diff --git a/django/forms/formsets.py b/django/forms/formsets.py
index 9cdd051..dcd2f01 100644
--- a/django/forms/formsets.py
+++ b/django/forms/formsets.py
@@ -122,7 +122,7 @@ class BaseFormSet(StrAndUnicode):
         if self.is_bound:
             defaults['data'] = self.data
             defaults['files'] = self.files
-        if self.initial:
+        if self.initial and not 'initial' in kwargs:
             try:
                 defaults['initial'] = self.initial[i]
             except IndexError:
diff --git a/django/forms/models.py b/django/forms/models.py
index b65f067..15d5041 100644
--- a/django/forms/models.py
+++ b/django/forms/models.py
@@ -418,6 +418,7 @@ class BaseModelFormSet(BaseFormSet):
     def __init__(self, data=None, files=None, auto_id='id_%s', prefix=None,
                  queryset=None, **kwargs):
         self.queryset = queryset
+        self.initial_extra = kwargs.pop('initial', None)
         defaults = {'data': data, 'files': files, 'auto_id': auto_id, 'prefix': prefix}
         defaults.update(kwargs)
         super(BaseModelFormSet, self).__init__(**defaults)
@@ -448,6 +449,12 @@ class BaseModelFormSet(BaseFormSet):
             kwargs['instance'] = self._existing_object(pk)
         if i < self.initial_form_count() and not kwargs.get('instance'):
             kwargs['instance'] = self.get_queryset()[i]
+        if i >= self.initial_form_count() and self.initial_extra:
+            # Set initial values for extra forms
+            try:
+                kwargs['initial'] = self.initial_extra[i-self.initial_form_count()]
+            except IndexError:
+                pass
         return super(BaseModelFormSet, self)._construct_form(i, **kwargs)
 
     def get_queryset(self):
@@ -674,7 +681,7 @@ def modelformset_factory(model, form=ModelForm, formfield_callback=None,
 class BaseInlineFormSet(BaseModelFormSet):
     """A formset for child objects related to a parent."""
     def __init__(self, data=None, files=None, instance=None,
-                 save_as_new=False, prefix=None, queryset=None):
+                 save_as_new=False, prefix=None, queryset=None, **kwargs):
         from django.db.models.fields.related import RelatedObject
         if instance is None:
             self.instance = self.fk.rel.to()
@@ -687,7 +694,7 @@ class BaseInlineFormSet(BaseModelFormSet):
             queryset = self.model._default_manager
         qs = queryset.filter(**{self.fk.name: self.instance})
         super(BaseInlineFormSet, self).__init__(data, files, prefix=prefix,
-                                                queryset=qs)
+                                                queryset=qs, **kwargs)
 
     def initial_form_count(self):
         if self.save_as_new:
diff --git a/docs/topics/forms/formsets.txt b/docs/topics/forms/formsets.txt
index 37c3067..b524c24 100644
--- a/docs/topics/forms/formsets.txt
+++ b/docs/topics/forms/formsets.txt
@@ -53,6 +53,8 @@ Formsets can also be indexed into, which returns the corresponding form. If you
 override ``__iter__``, you will need to also override ``__getitem__`` to have
 matching behavior.
 
+.. _formsets-initial-data:
+
 Using initial data with a formset
 ---------------------------------
 
diff --git a/docs/topics/forms/modelforms.txt b/docs/topics/forms/modelforms.txt
index 832a3ac..e047b6e 100644
--- a/docs/topics/forms/modelforms.txt
+++ b/docs/topics/forms/modelforms.txt
@@ -617,6 +617,17 @@ exclude::
 
     >>> AuthorFormSet = modelformset_factory(Author, exclude=('birth_date',))
 
+Providing initial values
+------------------------
+
+    .. versionadded:: 1.4
+
+As with regular formsets, it is possible to :ref:`specify initial data
+<formsets-initial-data>` for forms in the formset. However, with model formsets
+the initial values only apply to extra forms, those which are not bound with an
+existing object instance.
+
+
 .. _saving-objects-in-the-formset:
 
 Saving objects in the formset
diff --git a/tests/regressiontests/model_formsets_regress/tests.py b/tests/regressiontests/model_formsets_regress/tests.py
index 35a794a..b1ad201 100644
--- a/tests/regressiontests/model_formsets_regress/tests.py
+++ b/tests/regressiontests/model_formsets_regress/tests.py
@@ -204,6 +204,18 @@ class InlineFormsetTests(TestCase):
             ["<Host: matrix.de.eu.dal.net>", "<Host: tranquility.hub.dal.net>"]
             )
 
+    def test_initial_data(self):
+        user = User.objects.create(username="bibi", serial=1)
+        usersite = UserSite.objects.create(user=user, data=7)
+        Form = modelform_factory(User)
+        FormSet = inlineformset_factory(User, UserSite, extra=2)
+
+        formset = FormSet(instance=user, initial=[{'data': 41}, {'data': 42}])
+        self.assertEqual(formset.forms[0].initial['data'], 7)
+        self.assertEqual(formset.extra_forms[0].initial['data'], 41)
+        self.assertTrue(u'value="42"' in formset.extra_forms[1].as_p())
+
+
 class FormsetTests(TestCase):
     def test_error_class(self):
         '''
@@ -230,6 +242,14 @@ class FormsetTests(TestCase):
             self.assertTrue(isinstance(form.errors, ErrorDict))
             self.assertTrue(isinstance(form.non_field_errors(), ErrorList))
 
+    def test_initial_data(self):
+        user = User.objects.create(username="bibi", serial=1)
+        Formset = modelformset_factory(User, extra=2)
+        formset = Formset(initial=[{'username': u'apollo11'}, {'username': u'apollo12'}])
+        self.assertEqual(formset.forms[0].initial['username'], "bibi")
+        self.assertEqual(formset.extra_forms[0].initial['username'], "apollo11")
+        self.assertTrue(u'value="apollo12"' in formset.extra_forms[1].as_p())
+
 class CustomWidget(forms.CharField):
     pass
 
