Minnesota DOR Releases Final Draft Instructions for Form M2, 2023 Fiduciary Income Tax Return

The Minnesota Department of Revenue Oct. 2 released the final draft of instructions for Form M2, 2023 Minnesota Income Tax for Estates and Trusts, for trust income tax purposes. The instructions include that: 1) the state laws were updated to generally adopt the Internal Revenue Code as amended through May 1; 2) the new Housing Tax Credit is a nonrefundable credit for qualifying contributions to a state fund; 3) an estate or trust that has $600 or more of gross income allocable to Minnesota or a nonresident alien as a beneficiary must file the form, regardless of whether it is ...