Fillable M1mt 19 2019 M1MT, Alternative Minimum Tax

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M1mt 19 2019 M1MT, Alternative Minimum Tax

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Before you complete this schedule, read the instrucons on the next page.
1 Federal adjusted gross income (from line 1 of Form M1) ................................................ 1
2 Thislineintenonallyleblank ..................................................................... 2
3 Other adjustments and preferences (combine lines 2c through 3 of federal Form 6251 and
include any other AMT adjustment from federal Schedule K-1 (Form 1065-B))..................................3
4 OtheraddionsfromScheduleM1M(add lines 3, 4, 8, and 10 of Schedule M1M) ........................... 4
5 StateandmunicipalbondinterestfromoutsideMinnesota(determine from worksheet in instrucons) ......... 5
6 Intangibledrillingcosts(determine from instrucons) .................................................. 6
7 Depleon(determine from instrucons) ............................................................. 7
8 Addlines1through7............................................................................. 8
9 Medicalanddentalexpensededucon(from line 4 of Schedule M1SA) ............ 9
10 Investmentinterestexpense(from line 13 of Schedule M1SA) .................. 10
11 Charitablecontribuons(from line 18 of Schedule M1SA) ...................... 11
12 Casualtyandthelosses(from line 19 of Schedule M1SA) ..................... 12
13 Impairment-relatedworkexpensesofadisabledperson
(included on line 24 of Schedule M1SA)...................................... 13
14 Unreimbursedemployeebusinessexpenses(from line 20 of Schedule M1SA) ..... 14
15 Stateincometaxrefund(from line 1 of federal Schedule 1) ..................... 15
16 Federalbonusdepreciaonsubtracon(from line 21 of Schedule M1M) ......... 16
17 NetinterestormutualfunddividendsfromU.S.bonds
(from line 18 of Schedule M1M) ........................................... 17
18 OthersubtraconsfromScheduleM1M
(add lines 20, 22, 24-33, 35, 36, 39-41, 43, and 44) ........................... 18
19 Addlines9through18 ........................................................................... 19
20 Subtractline19fromline8 ....................................................................... 20
21 Ifmarriedandlingajointreturn,orqualifyingwidow(er): enter $77,590
Ifmarriedandlingaseparatereturn: enter $38,800
Ifsingleorheadofhousehold: enter $58,190 .......................... 21
22 Ifmarriedandlingajointreturn,orqualifyingwidow(er): enter $150,000
Ifmarriedandlingaseparatereturn: enter $75,000
Ifsingleorheadofhousehold: enter $112,500 .......................... 22
23 Subtractline22fromline20(if zero or less, enter 0) .................................................. 23
24 Mulplyline23by25%(.25) ...................................................................... 24
25 Subtractline24fromline21(if zero or less, enter 0)) .................................................. 25
26 Subtractline25fromline20 ...................................................................... 26
27 Mulplyline26by6.75%(.0675) .................................................................. 27
28 Taxfromthetable(from line 10 of Form M1) ........................................................ 28
29 Ifline27ismorethanline28,youmustpayMinnesotaalternaveminimumtax.
Subtractline28fromline27.
Entertheresulthereandonline11ofFormM1.
(If line 28 is more than line 27, see instrucons) ............. 29
Include this schedule and a copy of federal Form 6251 when you le your Form M1.
2019 Schedule M1MT, Alternave Minimum Tax
Your First Name and Inial Last Name Social Security Number
Round amounts to the nearest whole dollar.
9995
9995
*191851*
Worksheet for Line 5
1 Add lines 1 and 2 of Schedule M1M ................................................................
2 Enter the amount of non-Minnesota municipal bond interest included on line 2g of federal Form 6251 .............
3 Subtract step 2 from step 1. Enter the result on line 5 ...................................................
2019 Schedule M1MT Instrucons
Should I le Schedule M1MT?
If you had to pay federal alternative minimum tax (AMT) when you led your federal Form 1040, 1040-SR, or 1040NR, you must complete
Schedule M1MT to determine if you are required to pay Minnesota AMT. You may be required to pay Minnesota alternative minimum tax
even if you did not have to pay federal AMT.
Before you can complete Schedule M1MT, you must rst complete Part I of federal Form 6251, even if you were not required to le
Form 6251 with your federal return.
You must enclose the completed Form 6251 with your Form M1.
Line Instrucons
Round amounts to the nearest whole dollar.
Line 5—State and Municipal Bond Interest from Outside Minnesota
Line 6—Intangible Drilling Costs
If, for regular tax purposes, you elected the optional 60-month write-o under section 59(e) of the Internal Revenue Code (I.R.C.) for all
property in this category, skip line 6. No adjustment is necessary.
Intangible drilling costs (IDCs) from oil, gas, and geothermal wells are a tax preference item to the extent that the excess IDCs exceed 65
percent of the net income from the wells. Compute the tax preference item separately for oil and gas properties and for geothermal proper-
ties.
Compute excess IDCs as follows:
1 Figure the amount of your IDCs allowed for regular tax purposes under I.R.C., section 263(c), but do not include any section 263(c) deduc-
tion for nonproductive wells.
2 Subtract from step 1 the amount that would have been allowed had you amortized these IDCs over a 120-month period starting with the
month the well was placed in production. If you prefer not to use the 120-month period, you can elect to use any method that is permis-
sible in determining cost depletion.
Determine your net income by taking the gross income you received or accrued during the tax year from oil, gas, and geothermal wells and
reducing it by the deductions allocable to these properties (reduced by the excess IDCs).
When reguring net income, use only income and deductions allowed for AMT purposes.
Note:
Do not include any amounts you included on line 3 of this schedule.
Line 7—Depleon
In the case of oil wells and other wells of nonintegrated oil companies, enter the amount by which your depletion deduction under I.R.C.,
section 611 exceeds the adjusted basis of the property at the end of your tax year. In computing your year-end adjusted basis, use the rules
of I.R.C., section 1016. However, do not reduce the adjusted basis by the current year’s depletion.
Figure the excess amount separately for each property. Only depreciation that exceeds the adjusted basis of a property is treated as a tax
preference amount.
Note: Do not include any amounts you included on line 3 of this schedule.
Line 29
Compare your Minnesota alternative minimum tax on line 27 to the tax from the table on line 28:
• If line 28 is equal to or more than line 27, you are not required to pay Minnesota AMT for 2019. Enter zero on line 29.
— If you paid Minnesota AMT in one or more years from 1989 through 2018, you should complete Schedule M1MTC, Alternative
Minimum Tax Credit to see if you are eligible for a credit.
— If you did not pay Minnesota AMT in any year from 1989 through 2018, do not le Schedule M1MTC.
• If line 27 is more than line 28, you are required to pay Minnesota AMT for 2019.
Subtract line 28 from line 27. Enter the result on line 29 and on line 11 of Form M1.
Include this schedule and a copy of federal Form 6251 when you le Form M1.
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M1mt 19 2019 M1MT, Alternative Minimum Tax

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Completed 28 June 2020

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