If the IRS makes any change or correction to your federal return, you must notify the Minnesota Department of Revenue within 180 days of the final IRS determination. You must notify us in one of the following ways:
- if the IRS adjustments affect your Minnesota return or distributions to beneficiaries, you must file Form M2X, Amended Return for Estates and Trusts; or
- submit a letter to us that explains why the changes do not affect your Minnesota return or Schedules K-1.
If you do not report federal tax changes within 180 days as outlined above, you are subject to a penalty equal to 10 percent of any additional tax due.
When reporting federal changes:
- Mail your Form M2X as directed on the form, and enclose a copy of the IRS report or your amended federal return.
- Mail your explanation letter, and a complete copy of your amended federal return or correction notice, to:
Minnesota Fiduciary Income Tax
Mail Station 5170
St. Paul, MN 55146-5170