2008 Maine Minimum Tax Worksheet - Form 1040me, Schedule A, Line 3a (Page 4 of 4) in pdf

Maine Minimum Tax — Exclusion Items Worksheet for Line 15

Complete the following worksheet to compute the Maine minimum tax on exclusion items, line 15:

Enter amount from 2008 federal Form 8801, line 4 .................................................................................................................. a. _______________

Modiﬁ cations - see the Maine Minimum Tax Worksheet for Line 2 and related instructions.

Add income treated as exclusion items subject to Maine income tax that is not subject to federal income tax.

Subtract income treated as exclusion items that Maine or federal law prohibits from state taxation.

Include only amounts not already added or subtracted in calculating federal alternative minimum taxable income.

(May be a positive or negative number) ....................................................................................................................................b. _______________

Combine line a and line b. If zero or less, enter zero .............................................................................................................. c. _______________

2007 Exemption. Enter amount for your ﬁ ling status shown below: ......................................................................................d. _______________

If your ﬁ ling status is:

and line c is not over:

Enter on line d:

Single or Head of Household ......................................... $112,500 .......................................................$33,750

Married ﬁ ling Jointly or Qualifying Widow(er) ................. $150,000 .......................................................$45,000

Married Filing Separately ................................................. $75,000 .......................................................$22,500

If line c is more than the amount shown above for your ﬁ ling status, see Worksheet for line d below.

Subtract line d from line c ........................................................................................................................................................ e. _______________

__ __ __ . __ __

Apportionment factor. Maine residents enter 100%. Nonresident and part-year residents see

instructions*

....................f.

Multiply line e by line f and enter result here ............................................................................................................................g. _______________

Effective tax rate. Divide line 6 of the 2007 Maine Minimum tax worksheet by line 5 of the 2007 Maine Minimum tax

__ . __ __

worksheet. Enter result here ....................................................................................................................................................h.

2007 Tentative Maine minimum tax on exclusion items (multiply line g by line h) ..................................................................... i. _______________

2007 Maine income tax (2007 Form 1040ME, line 20 less line 25) .......................................................................................... j. _______________

Alternative Maine minimum tax on exclusion items (subtract line j from line i). If zero or less, enter zero. .............................. k. _______________

Credit against the Maine minimum tax on exclusion items for minimum tax paid to other taxing jurisdictions

on exclusion items (For Maine residents only). Enter line E from worksheet below ................................................................ l. _______________

2007 Maine minimum tax on exclusion items (Subtract line l from line k. If zero or less, enter zero.

Enter the result here and on line 15 of the Maine Minimum Tax Worksheet) ..........................................................................m. _______________

*Apportionment factor (line f above) – For nonresidents and part-year residents, the factor is the ratio of the taxpayer’s Maine-source income

associated with the adjusted minimum taxable income on exclusion items (line c above) divided by the total adjusted minimum taxable income on exclusion

items (line c above).

Maine Minimum Tax — Worksheet for line d above

2007 Exemption. Complete the worksheet below only if line c of the Exclusion Items Worksheet above is more than the amounts

shown on line 3 below for your ﬁ ling status. Enter the result on line d of the Exclusion Items Worksheet for Line 15 above.

Enter: $33,750 if single or head of household; $45,000 if married ﬁ ling jointly or qualifying widow(er);

$22,500 if married ﬁ ling separately ......................................................................................................................................... 1. ________________

Enter the amount from line c of your Exclusion Items Worksheet for line 15 above ............................................................... 2. ________________

Enter: $112,500 if single or head of household; $150,000 if married ﬁ ling jointly or

qualifying widow(er); $75,000 if married ﬁ ling separately .....................................................................3. _________________

Subtract line 3 from line 2. If zero or less, enter -0- .............................................................................4. _________________

Multiply line 4 by 25% (.25) ..................................................................................................................5. _________________

Subtract line 5 from line 1. If zero or less, enter -0-. If this form is for a child under age 18, go to

line 7 below. Otherwise, stop here and enter this amount on line d above ............................................................................. 6. _______________

$6,300

Child’s minimum exemption amount ........................................................................................................................................ 7. _______________

Enter the child’s earned income, if any.................................................................................................................................. 8. _______________

Add lines 7 and 8 ...................................................................................................................................................................... 9. _______________

10.

Enter the smaller of line 6 or line 9 here and on line d above ............................................................................................... 10. _______________

Maine Minimum Tax — Worksheet for line l above – Maine residents only

Taxpayer’s Maine tentative alternative minimum taxable income on exclusion items (from line c of the Worksheet for Line 15) .. A. _______________

Amount included in line A above that is derived from other jurisdiction ................................................................................... B. _______________

__ __ __ . __ __

Percentage of income taxed by other jurisdiction (Divide line B by line A) .............................................................................. C.

Limitation of credit:

1. Alternative Maine minimum tax on exclusion items from line k above

$ ________________ multiplied by _________________ % on line C ..................................... D1. _______________

2. Minimum tax on exclusion items paid other jurisdiction on income taxed under

the Maine minimum tax ............................................................................................................... D2. ______________

Allowable credit, the smaller of line D(1) or D(2). Enter here and on line l above ...................................................................E. _______________

2008 Maine Minimum Tax Worksheet - Form 1040me, Schedule A, Line 3a Page 4

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