Fill - Free fillable 2018 Schedule M1MTC, Alternave Minimum Tax Credit (Minnesota Department of Revenue) PDF form

Read the instrucons on the back before you complete this schedule.

Part 1

1 2017 federal adjusted gross income (from line 37 of your 2017 federal Form 1040) ........................... 1

2 2017 federally exempt interest and dividends (see instrucons) ........................................... 2

3 Domescproduconacviesdeduconanddepleon(add the domesc producon acvies

deducon included on line 8 of 2017 Schedule M1M and line 7 of 2017 Schedule M1MT) ...................... 3

4 ExpensesdeductedonyourfederalreturnaributabletoincomenottaxedbyMinnesota

(from line 9 of 2017 Schedule M1M) .................................................................. 4

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

6 Medicalanddentalexpensededucon(from line 9 of 2017 Schedule M1MT) ....... 6

7 Investment interest expense (from line 10 of 2017 Schedule M1MT) ............... 7

8 Charitablecontribuons(from line 11 of 2017 Schedule M1MT) .................. 8

9 Casualtyandthelosses(from line 12 of 2017 Schedule M1MT) .................. 9

10 Impairment-relatedworkexpensesofadisabledperson

(from line 13 of 2017 Schedule M1MT) ...................................... 10

11 State income tax refund (from line 14 of 2017 Schedule M1MT) .................. 11

12 NetinterestormutualfunddividendsfromU.S.bonds

(from line 16 of 2017 Schedule M1MT) ...................................... 12

13 Othersubtracons(see instrucons) ........................................ 13

14 Exempon (from line 25 of 2017 Schedule M1MT) ............................. 14

15 Add lines 6 through 14 ........................................................................... 15

16 Subtractline15fromline5(if less than zero, enter 0) .................................................. 16

17 Mulplyline16by6.75%(.0675) .................................................................. 17

18 Your2017alternaveminimumtax (from line 27 of 2017 Schedule M1MT) ................................ 18

19 Your 2017 regular income tax (from line 28 of 2017 Schedule M1MT) ..................................... 19

20 Subtractline19fromline18(if less than zero, enter 0) ................................................. 20

21 Subtractline17fromline18(if less than zero, enter 0) ................................................. 21

22 Compare line 21 and line 20. Residents: Enter the smaller of the two amounts.

Nonresidents and part-year residents:Mulplythesmalleramount

  byline25of2017ScheduleM1NR ................................................................. 22

23 Amountfromline29of2017ScheduleM1MTC ...................................................... 23

24 Alternaveminimumtaxcreditavailablefor2018.Addlines22and23 ................................... 24

Part 2

25Regulartaxfor2018(see instrucons) ............................................................... 25

26Alternaveminimumtaxfor2018(see instrucons) .................................................... 26

27Subtractline26fromline25(if less than zero, enter 0) ................................................. 27

28 Amount from line 24 or line 27, whichever is less. (Read instrucons for 2018 Schedule M1MT.)

Alsoenterthisamountonline11ofScheduleM1C .................................................... 28

Part 3 (see instrucons)

29Subtractline28fromline24 ....................................................................... 29

You must include this schedule, Schedule M1MT and Schedule M1C when you le your 2018 Form M1.

2018 Schedule M1MTC, Alternave Minimum Tax Credit

Your First Name and Inial Last Name Social Security Number

Round amounts to the

nearest whole dollar.

9995

*181301*

If you did not pay the

Minnesota alternave

minimum tax in prior years,

you are not eligible for this

credit.

Should I le Schedule M1MTC?

If you paid Minnesota alternative mini-

mum tax (AMT) in prior years, but are not

required to pay it in 2018, you may qualify

for a nonrefundable credit for 2018 or later

years by completing Schedule M1MTC.

File the schedule with your 2018 Form M1.

You may be eligible for this credit if:

• on your 2017 Schedule M1MT, line 27 is

more than line 28, and the liability is at

least partly due to timing items; or

• you have an amount on line 29 of your

2017 Schedule M1MTC.

If you paid Minnesota alternative minimum

tax in one or more years from 1989 through

2017, but did not complete a Schedule

M1MTC, complete the form to determine

any carryover.

Timing and Exclusion Items

The Minnesota alternative minimum tax is

attributable to two types of adjustments and

preferences — timing items and exclusion

items.

Generally, ming items do not cause a

permanent difference in taxable income

over time. The minimum tax credit is only

generated by the alternative minimum tax

attributable to timing adjustments and pref-

erences, such as accelerated depreciation,

intangible drilling costs preference, exercise

of incentive stock options, etc.

Exclusion items, such as personal exemp-

tions or any itemized deduction not allowed

for alternative minimum tax purposes (e.g.

gambling losses, home mortgage interest,

taxes or miscellaneous itemized deductions)

do cause a permanent difference in taxable

income for regular tax vs. alternative mini-

mum tax purposes. The minimum tax credit

is not generated by the alternative mini-

mum tax attributable to exclusion items.

Line Instrucons

Part 1 is used to determine the minimum

tax credit generated by Minnesota alterna-

tive minimum tax paid for 2017. Part 2 is

used to calculate how much, if any, of that

credit can be used in 2018. Part 3 is used to

determine any minimum tax credit that you

can carry forward.

You will not be able to complete Parts 2

and 3 until you determine your 2018 tax

liability. Complete a 2018 Schedule M1MT,

Alternative Minimum Tax, before complet-

ing this schedule.

Round amounts to the nearest whole dollar.

Part 1

If line 13 and lines 16–27 of your 2017 fed-

eral Form 6251 are blank, skip lines 1–23

of this schedule, and start with line 24. All

line references for Part 1 are to your 2017

Minnesota and federal tax forms.

Line 2

Enter the amount of:

• federally exempt interest and dividends

from obligations of other states from

lines 3 and 4 of your 2017 Schedule

M1M; and

• tax-exempt interest from Minnesota pri-

vate activity bonds issued after August 7,

1986, included on line 12 of your 2017

federal Form 6251.

Line 4

If you deducted interest or other expenses

on your 2017 federal return which were

attributable to income not taxed by Min-

nesota, enter the amount from line 9 of your

2017 Schedule M1M.

Line 13

Enter the amount from line 18 (other sub-

tractions) of your 2017 Schedule M1MT.

However, do not include any NOL subtrac-

tion that may have been included on line 18

of your 2017 Schedule M1MT.

Part 2

Lines 25–28

If you are not subject to the AMT for 2018,

you may be eligible for the credit in 2018.

However, you must complete and le the

2018 Schedule M1MT to determine the

credit.

If you are subject to the AMT for 2018, skip

Part 2. You may not take the credit in 2018.

Line 25

Full-year residents: Enter the amount from

line 28 of 2018 Schedule M1MT.

Part-year residents and nonresidents:

Multiply line 28 of 2018 Schedule M1MT

by line 26 of 2018 Schedule M1NR.

All taxpayers: Reduce the result from above

by lines 16 through 18 of Form M1 and

lines 1 through 9 of Schedule M1C.

Line 26

Full-year residents: Enter the amount from

line 27 of 2018 Schedule M1MT.

Part-year residents and nonresidents:

Multiply line 27 of 2018 Schedule M1MT

by line 26 of 2018 Schedule M1NR.

This line cannot be less than zero.

All taxpayers: Reduce the result from above

by lines lines 16, 17, and 18 of Form M1,

and lines 1 through 10 of Schedule M1C.

Line 28

Enter the amount from line 24 or line 27,

whichever is less. Also enter this amount on

line 11 of Schedule M1C, Other Nonrefund-

able Credits.

This is your 2018 Minnesota alternative

minimum tax credit.

Part 3

Line 29

If you were subject to the Minnesota alter-

native minimum tax for 2018 and did not

have to complete Part 2, enter the amount

from line 24.

You may carry forward any unused portion

of your minimum tax credit. If you have a

carryforward, include Schedule M1MTC

when you le your 2018 Form M1, even

if you could not use any of the credit for

2018.

Save copies of the schedule until you

have claimed the entire credit. The 2019

Schedule M1MTC will have a line for this

amount.

2018 Schedule M1MTC Instrucons

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