2005 Maine Minimum Tax Worksheet Page 4
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4Maine Minimum Tax — Exclusion Items Worksheet for Line 15
Complete the following worksheet to compute the Maine minimum tax on exclusion items, line 15:
a.
Enter amount from 2005 federal Form 8801, line 4 .................................................................................................................. a. _______________
b.
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. _______________
c.
Combine line a and line b. If zero or less, enter zero .............................................................................................................. c. _______________
d.
2004 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 .......................................................$35,750
Married fi ling Jointly or Qualifying Widow(er) .................$150,000 .......................................................$49,000
Married Filing Separately .................................................$75,000 .......................................................$24,500
If line c is more than the amount shown above for your fi ling status, see instructions.
e.
Subtract line d from line c ........................................................................................................................................................ e. _______________
__ __ __ . __ __
f.
Nonresident and part-year resident apportionment factor (Maine residents enter
100%)*
....................................................f.
%
g.
Multiply line e by line f and enter result here ............................................................................................................................g. _______________
h.
Effective tax rate. Divide line 6 of the 2004 Maine Minimum tax worksheet by line 5 of the 2004 Maine Minimum tax
__ . __ __
worksheet .................................................................................................................................................................................h.
%
i.
2004 Tentative Maine minimum tax on exclusion items (multiply line g by line h) ..................................................................... i. _______________
j.
2004 Maine income tax (2004 Form 1040ME, line 20 less line 25) .......................................................................................... j. _______________
k.
Alternative Maine minimum tax on exclusion items (Subtract line j from line i) ........................................................................ k. _______________
l.
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. _______________
m.
2004 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. _______________
*Nonresident and part-year resident apportionment factor (line f above) – The factor is the amount 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
2004 Exemption. Complete the worksheet below only if line c of the Exclusion Items Worksheet 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.
1.
Enter: $35,750 if single or head of household; $49,000 if married fi ling jointly or qualifying widow(er);
$24,500 if married fi ling separately ......................................................................................................................................... 1. ________________
2.
Enter the amount from line c of your Maine Minimum Tax Worksheet .................................................................................... 2. ________________
3.
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. _________________
4.
Subtract line 3 from line 2. If zero or less, enter -0- .............................................................................4. _________________
5.
Multiply line 4 by 25% (.25) ..................................................................................................................5. _________________
6.
Subtract line 5 from line 1. If zero or less, enter -0-. If this form is for a child under age 14, go to
line 7 below. Otherwise, stop here and enter this amount on line d ........................................................................................ 6. _______________
$5,750
7.
Child’s minimum exemption amount ........................................................................................................................................ 7. _______________
8.
Enter the child’s earned income, if any ................................................................................................................................. 8. _______________
9.
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
A.
Taxpayer’s total income associated with adjusted federal tentative minimum tax on exclusion items .................................... A. _______________
B.
Taxpayer’s income associated with adjusted federal tentative minimum tax on exclusion items derived
from other jurisdiction .............................................................................................................................................................. B. _______________
__ __ __ . __ __
C.
Percentage of income taxed by other jurisdiction (Divide line B by line A) .............................................................................. C.
%
D.
Limitation of Credit:
1. Net state 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. ______________
E. Allowable credit, the smaller of line D(1) or D(2). Enter here and on line l above .......................................................................E. _______________
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