Fillable 2019 Schedule M1MTC, Alternave Minimum Tax Credit (Minnesota Department of Revenue)

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2019 Schedule M1MTC, Alternave Minimum Tax Credit (Minnesota Department of Revenue)

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Read the instrucons on the back before you complete this schedule.
Part 1
1 2018 federal adjusted gross income (from line 7 of your 2018 federal Form 1040)............................ 1
2 2018 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 14 of 2018 Schedule M1M and line 7 of 2018 Schedule M1MT) .................... 3
4 ExpensesdeductedonyourfederalreturnaributabletoincomenottaxedbyMinnesota
(from line 6 of 2018 Schedule M1M) ................................................................. 4
5 Add lines 1 through 4 ............................................................................. 5
6 Medicalanddentalexpensededucon(from line 9 of 2018 Schedule M1MT) ............................... 6
7 Investment interest expense (from line 10 of 2018 Schedule M1MT) ...................................... 7
8 Charitablecontribuons(from line 11 of 2018 Schedule M1MT) .......................................... 8
9 Casualtyandthelosses(from line 12 of 2018 Schedule M1MT) ......................................... 9
10 Impairment-relatedworkexpensesofapersonwithadisability(from line 13 of 2018 Schedule M1MT) ........ 10
11 State income tax refund (from line 14 of 2018 Schedule M1MT) ......................................... 11
12 NetinterestormutualfunddividendsfromU.S.bonds (from line 16 of 2018 Schedule M1MT) ............... 12
13 Othersubtracons(see instrucons) ............................................................... 13
14 Exempon (from line 25 of 2018 Schedule M1MT) .................................................... 14
15 Add lines 6 through 14 ........................................................................... 15
16 Subtractline15fromline5(if zero or less, enter 0) .................................................... 16
17 Mulplyline16by6.75%(.0675) .................................................................. 17
18 Your2018alternaveminimumtax (from line 27 of 2018 Schedule M1MT) ............................... 18
19 Your 2018 regular income tax (from line 28 of 2018 Schedule M1MT) ..................................... 19
20 Subtractline19fromline18(if zero or less, enter 0) .................................................. 20
21 Subtractline17fromline18(if zero or less, 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26of2018ScheduleM1NR ....... 22
23 Amountfromline29of2018ScheduleM1MTC ...................................................... 23
24 Alternaveminimumtaxcreditavailablefor2019.Addlines22and23................................... 24
Part 2
25 Regulartaxfor2019(see instrucons) .............................................................. 25
26 Alternaveminimumtaxfor2019(see instrucons) .................................................. 26
27 Subtractline26fromline25(if zero or less, enter 0) .................................................. 27
28 Amountfromline24orline27,whicheverisless.(Read instrucons for 2019 Schedule M1MT.)
Alsoenterthisamountonline13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 2019 Form M1.
2019 Schedule M1MTC, Alternave Minimum Tax Credit
Your First Name and Inial Last Name Social Security Number
Round amounts to nearest whole dollar.
9995
*191301*
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 minimum tax (AMT) in prior years, but are not required to pay it in 2019, you may qualify for a nonrefund-
able credit for 2019 or later years by completing Schedule M1MTC. File the schedule with your 2019 Form M1.
You may be eligible for this credit if either of the following apply:
• Line 27 is more than line 28 on your 2018 Schedule M1MT, Alternative Minimum Tax, and the liability is at least partly due to timing items
• You have an amount on line 29 of your 2018 Schedule M1MTC
If you paid AMT in one or more years from 1989 through 2018, but did not complete a Schedule M1MTC, complete this schedule to determine
any carryover.
Timing and Exclusion Items
The Minnesota AMT is attributable to two types of adjustments and preferences: timing items and exclusion items.
Generally, ming items do not cause a permanent dierence in taxable income over time. The minimum tax credit is only generated by the
AMT attributable to timing adjustments and preferences, such as accelerated depreciation, intangible drilling costs preference, exercise of
incentive stock options, etc.
Exclusion items, such as personal exemptions or any itemized deduction not allowed for AMT purposes (such as gambling losses, home mort-
gage interest, or taxes) do cause a permanent dierence in taxable income. The minimum tax credit is not generated by the AMT attributable to
exclusion items.
Line Instrucons
Part 1 determines the minimum tax credit generated by Minnesota AMT paid for 2018. Part 2 calculates how much, if any, of that credit can be
used in 2019. Part 3 determines any minimum tax credit you can carry forward.
You will not be able to complete Parts 2 and 3 until you determine your 2019 tax liability. Complete 2019 Schedule M1MT before completing
this schedule.
Round amounts to the nearest whole dollar.
Part 1
If line 2h, lines 2k through 2t, and line 3 of your 2018 federal Form 6251 are blank, skip lines 1–23 of this schedule, and start with line 24.
Line 2
Enter the total amount of:
• Federally exempt interest and dividends from obligations of other states from lines 1 and 2 of your 2018 Schedule M1M, Income Additions
and Subtractions
• Tax-exempt interest from Minnesota private activity bonds issued after August 7, 1986, included on line 2g of your 2018 federal Form 6251
Line 4
If you deducted interest or other expenses on your 2018 federal return which were attributable to income not taxed by Minnesota, enter the
amount from line 6 of your 2018 Schedule M1M.
Line 13
Enter the amount from line 18 (other subtractions) of your 2018 Schedule M1MT. However, do not include any net operating loss subtraction
you may have included on line 18 of your 2018 Schedule M1MT.
Part 2
Lines 25–28
If you are not subject to Minnesota AMT for 2019, you may be eligible for the credit in 2019. However, you must complete and le the 2019
Schedule M1MT to determine the credit.
If you are subject to Minnesota AMT for 2019, skip Part 2. You may not take the credit in 2019.
Line 25
Full-year residents: Enter the amount from line 28 of 2019 Schedule M1MT.
Part-year residents and nonresidents: Multiply line 28 of 2019 Schedule M1MT by line 24 of 2019 Schedule M1NR, Nonresidents/Part-Year
Residents.
All taxpayers: Reduce the result from above by lines 16 through 18 of Form M1 and lines 1 through 9 of Schedule M1C, Other Nonrefundable
Credits.
2019 Schedule M1MTC Instrucons
Connued
Line 26
Full-year residents: Enter the amount from line 27 of 2019 Schedule M1MT.
Part-year residents and nonresidents: Multiply line 27 of 2019 Schedule M1MT by line 24 of 2019 Schedule M1NR.
This line cannot be less than zero.
All taxpayers: Reduce the result from above by lines 16, 17, and 18 of Form M1, and lines 1 through 12 of Schedule M1C.
Line 28
Enter the amount from line 24 or line 27, whichever is less. Also enter this amount on line 13 of Schedule M1C.
This is your 2019 Minnesota AMT credit.
Part 3
Line 29
If you were subject to Minnesota AMT for 2019 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 2019 Form M1, even if you could not use any of the credit for 2019.
Save copies of the schedule until you have claimed the entire credit. The 2020 Schedule M1MTC will have a line for this amount.
2019 Schedule M1MTC Instrucons, connued
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2019 Schedule M1MTC, Alternave Minimum Tax Credit (Minnesota Department of Revenue)

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Completed 29 July 2020

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