NEAR FINAL DRAFT 8/1/24

                                                                                                                                                           *242011*
2024 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 75, column E, on page 5 of this form)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .  4   

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

  6  Subtractions (from line 75, column E, on page 5 of this form)   . . .  . . . . . .  . . . . .  . . . . . .     6  

  7Fiduciary’s              from income 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    Minnesota Net Investment Income Tax (enclose Schedule NIIT)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . 12                                                                           

 13                                     Total of tax from (enclose appropriate schedules):             a. Schedule M1LS       b.  Schedule M2MT  . . .  . . . .  . 13                                                                          

 14    Composite income tax for nonresident beneficiaries (enclose Schedules KF)                                  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . 14                                                     

                                                                                                          9995

2024 M2,  page 2 
                                                                                                                                                                                 *242021*

 15   Total 2024 income tax. Add lines 10 through 14   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .   15                   

 1 6  Credit for taxes paid to another state  . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .   16         

 17  Film Production Tax Credit     . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .   17   
      Enter the credit certificate number:  TAXC -                                                    

 18  Tax Credit for Owners of Agricultural Assets   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .   18   
      Enter certificate number from the Rural Finance Authority:  
      AO                -       

 19  State 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  Carryover credits from prior years (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .  24                                                        

     D —Credit                                E — Certificate Number                                   F — Unused Credit

     d1                                       e1                                                       f1 

     d2                                       e2                                                       f2 

     d3                                       e3                                                       f3

 25  Total nonrefundable credits. Add lines 16 through 24  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .   25   

 26  Subtract line 25 from line 15 (if result is zero or less, leave blank)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . .   26   

 27  Pass-Through Entity Tax Credit (enclose Schedule KPI, KS, or KF)  . . . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  .   27   

 28  Minnesota income tax withheld (enclose documentation)   . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  .   28   

 29  Total estimated tax payments and extension payments   .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .   29   

30   Historic Structure Rehabilitation Tax Credit   . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .   30   
      Enter National Park Service (NPS) project number: 

 31  Credit for sustainable aviation fuel          . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .   31   
      Enter certificate number from the Department of Agriculture 
 32  Other refundable credits (see instructions)              . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .   32   

 33  Add lines 27 through 32  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .   33   

 34  Tax due. If line 26 is more than line 33, subtract line 33 from line 26  . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .   34   

                                                                                                                                                                                                     (continued)

                                                                                                   9995

2024 M2,  page 3 
                                                                                                                                  *242031*

 35 Penalty (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .    35   

 36 Interest (see instructions)    .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  36   

 37 Trusts only: Additional charge for underpaying estimated tax (enclose Schedule EST)    . . . . .  . . . . . .  . . . . . .  . . . . .   37   

 38 AMOUNT DUE. If you entered an amount on line 34, add lines 34 through 37.

     Check payment method:            check                    electronic (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .   38   

 39  Overpayment. If line 33 is more than the sum of lines 26 and 35 through 37, subtract lines 26  
     and 35 through 37 from line 33  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .    39   

 40 If you are paying estimated tax for 2025, enter the amount from line 39 you want applied to it, if any   . . .  . . . . .                                                                                                                   40   

 41  REFUND. Subtract line 40 from line 39  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  .   41      

 42  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

2024 M2,  page 4 
                                                                                                                                                                                                 *242041*
Additions to Income

 43               State and municipal bond interest from outside Minnesota   . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .     43                              

 44               State taxes deducted in arriving at net income  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .     44   
 45               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)                                          . . .  . . . . . .  . . . . .  . . . . . . .  .     45   
 46               80 percent of the suspended loss from 2001–2005 or 2008–2023 on your  
   federal return that was generated by bonus depreciation (see instructions)                                       . . .  . . . . . .  . . . . .  . . . . . . .  . .  .     46   

 47percent  80    federalof bonus depreciation            . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  47 . .  .   

 48Section        199A qualified business income        . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .48 .  .     

 49               This line intentionally left blank   . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .    49    

 50               Net operating loss (NOL) carryover adjustment  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .     50   

 51               Foreign-derived intangible income (FDII) deduction  .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .     51                                     

 52               Other additions (see instructions)  .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     52   

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

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

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

 56               This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     56   

 57               Add lines 43 through 56. Enter the result here and on line 76, column E, under Additions   . .  . . . . . .  . . .  .     57   

Subtractions from Income

 58               Interest on U.S. government bond obligations, minus any expenses  
   deducted on your federal return that are attributable to this income    . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . .  .     58   

 59  State income tax refund included on federal return   . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . .  .     59   

 60  Federal bonus depreciation subtraction (see instructions,)   . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . .  .     60   
 
 61               This line intentionally left blank   . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .    61   

 62               Subtraction for railroad maintenance expenses  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .     62   

 63  Net operating loss carryover adjustment  . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .     63   

 64  Deferred foreign income (Section 965)  . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .     64   

 65  Disallowed section 280E expenses of a licensed cannabis or hemp business  . . . . .  . . . . .  . . . . . . .  . . . . .  .  .     65   

 66               Delayed business interest  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .     66   

 67               Delayed net operating loss deduction  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  .  .     67   

                                                                                                 9995                                                                                                 (continued)

2024 M2,  page 5 
                                                                                                                                                                                  *242051*

 68  Other subtractions (see instructions) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . .  .     68   

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

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

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

 72  This line intentionally left blank    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .     72   

 73  Add lines 58 through 72. Enter the result here and on line 76, column E, under Subtractions         . . .  . . . . . .  .     73   

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 76, column C Additions                                                                                Subtractions

  74                                                                                    %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

                                                                                        %

  75   Fiduciary                                                                        %

  76  Total                                                                           100%

   Enclose separate sheet, if needed.

                                                               9995