NEAR FINAL DRAFT 8/1/24

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2024 Schedule KF, Beneficiary’s Share of Minnesota Taxable Income
Fiduciary: Complete and provide Schedule KF to each estate, trust, or nonresident individual beneficiary with Minnesota source income and  
any Minnesota beneficiary who has adjustments to income or credits. 

Tax year beginning (MM/DD/YYYY)                                                                                                                                                                                              / /           , ending (MM/DD/YYYY) / /                         Amended KF:    

Beneficiary’s Social Security Number                                                                                                                                                                                                                  Estate’s or Trust’s Federal ID Number  Minnesota Tax ID Number

Beneficiary’s Name                                                                                                                                                                                                                                    Estate’s or Trust’s Name 

Address of Beneficiary                                                                                                                                                                                                                                Address of Fiduciary

Beneficiary City                                                                                                                                                                                                               State     ZIP Code     Fiduciary City                         State                                           ZIP Code
Calculate lines 1–43 the same for all resident and nonresident beneficiaries. Calculate lines 44-48 for estate, trust, and nonresident individual 
beneficiaries only. Calculate lines 49-50 for nonresident beneficiaries only. Round amounts to the nearest whole dollar.
Additions to income                                                                                                                                                                                                                                                                                                 Beneficiary: Include on:

  1  State and municipal bond interest from outside Minnesota ... ...... ..... ....... .....  1                                                                                                                                                                                                                  Line 1, Schedule M1M

  2                                                                                      State taxes deducted in arriving at net income   .... ...... ...... ..... ...... ...... ...  2                                                                                                                         Line 2, Schedule M1MB
  3                                                                                      Expenses deducted that are attributable to income not taxed by Minne- 
         sota (other than interest or mutual fund dividends from U.S. bonds)    . .  . . . . . . .  . . . . .  . . . .  3                                                                                                                                                                                                                    Line 3, Schedule M1M
  4                                                                                      80 percent of the suspended loss from 2001–2005 or 2008–2023 
         that was generated by bonus depreciation ... ...... ..... ....... ..... ...... ..... ...  4                                                                                                                                                                                                          Line 4 inst., Sched. M1MB

  5                                                                                      80 percent of federal bonus depreciation  ... ...... ..... ....... ..... ...... ..... .....  5                                                                                                                       Line 1 inst., Sched. M1MB
 6a  Beneficiary’s pro rata gross profit from installment sale of pass-through entities  
                                                                                         ....... ..... ..... ... ...... ...... ...... ..... ...... ..... instructions) ......(see                                                                                               6a                          Line         Schedule1,      M1AR

  6b  Beneficiary’s pro rata installment sale income from sales of pass-through entities   . . .  . . .                                                                                                                                                                        6b                                 Line 3, Schedule M1AR 
         (see instructions) 
 6c    Applicable S corporation’s partnership’sor                                                                                                                                 apportionment percentage theof year of sale                                                   6c                          Line         6, Schedule M1AR                         
         (see instructions) 
 7                                                                                       This line intentionally left blank  .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . .                                            7                             

      8                                                                                  Net operating loss (NOL) carryover adjustment ... ...... ....... ..... ..... ...... ....  8                                                                                                                            Line 5, Schedule M1MB

 9  Foreign derived intangible income (FDII) deduction                                                                                                                                                                                       ... ...... ..... ....... ..... ...... .  9                          Line 3, Schedule M1MB

  10   Other additions (see instructions)  . ...... ..... ...... ..... ....... ..... ..... .....   10                                                                                                                                                                                                                       See line 10 instructions

  11   This line intentionally left blank   .. ..... ....... ..... ...... ..... ...... ..... .....   11                                                                                                                                                                                                      

  12   This line intentionally left blank   .. ..... ....... ..... ...... ..... ...... ..... .....   12   

  13   This line intentionally left blank   .. ..... ....... ..... ...... ..... ...... ..... .....   13   

  14   This line intentionally left blank   .. ..... ....... ..... ...... ..... ...... ..... .....   14                                                                                                                                                                                                      

  15   This line intentionally left blank   .. ..... ....... ..... ...... ..... ...... ..... .....   15                                                                                                                                                                                                       

                                                                                                                                                                                                                                                                                                                                             (continued)
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2024 KF, page 2
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Beneficiary’s Name                                                                                                                                            Beneficiary’s Social Security Number
Subtractions from income                                                                                                                                                                              Include on:
 16                                          Interest on U.S. government bond obligations, minus any expenses  
                        deducted on the federal return that are attributable to this income   .... ....... ..... .   16                                                                                Line 14, Schedule M1M

 17                                          State income tax refund ... ...... ..... ....... ..... ...... ..... ..... ...... ......   17                                                              Line 6, Form M1

 18                                          Federal bonus depreciation subtraction ... ...... ..... ....... ..... ...... ..... ....   18                                                              Line 10, Schedule M1MB

 19                                          Subtraction for railroad maintenance expenses ... ...... ..... ....... ..... ...... .... 19                                                               Line 14, Schedule M1MB  

 20                                        This line intentionally left blank ... ...... ..... ....... ..... ...... ..... ..... ...... . 20                                                                     

 21                                          Net operating loss (NOL) carryover adjustment ... ...... ..... ....... ..... ...... ...   21                                                              Line 13, Schedule M1MB 

 22                                          Deferred foreign income (section 965) . ..... ...... ..... ...... ...... ..... ...... ..   22                                                             Line 17, Schedule M1MB 

 23                                          Disallowed section 280E expenses of a licensed cannabis business ... ...... ..... .....   23                                                              Line 16, Schedule M1MB

 24                                        Delayed business interest ... ...... ..... ....... ..... ...... ..... ..... ...... .....   24                                                               Line 18, Schedule M1MB  

 25                                        Other subtractions (see instructions)... ...... ..... ....... ..... ...... ..... ..... ..   25                                                              See line 25 instructions 

 26                                        This line intentionally left blank ... ...... ..... ....... ..... ...... ..... ..... ......   26   

 27                                        This line intentionally left blank ... ...... ..... ....... ..... ...... ..... ..... ......   27   

 28                                        This line intentionally left blank ... ...... ..... ....... ..... ...... ..... ..... ......   28   

 29                                        This line intentionally left blank ... ...... ..... ....... ..... ...... ..... ..... ......   29                                                           

30                                         Beneficiary’s pro rata share of a net gain relating to dispositions of Class 2a property                                          ... .   30                             Line 2, Schedule NIIT

 31                                        Beneficiary’s pro rata share of deductions and modifications relating to line 30                                         ... ......   31                                 Line 7, Schedule NIIT

Credits (you must enclose this schedule with your Form M1 if claiming a credit)                                                                                                                         Include on:
32   Any Minnesota income tax withholding credit received by the fiduciary ... ...... ..... .   32                                                                                                              Line 7, Schedule M1W

 33                                        Credit for increasing research activities  .. ..... ..... ...... ...... ..... ...... ......   33                                                                Line 16, Schedule M1C

 34                                           Film Production Tax Credit   ..... ...... ..... ...... ..... ....... ..... ..... ...... .   34                                                            Line 11,  Schedule M1C
                         Enter the credit certificate number:  TAXC - 
 35                                        Tax Credit for Owners of Agricultural Assets  .. ..... ...... ..... ...... ...... ...... .   35                                                                 Line 12, Schedule M1C
                                           Enter the certificate number from the certificate  
                      received you thefrom    Rural Finance Authority: AO                                                       -                                        
 36                                        State Housing Tax Credit        . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .36  . . .  .        Line 15, Schedule M1C            
                                             Enter certificate number from Minnesota Housing: SHTC                                             -                      
 37                                        Short Line Railroad Infrastructure Modernization Credit   .  . . . . .  . . . . . .  . . . . . . .  . . . . .  . .  .  37                                       Line 14, Schedule M1C 

 38                                        Credit for Sales of Manufactured Home Parks to Cooperatives  . . .  . . . . . .  . . . . .  . . . . . . .  .  .   38                                            Line 13, Schedule M1C 
                                                                                                                                                                                                                                (continued)

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2024 KF, page 3
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Beneficiary’s Name                                                                                                                     Beneficiary’s Social Security Number

39  Carryover credits from prior years (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .  .  39                                                  Line 17, Schedule M1C 
                     
    D —Credit                                                                                 E — Certificate Number F — Unused Credit  G — Remaining Years

    d1                                                                                          e1     f1                                g1 

    d2                                                                                          e2     f2                                g2 

     d3                                                                                         e3     f3                               g3 

 40    Credit for Sustainable Aviation Fuel                                                         ... ...... ..... ....... ..... ...... ..... ..... ..   40                     Line 12, Schedule M1REF
      Enter certificate number from the Department of Agriculture:                                                                            
 41   Credit for historic structure rehabilitation                                                   ... ...... ..... ....... ..... ...... ..... ..   41                            Line 7, Schedule M1REF              
       National Park Service (NPS) project number:                                                                        
 42   Pass-Through Entity Tax Credit  ... ...... ...... ..... ...... ..... ...... ...... .....   42                                                                               Line 10, Schedule M1REF

 43   Minnesota backup withholding   .... ....... ..... ..... ...... ..... ...... ...... ...   43                                                                                    Line 7, Schedule M1W

Estate, trust, and nonresident individual beneficiaries                                                                                                                                       Include on Schedule 
Minnesota portion of amounts from federal Schedule K-1 (1041)                                                                                                                                M1NR, column B on:
 44    Capital gain or loss on Minnesota real property  ... ...... ..... ....... ..... ...... ..                                                                         44                                      Line 4

 45  a  Business income or loss   . . .  . . . . .  . . . . . .  . . . . . a   
     b  Income from Minnesota rents, royalties, part- 
        nerships, S corporations, estates and trusts                                                  . .  . b        

       c  Farm income or loss   . . .  . . . . . .  . . . . .  . . . . .  . .  .  c                                   

     Total (add lines 45a, ...... ..... 45c)  ... ....... ..... ..... ..... ...... ......45b,                                                                            45                                      Line 6
 46  Interest and dividend income derived from a trade or business  
     (S corporations and partnerships) that is assignable to Minnesota ... ...... ..... .....                                                                            46                                      Line 2

 47  Other income                                                                             ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... .   47                                      Line 8

 48  Minnesota source gross income from this fiduciary                                                               ... ...... ..... ....... ..... ....    48                                information only

Nonresident beneficiaries
Composite income tax for electing nonresident beneficiaries
 49  Minnesota source distributive income from this fiduciary                                                         ... ...... ..... ....... .....                     49                   information only
 50  Minnesota composite income tax paid by fiduciary.  
     If the beneficiary elected composite income tax, check this box                                                         ...... ...... ..                            50          composite income tax

 Fiduciary: Enclose this schedule and copies of all Schedules KF and federal Schedules K-1 with your Form M2. 
Beneficiary: See instructions. Include this schedule when you file your Form M1.

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