FINAL DRAFT — 10/2/23

                                                                                                                                                                                             *232211*

2023 Schedule M2MT, Alternative Minimum Tax
for Estates and Trusts

Name of Estate or Trust                                                               Federal ID Number                                                                            Minnesota ID Number

    Check if you are using this schedule to determine Minnesota AMT for Schedule M2SB, Income Tax Computation for S Portion of ESBT (see instructions)

                                                                                                                                                                                 A                  B
                                                                                                                                                                                                    Amount allocated 
                                                                                                                                                                                Total amount        to Minnesota       
                                                                                                                         (round amounts to the nearest whole dollar)

  1  Federal alternative minimum taxable income (from line 27 of federal Schedule I)          .  .   1                                                                                                                

  2 Fiduciary’s deductions and losses not allowed by Minnesota (see instructions)  . . .  .    2                                                                                                  

  3 Portion of additions from line 74, column E, of Form M2 (see instructions)   . . . .  . .  .    3                                                                                             

  4  Foreign-derived intangible income (FDII) deduction not included in federal AMTI  .  .   4                                                                                                                        
 
  5  Add line 1 through 4  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .    5                                                                     
 
  6  Portion of subtractions from line 74, column E of Form M2 (see instructions)   .  .  .  .  .    6                                                                                            
 
  7  Subtract line 6 from line 5  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .    7                                                                       
     If line 7, column A is $43,990 or less, stop here . 
     Skip the rest of this schedule, but include with Form M2.
  8   Divide line 7, column B by line 7, column A (round the result to five decimal places)    8   
 
  9   Maximum exemption   . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .    9                                    $43,990 
 
 10   Phaseout amount exemption  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  .                                             10     $75,000
 
 11   Subtract line 10 from line 7, column A (if result is zero or less, leave blank)  . . .  . .  .  11   
 
 12   Multiply line 11 by 25% (.25)   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   12   
 
 13   Subtract line 12 from line 9 (if result is zero or less, leave blank)  . . .  . . . . . .  . . . . .  .  13   
  
 14  Multiply line 13 by line 8    . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .  14                     
 
 15  Subtract line 14 from line 7, column B    . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . .  .  15                                 
 
 16  Multiply line 15 by 6.75% (.0675)   . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . .  .  16                              
 
 17  Tax from line 10 of Form M2   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . .  .  17                           
 18  Subtract line 17 from line 16 (if result is zero or less, leave blank) . Also enter the 
     result on line 12 of Form M2 and check the box for M2MT   . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .  18                                                      

You must include this schedule and a copy of federal Schedule I when you file your Form M2.

                                                                            9995

2023 Schedule M2MT Instructions

Who Must File Schedule M2MT
If you were required to complete federal Schedule I, Alternative Minimum Tax, or if the income shown on line 5, column A of this schedule is more 
than $43,990, you must complete Schedule M2MT and include it when you file your Minnesota Form M2, Income Tax Return for Estates and Trusts.

Line Instructions
For lines 1 through 6, column A, enter the total amounts allocated to the fiduciary. In column B, enter the portion of column A that are income amounts 
from Minnesota sources.
Line 1
Under column A, enter the amount from line 27 of federal Schedule I. Under column B, enter the amount allocated to Minnesota.
Line 2
Allocate direct expenses to the income to which they are associated. Allocate indirect expenses to each class of income in the proportion that each class 
of income bears to the total income. Add back on line 2 only the expenses that relate to the non-Minnesota income not included in column B. 
See Schedule M2NM instructions for additional information regarding expenses and losses from non-Minnesota sources.
Line 3
Of the total amount of additions allocated to the fiduciary (line 4 of Form M2), determine the portion that is from lines 41 and 44 through 48 of Form 
M2. Subtract any private activity bond interest shown as a tax preference item on federal Schedule I, but only to the extent the interest was from non-
Minnesota source bonds. Enter the result of these additions under column A. Enter the amount allocated to Minnesota in column B.
Line 4
Include on line 4 the amount of foreign-derived intangible income (FDII) deducted under section 250 of the Internal Revenue Code to the extent the 
amount is not included in federal alternative minimum taxable income.
Line 6
Of the total amount of subtractions allocated to the fiduciary (line 6 of Form M2), determine the portion that is from lines 57 through 64 of Form M2. 
Enter the result in column A. Enter the amount allocated to Minnesota in column B.
Line 8
This ratio gives you the percentage of all sources of alternative minimum taxable income that is allocated to Minnesota.
Line 9
This is the statutory maximum exemption that is allowed for estates and trusts.
Line 10
This is the statutory base income amount that is allowed for estates and trusts to limit or reduce the exemption.
Electing Small Business Trust (ESBT) Alternate Instructions (using Schedule M2SB)
If you are completing Schedule M2MT for the S Portion of an Electing Small Business Trust (ESBT), check the box at the top of Schedule M2MT and 
use these alternate instructions for the referenced lines:
Line 1
Under column A, enter the Federal alternative minimum taxable income determined for the S Portion of the ESBT. Include the federal computation 
when you file Form M2 and Schedules M2SB and M2MT. Under column B, enter the amount allocated to Minnesota.
Line 3
Enter the total of lines 12 and 15 through 19 of Schedule M2SB. Subtract any private activity bond interest used in the determination of the S Portion’s 
federal alternative minimum taxable income, but only to the extent the interest was from non-Minnesota source bonds. Enter the result of these addi-
tions under column A. Enter the amount allocated to Minnesota in column B.
Line 6
Enter the total of lines 28 through 35 of Schedule M2SB. Enter the result in column A. Enter the amount allocated to Minnesota in column B. 
Line 17
Enter the total tax from line 9 of Schedule M2SB.
Line 18
Subtract line 17 from line 16 (if result is zero or less, leave blank). Also enter the result on line 10 of Schedule M2SB.