Minnesota Alternative Minimum Tax

Alternative Minimum Tax
2024 M2MT, Alternative Minimum Tax for estates and trusts
*242211*

2024 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	75,	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	75,	column	E	of	Form	M2	(see instructions)  .  .  .  .  . 6
7	 Subtract	line	6	from	line	5  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 7
If	line	7,	column	A	is	$46,360	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
10		 Phaseout	amount	exemption	 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

10

$46,360
$75,000

11		 Subtract	line	10	from	line	7,	column	A (if result is zero or less, leave blank)  .  .  .  .  .  . 1 1
12		 Multiply	line	11	by	25%	(.25)	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 2
13 	 Subtract	line	12	from	line	9	(if result is zero or less, leave blank)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 3
14	 Multiply	line	13	by	line	8	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 4
15	 Subtract	line	14	from	line	7,	column	B	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 5
16	 Multiply	line	15	by	6.75%	(.0675)	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 6
17	 Tax	from	line	10	of	Form	M2	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 7
18	 Subtract	line	17	from	line	16	(if result is zero or less, leave blank) . Also enter the
result	on	line	13	of	Form	M2	and	check	the	box	for	M2MT	  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1 8

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

9995

2024 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 $46,360 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 43 and 46 through 50 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 nonMinnesota 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 58 through 61 and 63
through 66 of Form M2. Also include any amounts reported on line 68 of Form M2 from the following 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]

•

Military service pension and retirement pay subtraction [M.S. 290.0132, subd. 21]

•

Social Security benefits subtraction [M.S. 290.0132, subd. 26]

•

Qualified public pension subtraction [M.S. 290.0132, subd. 34]

•

Damages for sexual harassment or abuse subtraction [M.S. 290.0132, subd. 35]

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 additions under column A. Enter the amount allocated to Minnesota in column B.

Line 6

Enter the total of lines 28 through 31 and 33 through 36 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.