*232011*
2023 Form M2, Income Tax Return for Estates and Trusts 
                                                                                                                                                                         Do not use staples on anything you submit.
Tax year beginning (MM/DD/YYYY)                      /          /               , ending (MM/DD/YYYY)                                 /          /

Name of Estate or Trust                                           Check if name                    Federal ID Number                                        Minnesota ID Number                              Number of Schedules KF
                                                                  has changed:
                                                                                                                                                                       /          /
Name and title of fiduciary                                   Check if address                     Decedent’s Social Security Number                        Date of Death                                    Number of Beneficiaries
                                                              has changed:
Current address of fiduciary                                                                       Fiduciary City                                           Fiduciary State                                  Fiduciary ZIP Code

Decedent’s last address or grantor’s address when trust became irrevocable                         Decedent or Grantor City                                 Decedent or Grantor State  Decedent or Grantor ZIP 
Check all that apply:   
   Initial Return                                                                                      Final Return                                                                                          Section 645 Election       

   Grantor Trust                                                                                       Statutory Resident                                                                                    ESBT

   Irrevocable Trust — Date trust became irrevocable                                                   Statutory Nonresident                                                                                 QSST  

   Decedent’s Estate — Gross value of estate                                                           Due Process Nonresident (see Schedule M2RT)                                                           Trust/Estate Owns or  
                                                                                                                                                                                                             Operates a Business — 
   Form M706 Filed                                                                                     Composite Income Tax                                                                                  FEIN 

   Bankruptcy Estate —                                                                                 Installment sale of pass-                                                                             Tax Position Disclosure  
   Debtor Social Security Number (SSN)                                                                 through assets or interests                                                                           (enclose Form TPD)
   If filing jointly, second debtor SSN     

 1  Federal taxable income (from line 23 of federal Form 1041)   . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . .  1 

 2  Fiduciary’s deductions and losses not allowed by Minnesota (enclose Schedule M2NM)                                                       . . .  . . . . . .  . . . . .  . . . . . . .  . 2.    

 3  Capital gain amount of lump-sum distribution (enclose federal Form 4972)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .  .  3 

 4  Additions (from line 74, column E, on page 5 of this form)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .  4 

 5  Add lines 1 through 4     . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .  .  5  

 6  Subtractions (from line 74, column E, on page 5 of this form)  . . .  . . . . . .  . . . . .  . . . . . .    6

 7  Fiduciary’s income from non-Minnesota sources (enclose Schedule M2NM)                                               . . .  . . . . .  7 

 8  Add lines 6 and 7    . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .8. .  . . .  .    

 9 Minnesota taxable net income. Subtract line 8 from line 5   . . . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . 9                                         .  .    

 10  Tax from table in Form M2 instructions . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . .  . 10                   

 11  Tax from S portion of an Electing Small Business Trust (enclose Schedule M2SB)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . 11 

 12  Total of tax from (enclose appropriate schedules):                                  a. Schedule M1LS                           b.  Schedule M2MT                   . . .  . . . .  . 12               

 13  Composite income tax for nonresident beneficiaries (enclose Schedules KF)                                          . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . . 13            

 14  Total 2023 income tax. Add lines 10 through 13   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . 14                           

                                                                                                       9995

2023 M2,  page 2 
                                                                                         *232021*

 1 5  Credit for taxes paid to another state  . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .   15             

 16  Film Production Tax Credit   . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .   16   
      Enter the credit certificate number:  TAXC -                      

 17  Tax Credit for Owners of Agricultural Assets   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .   17   
      Enter certificate number from the Rural Finance Authority:  
      AO      -           

 18  Unused credit for owners of agricultural assets from a prior year  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . .   18   
     AO       -           

 19  Housing Tax Credit . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . .   19   
      Enter certificate number from Minnesota Housing: SHTC           -                

 20  Short Line Railroad Infrastructure Modernization Credit   .  . . . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   20   

 21  Credit for Sales of Manufactured Home Parks to Cooperatives   . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . .   21   

 22  Credit for increasing research activities (enclose Schedule KPI, KS, or KF)  . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .   22   

 23  Other nonrefundable credits (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .   23   

 24  Total nonrefundable credits. Add lines 15 through 23  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .   24   

 25  Subtract line 24 from line 14 (if result is zero or less, leave blank)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . .   25   

 26  Pass-Through Entity Tax Credit (enclose Schedule KPI, KS, or KF)  . . . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  .   26   

 27  Minnesota income tax withheld (enclose documentation)   . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  .   27   

 28  Total estimated tax payments and extension payments   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .   28   

 29  Historic Structure Rehabilitation Tax Credit   . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .   29   
      Enter National Park Service (NPS) project number: 

 30  Other refundable credits (see instructions) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .   30   

 31  Add lines 26 through 30  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .   31   

 32  Tax due. If line 25 is more than line 31, subtract line 31 from line 25  . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .   32   

 33  Penalty (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .    33   

 34  Interest (see instructions)    .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  34   

 35  Trusts only: Additional charge for underpaying estimated tax (enclose Schedule EST)    . . . . .  . . . . . .  . . . . . .  . . . . .   35   

 36 AMOUNT DUE.   If you entered an amount on line 32, add lines 32 through 35.

      Check payment method:            check           electronic (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .   36   
                                                                                                                                                                                                         (continued)

                                                                     9995

2023 M2,  page 3 
                                                                                                                                  *232031*

 37  Overpayment. If line 31 is more than the sum of lines 25 and 33 through 35, subtract lines 25  
     and 33 through 35 from line 31  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .    37   

 38 If you are paying estimated tax for 2024, enter the amount from line 37 you want applied to it, if any   . . .  . . . . .                                                                                                                   38   

 39 REFUND. Subtract line 38 from line 37  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .   39      

 40  To have your refund direct deposited, enter the following. Otherwise, you will receive a check. 

             Checking       Savings
                                   Routing number                                    Account number (use an account not associated with any foreign banks) 

                                                                                                         / /
Signature of Fiduciary or Officer Representing Fiduciary   Minnesota Tax ID or Social Security Number           Date (MM/DD/YYYY)                                                                                                               Direct Phone
                                                                                                                 Fiduciary E-mail                                                                                                                      Paid Preparer E-mail
Print Name of Contact                                      E-mail Address for Correspondence, if Desired         
                                                                                                         / /
Paid Preparer’s Signature                                  Preparer’s PTIN                               Date (MM/DD/YYYY)                                                                                                                      Direct Phone

    I authorize the Minnesota Department of Revenue to discuss this tax return with the preparer.

    I do not want my paid preparer to file my return electronically.

Enclose a copy of federal Form 1041, Schedules K-1, and other federal schedules.
Mail to: 
Minnesota Fiduciary Income Tax
Mail Station 1310 
600 N. Robert St.
St. Paul, MN 55146-1310

                                                                           9995

2023 M2,  page 4 
                                                                                                                                                                                    *232041*
Additions to Income

 41  State and municipal bond interest from outside Minnesota   . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .     41                              

 42  State taxes deducted in arriving at net income  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .     42   
 43  Expenses deducted on your federal return that are attributable to income not taxed 
   by Minnesota (other than interest or mutual fund dividends from U.S. bonds)                               . . .  . . . . . .  . . . . .  . . . . . . .  .     43   
 44  80 percent of the suspended loss from 2001–2005 or 2008–2022 on your  
   federal return that was generated by bonus depreciation (see instructions)                            . . .  . . . . . .  . . . . .  . . . . . . .  . .  .     44   

 45  80 percent of federal bonus depreciation   . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  45 . .  .   

 46   Section 199A qualified business income . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .46 .  .     

 47  This line intentionally left blank   . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .    47    

 48  Net operating loss (NOL) carryover adjustment  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .     48   

 49  Foreign-derived intangible income (FDII) deduction  .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .     49                                     

 50  This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .     50   

 51  Other additions (see instructions)  .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     51   

 52  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     52   

 53  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     53   

 54  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     54   

 55  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     55   

 56  Add lines 41 through 55. Enter the result here and on line 75, column E, under Additions   . .  . . . . . .  . . .  .     56   

Subtractions from Income

 57  Interest on U.S. government bond obligations, minus any expenses  
   deducted on your federal return that are attributable to this income    . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . .  .     57   

 58  State income tax refund included on federal return   . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . .  .     58   

 59  Federal bonus depreciation subtraction (see instructions,)   . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . .  .     59   
 
 60  This line intentionally left blank   . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .    60   

 61  Subtraction for railroad maintenance expenses  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .     61   

 62  Net operating loss carryover adjustment  . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .     62   

 63  Deferred foreign income (Section 965)  . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .     63   

 64  Disallowed section 280E expenses of a licensed cannabis business  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  .     64   

 65  Delayed business interest  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .     65   

 66  Delayed net operating loss deduction  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  .  .     66   

                                                                                      9995                                                                                               (continued)

2023 M2,  page 5 
                                                                                                                                                                                       *232051*

 67  Other subtractions (see instructions) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .     67   

 68  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     68   

 69  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     69   

 70  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     70   

 71  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     71   

 72  Add lines 57 through 71. Enter the result here and on line 75, column E, under Subtractions         . . .  . . . . . .  .     72   

Allocation of Adjustments Between Fiduciary and Beneficiaries (see instructions)

                 A                        B                  C                        D                                                                                                         E
                                        Beneficiary’s Social Share of federal         Percent of total on                           Shares assignable to beneficiary and to fiduciary
      Name of each beneficiary          Security number      distributable net income line 75, column C Additions                                                                                Subtractions

  73                                                                                    %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

  74   Fiduciary                                                                        %

  75  Total                                                                           100%

   Enclose separate sheet, if needed.

                                                               9995