficiary. 

                                                                                                                                                 13 

Completing Schedule KF (continued) 

KF, line 6 
If you checked the box for Installment Sale of Pass-through Assets or Interests and the gain from the sale was distributed, then complete line 
6 for all applicable Schedules KF to report installment sale information to your beneficiaries. 
Line 6a. Enter each beneficiary’s share of the gross profit from any installment sale of S corporation stock or assets, or partnership interests 
or assets executed after December 31, 2016. 
If the sale was completed by the fiduciary, then the total gross profit is found on federal Form 6252, line 16. If the sale was executed by an 
entity owned by the fiduciary, or another entity in a multi-tiered structure, then this information is reported on:
 • Schedules KS and KPI, line 7a
 • Schedule KPC, line 10a
 • Schedule KF, line 6a 
This amount is allocable amongst the beneficiaries in proportion to their share of distributable net income. 
If installment sale information is reported to the fiduciary on informational schedules from other entities, then the amount reported to the 
beneficiaries should equal the total amount reported on all Schedules KF, KPI, KS, and KPC. 
If the fiduciary receives installment payments from multiple sales executed after December 31, 2016, attach a schedule to Form M2 detailing 
the different sales and distributive allocations. 
Line 6b. Enter each beneficiary’s share of installment sale income from the sale of S corporation stock, or partnership interests, and any 
installment sale income from the sale of the assets of any S corporation or partnership. If the sale was completed by the fiduciary completing 
this schedule, then the total installment sale income is found on Form 6252, line 24. If the sale was executed by an entity owned by the 
fiduciary, or another entity in a multi-tiered structure, then this information is reported on:
 • Schedules KS and KPI, line 7b
 • Schedule KPC, line 10a
 • Schedule KF, line 6b 
This amount is allocable amongst the beneficiaries in proportion to their share of distributable net income. 
If installment sale information is reported to the fiduciary on informational schedules from other entities, then the amount reported to the 
beneficiaries should equal the total amount reported on all Schedules KF, KPI, KS, and KPC. 
Line 6c. Enter the S corporation’s or partnership’s apportionment percentage in the year of the installment sale. This information is reported 
on:
 • Schedule KS, line 47, for shareholders of a S corporation
 • Schedule KPI, line 49, for partners of a partnership
 • Schedule KF, line 6c, for beneficiaries of a trust or estate. Enter the amount as a positive number carried to five decimal places. 
Note: If you are reporting a gain from an entity in a multi-tiered pass-through structure, you may need to gather information from the tax 
preparer of the company that executed the sale. 
KF, line 7 
This line is intentionally left blank. 
KF, line 8 
For individual beneficiaries, include only the portion of the NOL adjustment relating to the WHBA of 2009. [M.S. 290.095, subd. 11(c)] 

KF, lines 11 through 15 
These lines are intentionally left blank. 
KF, line 20 
This line is intentionally left blank. 
KF, line 21 
For individual beneficiaries, include only the portion of the NOL adjustment relating to the WHBA of 2009. [M.S. 290.095, subd. 11(c)] 
KF, lines 26 through 29 
These lines are intentionally left blank. 
KF, line 30 
If you received a Minnesota income tax withholding credit, enter the beneficiary’s distributive share of any credit that is passed through to the 
beneficiary. Do not include amounts reported on line 27 of Form M2. 
KF, line 31 
If you are a partner of a partnership or a shareholder of an S corporation that conducted qualified research and development in Minnesota, 
enter the beneficiary’s distributive share of the credit from line 24 of Schedule KPI and line 24 of Schedule KS. Attach the appropriate 
schedule when you file your return. 
                                                                                                                                               14 

Completing Schedule KF (continued) 

KF, line 33 
If you received a credit certificate from the Minnesota Rural Finance Authority for selling or leasing agricultural assets to a beginning farmer, 
enter the certificate number in the space provided and the beneficiary’s distributive share of the credit on line 33. 
If you have multiple credits, enter the certificate number your fiduciary received directly from the Rural Finance Authority within the 
certificate number box. If you have multiple credits and received all credits from other pass-through entities, enter the certificate number 
relating to the largest credit amount within the certificate number box. Subtotal all credit amounts on line 33. 
KF, line 34 
The estate or trust must distribute unused credits for owners of agricultural assets from a prior year to beneficiaries based upon the percentage 
of income distributed to the beneficiary. Include the beneficiary’s share of the unused credit carryover on line 34. Also include the certificate 
number and remaining carryover years of the unused credit in the spaces provided. 
The carryover years include the current tax year and must be  a number between 1 and 15. For example, the estate or trust received the credit 
in tax year 2022 and retained all income. Then the estate or trust is distributing some or all income in tax year 2023. The estate or trust  
should include the number “15” on the Remaining Carryover Years line on the 2023 Schedule KF. 
KF, line 35 
If you received a credit certificate from the Minnesota Housing Finance Agency (MHFA), enter the beneficiary’s distributive share of the 
credit on line 35. 
KF, line 36 
If you are eligible for the nonrefundable Short Line Railroad Infrastructure Modernization Credit, enter the beneficiary’s distributive share of 
the credit on line 36. 
KF, line 37 
If you are eligible for the nonrefundable Credit for Sales of Manufatured Home Parks to Cooperatives, enter the beneficiary’s distributive 
share of the credit on line 37. 
KF, line 38 
If you are a partner of a partnership or a shareholder of an S corporation that qualified for the historic structure rehabilitation tax credit, enter 
the beneficiary’s distributive share of the credit from line 27 of Schedule KPI and line 27 of Schedule KS. Attach the appropriate certificate 
when you file your return and enter the NPS project number in the space provided. 
KF, line 39 
If the estate or trust is a qualifying owner of an electing pass-through entity, enter the beneficiary’s distributive share of the credit that is 
passed through to the beneficiary. Do not include amounts reported on line 26 of Form M2. 
KF, line 40 
If you remitted Minnesota backup withholding on a reportable payment made for personal services, include the beneficiary(s) portion of 
the backup withholding on line 40. The Minnesota backup withholding must be passed through to the trust’s beneficiary(s) based upon the 
income distributed to the beneficiary(s). See the instructions for line 27 of Form M2 for more details. 
Estate, Trust, and Nonresident Individual Beneficiaries, Lines 41-45 
Lines 41-45 apply to estate, trust, and nonresident individual beneficiaries. This beneficiary will be taxed on the income that is allocable to 
Minnesota. 
KF, lines 41-44 
From the beneficiary’s federal Schedule K-1 (1041), enter the Minnesota portion of amounts on lines 41-44. 
Interest or dividend income derived from a trade or business (S corporations and partnerships) that is apportioned to Minnesota should be 
included on line 43. 
Include only other income allocable to Minnesota on line 44. For example, include other income from services performed in Minnesota, but 
do not include interest, dividends or distribution from a pension plan or an annuity. 
KF, line 45 
Minnesota source gross income is used to determine if a nonresident individual is required to file a Minnesota individual income tax return 
(Form M1). Gross income is income before business or rental deductions and does not include losses. 
Enter the beneficiary’s distributive share of the fiduciary’s Minnesota source gross income. 

                                                                                                                                                  15 

Completing Schedule KF (continued) 

Nonresident Beneficiaries, Lines 46-47 
Composite Income Tax
KF, line 46 
Use the Worksheet for Line 46 to determine line 46. 

Worksheet for Line 46 
1   80 percent of bonus depreciation from line 5 of the beneficiary’s Schedule KF ......................................
      2  Enter the amount from line 9 of the beneficiary’s Schedule KF ..................................................
      3  Combine lines 41-44 of the beneficiary’s Schedule KF .........................................................
    4 Add steps 1, 2 and 3....................................................................................
      5  To the extent allowed by law, enter one-fifth of the beneficiary’s share of the federal bonus depreciation that was added  
    back in a year the beneficiary elected to be included in composite income tax ......................................
    6 Combine lines 22 and 24 of the beneficiary’s Schedule KF......................................................
      7  Add steps 5 and 6 ......................................................................................
    8 Subtract step 7 from step 4 ...............................................................................
Enter the result from step 8 on line 46 of the beneficiary’s Schedule KF. The result in step 8 is the beneficiary’s adjusted Minnesota source 
distributive income from this fiduciary. 

KF, line 47 
Nonresident beneficiaries must pay tax if their Minnesota gross income is more than the minimum filing requirement for the year ($13,825 
for 2023). 
Skip this line if the nonresident beneficiary did not elect the fiduciary to pay composite income tax on his or her behalf. 
To determine the amount of composite income tax to pay on behalf of each electing beneficiary, follow the steps on the Worksheet for Line 
47. 
Check the box next to line 47 indicating the beneficiary’s election for composite income tax filing. 
If the beneficiary elects to be included in composite income tax but has zero tax due, enter zero on line 47 and still check the box to indicate 
the election. 
Once you have completed all Schedules KF for your electing nonresident beneficiaries, add the amounts on line 47 of all schedules and enter 
the total on line 13 of Form M2. This is the amount of composite income tax you are required to pay on behalf of your electing beneficiaries. 

Worksheet for Line 47 
1   Multiply line 46 of Schedule KF by 9.85% (.0985).....................................................
  2 Add the credits and backup withholding from lines 30, 32 through 38, and 40 of Schedule KF...................
  3  Subtract step 2 from step 1. If the result is less than zero, enter zero .......................................
The result in step 3 is the amount you are required to pay on behalf of the electing beneficiary.  
Enter this amount on line 47 of the beneficiary’s Schedule KF and check the box to indicate the beneficiary’s election to be included. 

                                                                                                                                              16 

2023 Tax Table 
If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is: 
at least   but less than your tax is at least but less than   your tax is at least but less than   your tax is at least but less than   your tax is 
         0 20            0           6,200    6,300           334         12,500   12,600          671         18,800   18,900          1,008 
20         100           3           6,300    6,400           340         12,600   12,700          677         18,900   19,000          1,014 
100        200           8           6,400    6,500           345         12,700   12,800          682         19,000   19,100          1,019 
200        300           13          6,500    6,600           350         12,800   12,900          687         19,100   19,200          1,025 
300        400           19          6,600    6,700           356         12,900   13,000          693         19,200   19,300          1,030 
400        500           24          6,700    6,800           361         13,000   13,100          698         19,300   19,400          1,035 
500        600           29          6,800    6,900           366         13,100   13,200          704         19,400   19,500          1,041 
600        700           35          6,900    7,000           372         13,200   13,300          709         19,500   19,600          1,046 
700        800           40          7,000    7,100           377         13,300   13,400          714         19,600   19,700          1,051 
800        900           45          7,100    7,200           383         13,400   13,500          720         19,700   19,800          1,057 
900        1,000         51          7,200    7,300           388         13,500   13,600          725         19,800   19,900          1,062 
1,000      1,100         56          7,300    7,400           393         13,600   13,700          730         19,900   20,000          1,067 
1,100      1,200         62          7,400    7,500           399         13,700   13,800          736         20,000   20,100          1,073 
1,200      1,300         67          7,500    7,600           404         13,800   13,900          741         20,100   20,200          1,078 
1,300      1,400         72          7,600    7,700           409         13,900   14,000          746         20,200   20,300          1,083 
1,400      1,500         78          7,700    7,800           415         14,000   14,100          752         20,300   20,400          1,089 
1,500      1,600         83          7,800    7,900           420         14,100   14,200          757         20,400   20,500          1,094 
1,600      1,700         88          7,900    8,000           425         14,200   14,300          762         20,500   20,600          1,099 
1,700      1,800         94          8,000    8,100           431         14,300   14,400          768         20,600   20,700          1,105 
1,800      1,900         99          8,100    8,200           436         14,400   14,500          773         20,700   20,800          1,110 
1,900      2,000         104         8,200    8,300           441         14,500   14,600          778         20,800   20,900          1,115 
2,000      2,100         110         8,300    8,400           447         14,600   14,700          784         20,900   21,000          1,121 
2,100      2,200         115         8,400    8,500           452         14,700   14,800          789         21,000   21,100          1,126 
2,200      2,300         120         8,500    8,600           457         14,800   14,900          794         21,100   21,200          1,132 
2,300      2,400         126         8,600    8,700           463         14,900   15,000          800         21,200   21,300          1,137 
2,400      2,500         131         8,700    8,800           468         15,000   15,100          805         21,300   21,400          1,142 
2,500      2,600         136         8,800    8,900           473         15,100   15,200          811         21,400   21,500          1,148 
2,600      2,700         142         8,900    9,000           479         15,200   15,300          816         21,500   21,600          1,153 
2,700      2,800         147         9,000    9,100           484         15,300   15,400          821         21,600   21,700          1,158 
2,800      2,900         152         9,100    9,200           490         15,400   15,500          827         21,700   21,800          1,164 
2,900      3,000         158         9,200    9,300           495         15,500   15,600          832         21,800   21,900          1,169 
3,000      3,100         163         9,300    9,400           500         15,600   15,700          837         21,900   22,000          1,174 
3,100      3,200         169         9,400    9,500           506         15,700   15,800          843         22,000   22,100          1,181 
3,200      3,300         174         9,500    9,600           511         15,800   15,900          848         22,100   22,200          1,188 
3,300      3,400         179         9,600    9,700           516         15,900   16,000          853         22,200   22,300          1,194 
3,400      3,500         185         9,700    9,800           522         16,000   16,100          859         22,300   22,400          1,201 
3,500      3,600         190         9,800    9,900           527         16,100   16,200          864         22,400   22,500          1,208 
3,600      3,700         195         9,900    10,000          532         16,200   16,300          869         22,500   22,600          1,215 
3,700      3,800         201         10,000   10,100          538         16,300   16,400          875         22,600   22,700          1,222 
3,800      3,900         206         10,100   10,200          543         16,400   16,500          880         22,700   22,800          1,228 
3,900      4,000         211         10,200   10,300          548         16,500   16,600          885         22,800   22,900          1,235 
4,000      4,100         217         10,300   10,400          554         16,600   16,700          891         22,900   23,000          1,242 
4,100      4,200         222         10,400   10,500          559         16,700   16,800          896         23,000   23,100          1,249 
4,200      4,300         227         10,500   10,600          564         16,800   16,900          901         23,100   23,200          1,256 
4,300      4,400         233         10,600   10,700          570         16,900   17,000          907         23,200   23,300          1,262 
4,400      4,500         238         10,700   10,800          575         17,000   17,100          912         23,300   23,400          1,269 
4,500      4,600         243         10,800   10,900          580         17,100   17,200          918         23,400   23,500          1,276 
4,600      4,700         249         10,900   11,000          586         17,200   17,300          923         23,500   23,600          1,283 
4,700      4,800         254         11,000   11,100          591         17,300   17,400          928         23,600   23,700          1,290 
4,800      4,900         259         11,100   11,200          597         17,400   17,500          934         23,700   23,800          1,296 
4,900      5,000         265         11,200   11,300          602         17,500   17,600          939         23,800   23,900          1,303 
5,000      5,100         270         11,300   11,400          607         17,600   17,700          944         23,900   24,000          1,310 
5,100      5,200         276         11,400   11,500          613         17,700   17,800          950         24,000   24,100          1,317 
5,200      5,300         281         11,500   11,600          618         17,800   17,900          955         24,100   24,200          1,324 
5,300      5,400         286         11,600   11,700          623         17,900   18,000          960         24,200   24,300          1,330 
5,400      5,500         292         11,700   11,800          629         18,000   18,100          966         24,300   24,400          1,337 
5,500      5,600         297         11,800   11,900          634         18,100   18,200          971         24,400   24,500          1,344 
5,600      5,700         302         11,900   12,000          639         18,200   18,300          976         24,500   24,600          1,351 
5,700      5,800         308         12,000   12,100          645         18,300   18,400          982         24,600   24,700          1,358 
5,800      5,900         313         12,100   12,200          650         18,400   18,500          987         24,700   24,800          1,364 
5,900      6,000         318         12,200   12,300          655         18,500   18,600          992         24,800   24,900          1,371 
6,000      6,100         324         12,300   12,400          661         18,600   18,700          998         24,900   25,000          1,378 
6,100      6,200         329         12,400   12,500          666         18,700   18,800          1,003       25,000   25,100          1,385 

                                                                                                                        Continued       17 

2023 Tax Table (continued) 

If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is: 
at least but less than   your tax is at least but less than   your tax is at least but less than   your tax is at least but less than   your tax is 
25,100   25,200          1,392       31,400   31,500          1,820       37,700   37,800          2,248       44,000   44,100          2,677 
25,200   25,300          1,398       31,500   31,600          1,827       37,800   37,900          2,255       44,100   44,200          2,684 
25,300   25,400          1,405       31,600   31,700          1,834       37,900   38,000          2,262       44,200   44,300          2,690 
25,400   25,500          1,412       31,700   31,800          1,840       38,000   38,100          2,269       44,300   44,400          2,697 
25,500   25,600          1,419       31,800   31,900          1,847       38,100   38,200          2,276       44,400   44,500          2,704 
25,600   25,700          1,426       31,900   32,000          1,854       38,200   38,300          2,282       44,500   44,600          2,711 
25,700   25,800          1,432       32,000   32,100          1,861       38,300   38,400          2,289       44,600   44,700          2,718 
25,800   25,900          1,439       32,100   32,200          1,868       38,400   38,500          2,296       44,700   44,800          2,724 
25,900   26,000          1,446       32,200   32,300          1,874       38,500   38,600          2,303       44,800   44,900          2,731 
26,000   26,100          1,453       32,300   32,400          1,881       38,600   38,700          2,310       44,900   45,000          2,738 
26,100   26,200          1,460       32,400   32,500          1,888       38,700   38,800          2,316       45,000   45,100          2,745 
26,200   26,300          1,466       32,500   32,600          1,895       38,800   38,900          2,323       45,100   45,200          2,752 
26,300   26,400          1,473       32,600   32,700          1,902       38,900   39,000          2,330       45,200   45,300          2,758 
26,400   26,500          1,480       32,700   32,800          1,908       39,000   39,100          2,337       45,300   45,400          2,765 
26,500   26,600          1,487       32,800   32,900          1,915       39,100   39,200          2,344       45,400   45,500          2,772 
26,600   26,700          1,494       32,900   33,000          1,922       39,200   39,300          2,350       45,500   45,600          2,779 
26,700   26,800          1,500       33,000   33,100          1,929       39,300   39,400          2,357       45,600   45,700          2,786 
26,800   26,900          1,507       33,100   33,200          1,936       39,400   39,500          2,364       45,700   45,800          2,792 
26,900   27,000          1,514       33,200   33,300          1,942       39,500   39,600          2,371       45,800   45,900          2,799 
27,000   27,100          1,521       33,300   33,400          1,949       39,600   39,700          2,378       45,900   46,000          2,806 
27,100   27,200          1,528       33,400   33,500          1,956       39,700   39,800          2,384       46,000   46,100          2,813 
27,200   27,300          1,534       33,500   33,600          1,963       39,800   39,900          2,391       46,100   46,200          2,820 
27,300   27,400          1,541       33,600   33,700          1,970       39,900   40,000          2,398       46,200   46,300          2,826 
27,400   27,500          1,548       33,700   33,800          1,976       40,000   40,100          2,405       46,300   46,400          2,833 
27,500   27,600          1,555       33,800   33,900          1,983       40,100   40,200          2,412       46,400   46,500          2,840 
27,600   27,700          1,562       33,900   34,000          1,990       40,200   40,300          2,418       46,500   46,600          2,847 
27,700   27,800          1,568       34,000   34,100          1,997       40,300   40,400          2,425       46,600   46,700          2,854 
27,800   27,900          1,575       34,100   34,200          2,004       40,400   40,500          2,432       46,700   46,800          2,860 
27,900   28,000          1,582       34,200   34,300          2,010       40,500   40,600          2,439       46,800   46,900          2,867 
28,000   28,100          1,589       34,300   34,400          2,017       40,600   40,700          2,446       46,900   47,000          2,874 
28,100   28,200          1,596       34,400   34,500          2,024       40,700   40,800          2,452       47,000   47,100          2,881 
28,200   28,300          1,602       34,500   34,600          2,031       40,800   40,900          2,459       47,100   47,200          2,888 
28,300   28,400          1,609       34,600   34,700          2,038       40,900   41,000          2,466       47,200   47,300          2,894 
28,400   28,500          1,616       34,700   34,800          2,044       41,000   41,100          2,473       47,300   47,400          2,901 
28,500   28,600          1,623       34,800   34,900          2,051       41,100   41,200          2,480       47,400   47,500          2,908 
28,600   28,700          1,630       34,900   35,000          2,058       41,200   41,300          2,486       47,500   47,600          2,915 
28,700   28,800          1,636       35,000   35,100          2,065       41,300   41,400          2,493       47,600   47,700          2,922 
28,800   28,900          1,643       35,100   35,200          2,072       41,400   41,500          2,500       47,700   47,800          2,928 
28,900   29,000          1,650       35,200   35,300          2,078       41,500   41,600          2,507       47,800   47,900          2,935 
29,000   29,100          1,657       35,300   35,400          2,085       41,600   41,700          2,514       47,900   48,000          2,942 
29,100   29,200          1,664       35,400   35,500          2,092       41,700   41,800          2,520       48,000   48,100          2,949 
29,200   29,300          1,670       35,500   35,600          2,099       41,800   41,900          2,527       48,100   48,200          2,956 
29,300   29,400          1,677       35,600   35,700          2,106       41,900   42,000          2,534       48,200   48,300          2,962 
29,400   29,500          1,684       35,700   35,800          2,112       42,000   42,100          2,541       48,300   48,400          2,969 
29,500   29,600          1,691       35,800   35,900          2,119       42,100   42,200          2,548       48,400   48,500          2,976 
29,600   29,700          1,698       35,900   36,000          2,126       42,200   42,300          2,554       48,500   48,600          2,983 
29,700   29,800          1,704       36,000   36,100          2,133       42,300   42,400          2,561       48,600   48,700          2,990 
29,800   29,900          1,711       36,100   36,200          2,140       42,400   42,500          2,568       48,700   48,800          2,996 
29,900   30,000          1,718       36,200   36,300          2,146       42,500   42,600          2,575       48,800   48,900          3,003 
30,000   30,100          1,725       36,300   36,400          2,153       42,600   42,700          2,582       48,900   49,000          3,010 
30,100   30,200          1,732       36,400   36,500          2,160       42,700   42,800          2,588       49,000   49,100          3,017 
30,200   30,300          1,738       36,500   36,600          2,167       42,800   42,900          2,595       49,100   49,200          3,024 
30,300   30,400          1,745       36,600   36,700          2,174       42,900   43,000          2,602       49,200   49,300          3,030 
30,400   30,500          1,752       36,700   36,800          2,180       43,000   43,100          2,609       49,300   49,400          3,037 
30,500   30,600          1,759       36,800   36,900          2,187       43,100   43,200          2,616       49,400   49,500          3,044 
30,600   30,700          1,766       36,900   37,000          2,194       43,200   43,300          2,622       49,500   49,600          3,051 
30,700   30,800          1,772       37,000   37,100          2,201       43,300   43,400          2,629       49,600   49,700          3,058 
30,800   30,900          1,779       37,100   37,200          2,208       43,400   43,500          2,636       49,700   49,800          3,064 
30,900   31,000          1,786       37,200   37,300          2,214       43,500   43,600          2,643       49,800   49,900          3,071 
31,000   31,100          1,793       37,300   37,400          2,221       43,600   43,700          2,650       49,900   50,000          3,078 
31,100   31,200          1,800       37,400   37,500          2,228       43,700   43,800          2,656       50,000   50,100          3,085 
31,200   31,300          1,806       37,500   37,600          2,235       43,800   43,900          2,663       50,100   50,200          3,092 
31,300   31,400          1,813       37,600   37,700          2,242       43,900   44,000          2,670       50,200   50,300          3,098 

                                                                                                                        Continued       18 

2023 Tax Table (continued) 

If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is:             If line 9 of Form M2 is: 
at least but less than   your tax is at least but less than   your tax is at least but less than   your tax is at least but less than   your tax is 
50,300   50,400          3,105       56,700   56,800          3,540       63,100   63,200          3,976       69,500   69,600          4,411 
50,400   50,500          3,112       56,800   56,900          3,547       63,200   63,300          3,982       69,600   69,700          4,418 
50,500   50,600          3,119       56,900   57,000          3,554       63,300   63,400          3,989       69,700   69,800          4,424 
50,600   50,700          3,126       57,000   57,100          3,561       63,400   63,500          3,996       69,800   69,900          4,431 
50,700   50,800          3,132       57,100   57,200          3,568       63,500   63,600          4,003       69,900   70,000          4,438 
50,800   50,900          3,139       57,200   57,300          3,574       63,600   63,700          4,010       70,000   70,100          4,445 
50,900   51,000          3,146       57,300   57,400          3,581       63,700   63,800          4,016       70,100   70,200          4,452 
51,000   51,100          3,153       57,400   57,500          3,588       63,800   63,900          4,023       70,200   70,300          4,458 
51,100   51,200          3,160       57,500   57,600          3,595       63,900   64,000          4,030       70,300   70,400          4,465 
51,200   51,300          3,166       57,600   57,700          3,602       64,000   64,100          4,037       70,400   70,500          4,472 
51,300   51,400          3,173       57,700   57,800          3,608       64,100   64,200          4,044       70,500   70,600          4,479 
51,400   51,500          3,180       57,800   57,900          3,615       64,200   64,300          4,050       70,600   70,700          4,486 
51,500   51,600          3,187       57,900   58,000          3,622       64,300   64,400          4,057       70,700   70,800          4,492 
51,600   51,700          3,194       58,000   58,100          3,629       64,400   64,500          4,064       70,800   70,900          4,499 
51,700   51,800          3,200       58,100   58,200          3,636       64,500   64,600          4,071       70,900   71,000          4,506 
51,800   51,900          3,207       58,200   58,300          3,642       64,600   64,700          4,078       71,000   71,100          4,513 
51,900   52,000          3,214       58,300   58,400          3,649       64,700   64,800          4,084       71,100   71,200          4,520 
52,000   52,100          3,221       58,400   58,500          3,656       64,800   64,900          4,091       71,200   71,300          4,526 
52,100   52,200          3,228       58,500   58,600          3,663       64,900   65,000          4,098       71,300   71,400          4,533 
52,200   52,300          3,234       58,600   58,700          3,670       65,000   65,100          4,105       71,400   71,500          4,540 
52,300   52,400          3,241       58,700   58,800          3,676       65,100   65,200          4,112       71,500   71,600          4,547 
52,400   52,500          3,248       58,800   58,900          3,683       65,200   65,300          4,118       71,600   71,700          4,554 
52,500   52,600          3,255       58,900   59,000          3,690       65,300   65,400          4,125       71,700   71,800          4,560 
52,600   52,700          3,262       59,000   59,100          3,697       65,400   65,500          4,132       71,800   71,900          4,567 
52,700   52,800          3,268       59,100   59,200          3,704       65,500   65,600          4,139       71,900   72,000          4,574 
52,800   52,900          3,275       59,200   59,300          3,710       65,600   65,700          4,146       72,000   72,100          4,581 
52,900   53,000          3,282       59,300   59,400          3,717       65,700   65,800          4,152       72,100   72,200          4,588 
53,000   53,100          3,289       59,400   59,500          3,724       65,800   65,900          4,159       72,200   72,300          4,594 
53,100   53,200          3,296       59,500   59,600          3,731       65,900   66,000          4,166       72,300   72,400          4,601 
53,200   53,300          3,302       59,600   59,700          3,738       66,000   66,100          4,173       72,400   72,500          4,608 
53,300   53,400          3,309       59,700   59,800          3,744       66,100   66,200          4,180       72,500   72,600          4,615 
53,400   53,500          3,316       59,800   59,900          3,751       66,200   66,300          4,186       72,600   72,700          4,622 
53,500   53,600          3,323       59,900   60,000          3,758       66,300   66,400          4,193       72,700   72,800          4,628 
53,600   53,700          3,330       60,000   60,100          3,765       66,400   66,500          4,200       72,800   72,900          4,635 
53,700   53,800          3,336       60,100   60,200          3,772       66,500   66,600          4,207       72,900   73,000          4,642 
53,800   53,900          3,343       60,200   60,300          3,778       66,600   66,700          4,214       73,000   73,100          4,649 
53,900   54,000          3,350       60,300   60,400          3,785       66,700   66,800          4,220       73,100   73,200          4,656 
54,000   54,100          3,357       60,400   60,500          3,792       66,800   66,900          4,227       73,200   73,300          4,662 
54,100   54,200          3,364       60,500   60,600          3,799       66,900   67,000          4,234       73,300   73,400          4,669 
54,200   54,300          3,370       60,600   60,700          3,806       67,000   67,100          4,241       73,400   73,500          4,676 
54,300   54,400          3,377       60,700   60,800          3,812       67,100   67,200          4,248       73,500   73,600          4,683 
54,400   54,500          3,384       60,800   60,900          3,819       67,200   67,300          4,254       73,600   73,700          4,690 
54,500   54,600          3,391       60,900   61,000          3,826       67,300   67,400          4,261       73,700   73,800          4,696 
54,600   54,700          3,398       61,000   61,100          3,833       67,400   67,500          4,268       73,800   73,900          4,703 
54,700   54,800          3,404       61,100   61,200          3,840       67,500   67,600          4,275       73,900   74,000          4,710 
54,800   54,900          3,411       61,200   61,300          3,846       67,600   67,700          4,282       74,000   74,100          4,717 
54,900   55,000          3,418       61,300   61,400          3,853       67,700   67,800          4,288       74,100   74,200          4,724 
55,000   55,100          3,425       61,400   61,500          3,860       67,800   67,900          4,295       74,200   74,300          4,730 
55,100   55,200          3,432       61,500   61,600          3,867       67,900   68,000          4,302       74,300   74,400          4,737 
55,200   55,300          3,438       61,600   61,700          3,874       68,000   68,100          4,309       74,400   74,500          4,744 
55,300   55,400          3,445       61,700   61,800          3,880       68,100   68,200          4,316       74,500   74,600          4,751 
55,400   55,500          3,452       61,800   61,900          3,887       68,200   68,300          4,322       74,600   74,700          4,758 
55,500   55,600          3,459       61,900   62,000          3,894       68,300   68,400          4,329       74,700   74,800          4,764 
55,600   55,700          3,466       62,000   62,100          3,901       68,400   68,500          4,336       74,800   74,900          4,771 
55,700   55,800          3,472       62,100   62,200          3,908       68,500   68,600          4,343       74,900   75,000          4,778 
55,800   55,900          3,479       62,200   62,300          3,914       68,600   68,700          4,350       75,000   75,100          4,785 
55,900   56,000          3,486       62,300   62,400          3,921       68,700   68,800          4,356       75,100   75,200          4,792 
56,000   56,100          3,493       62,400   62,500          3,928       68,800   68,900          4,363       75,200   75,300          4,798 
56,100   56,200          3,500       62,500   62,600          3,935       68,900   69,000          4,370       75,300   75,400          4,805 
56,200   56,300          3,506       62,600   62,700          3,942       69,000   69,100          4,377       75,400   75,500          4,812 
56,300   56,400          3,513       62,700   62,800          3,948       69,100   69,200          4,384       75,500   75,600          4,819 
56,400   56,500          3,520       62,800   62,900          3,955       69,200   69,300          4,390       75,600   75,700          4,826 
56,500   56,600          3,527       62,900   63,000          3,962       69,300   69,400          4,397       75,700   75,800          4,832 
56,600   56,700          3,534       63,000   63,100          3,969       69,400   69,500          4,404       75,800   75,900          4,839 
                                                                                                                        Continued       19 

2023 Tax Table (continued) 
If line 9 of Form M2 is:             If line 9 of Form M2 is:              If line 9 of Form M2 is:                 If line 9 of Form M2 is: 
at least   but less than your tax is at least  but less than   your tax is at least  but less than      your tax is at least  but less than  your tax is 
    75,900       76,000      4,846    79,800        79,900         5,111      82,900           83,000   5,322       86,000    86,100         5,533 
    76,000       76,100      4,853    79,900        80,000         5,118      83,000           83,100   5,329       86,100    86,200         5,540 
    76,100       76,200      4,860    80,000        80,100         5,125      83,100           83,200   5,336       86,200    86,300         5,546 
    76,200       76,300      4,866    80,100        80,200         5,132      83,200           83,300   5,342       86,300    86,400         5,553 
    76,300       76,400      4,873    80,200        80,300         5,138      83,300           83,400   5,349       86,400    86,500         5,560 
    76,400       76,500      4,880    80,300        80,400         5,145      83,400           83,500   5,356       86,500    86,600         5,567 
    76,500       76,600      4,887    80,400        80,500         5,152      83,500           83,600   5,363       86,600    86,700         5,574 
    76,600       76,700      4,894    80,500        80,600         5,159      83,600           83,700   5,370       86,700    86,800         5,580 
    76,700       76,800      4,900    80,600        80,700         5,166      83,700           83,800   5,376       86,800    86,900         5,587 
    76,800       76,900      4,907    80,700        80,800         5,172      83,800           83,900   5,383       86,900    87,000         5,594 
    76,900       77,000      4,914    80,800        80,900         5,179      83,900           84,000   5,390       87,000    87,100         5,601 
    77,000       77,100      4,921    80,900        81,000         5,186      84,000           84,100   5,397       87,100    87,200         5,608 
    77,100       77,200      4,928    81,000        81,100         5,193      84,100           84,200   5,404       87,200    87,300         5,614 
    77,200       77,300      4,934    81,100        81,200         5,200      84,200           84,300   5,410       87,300    87,400         5,622 
    77,300       77,400      4,941    81,200        81,300         5,206      84,300           84,400   5,417       87,400    87,500         5,629 
    77,400       77,500      4,948    81,300        81,400         5,213      84,400           84,500   5,424       87,500    87,600         5,637 
    77,500       77,600      4,955    81,400        81,500         5,220      84,500           84,600   5,431       87,600    87,700         5,645 
    77,600       77,700      4,962    81,500        81,600         5,227      84,600           84,700   5,438       87,700    87,800         5,653 
    77,700       77,800      4,968    81,600        81,700         5,234      84,700           84,800   5,444       87,800    87,900         5,661 
    77,800       77,900      4,975    81,700        81,800         5,240      84,800           84,900   5,451       87,900    88,000         5,669 
    77,900       78,000      4,982    81,800        81,900         5,247      84,900           85,000   5,458       88,000    88,100         5,677 
    78,000       78,100      4,989    81,900        82,000         5,254      85,000           85,100   5,465       88,100    88,200         5,684 
    78,100       78,200      4,996    82,000        82,100         5,261      85,100           85,200   5,472       88,200    88,300         5,692 
    78,200       78,300      5,002    82,100        82,200         5,268      85,200           85,300   5,478       88,300    88,400         5,700 
    78,300       78,400      5,009    82,200        82,300         5,274      85,300           85,400   5,485       88,400    88,500         5,708 
    78,400       78,500      5,016    82,300        82,400         5,281      85,400           85,500   5,492       88,500    88,600         5,716 
    78,500       78,600      5,023    82,400        82,500         5,288      85,500           85,600   5,499       88,600    88,700         5,724 
    78,600       78,700      5,030    82,500        82,600         5,295      85,600           85,700   5,506       88,700    88,800         5,732 
    78,700       78,800      5,036    82,600        82,700         5,302      85,700           85,800   5,512       88,800    88,900         5,739 
    78,800       78,900      5,043    82,700        82,800         5,308      85,800           85,900   5,519       88,900    89,000         5,747 
    78,900       79,000      5,050    82,800        82,900         5,315      85,900           86,000   5,526       89,000    89,100         5,755 
    79,000       79,100      5,057                                                                                  89,100    89,200         5,763 
    79,100       79,200      5,064                                                                                  89,200    89,300         5,771 
    79,200       79,300      5,070   90,000 & over                                                                  89,300    89,400         5,779 
    79,300       79,400      5,077   If line 9 of Form M2          Enter on line 10                                 89,400    89,500         5,786 
                 79,500      5,084   is:                           of your Form M2:             of the                        89,600         5,794 
    79,400                                                but not                                amount over—       89,500
    79,500       79,600      5,091   over—                   over—                                                  89,600    89,700         5,802 
    79,600       79,700      5,098             $0       $21,975            $0.00    5.35%               $0          89,700    89,800         5,810 
    79,700       79,800      5,104     $21,975          $87,305         $1,175.66    + 6.80%         $21,975        89,800    89,900         5,818 
                                       $87,305         $152,485         $5,618.10    + 7.85%         $87,305        89,900    90,000         5,826 
                                       $152,485                     $10,734.73    + 9.85%           $152,485 

Common Problems Using Software Packages 

If you use tax preparation software, be careful to buy packages acceptable to the Department of Revenue. Forms produced by the software 
must meet requirements and be approved before being sold or provided to consumers. 
If you are considering any company’s tax preparation software, ask to see the vendor’s approval letter for the forms you will be using. Keep 
in mind that we usually won’t know if they are approved until late January. It is also important to test the software before filing forms pre-
pared with it. We do not, however, approve the operation or accuracy of any software. 
Below are common problems found on fiduciary returns submitted using software packages: 
  • Verify that the program uses updated tax tables. Tax tables are required to be updated every year for inflation. Be sure that the amount on 
    line 10 of your Form M2 is the same amount shown in the tax tables. 
  — Fiscal  year filers must use the table based on the beginning year of the return. 
  — If   you are an Electing Small Business Trust (ESBT), verify that the software package uses the tax table when determining the tax. The 
      ESBT is taxed at the highest tax rate only for federal purposes. 
  • Look for a payment voucher if you have an amount due on line 36 of Form M2. If you owe tax, your software package is required to 
    include a payment voucher when you print out a copy of your return. If you are paying your tax by check, you must complete and send this 
    payment voucher with your check to ensure your payment is credited properly. 
  • Verify that estimated tax payments were made. Some software programs may insert the amount of estimated tax payments that should          20 
    have been paid, not the amount of tax actually paid.