Maine Minimum Tax Worksheet - 2006

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2006 MAINE MINIMUM TAX WORKSHEET
Use this Worksheet to complete:
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Form 1041ME, Schedule A, Line 2
*0609102*
Enclose a copy of your 2006 federal Form 1041, Schedule I
Name of Estate/Trust (as shown on Form 1041ME)
Estate/Trust EIN
-
Do you owe a Maine Minimum Tax?
Estates/trusts fi ling a Maine fi duciary income tax return must complete the Maine Minimum Tax
Worksheet to determine whether they owe a Maine minimum tax only if the total of Maine tentative alternative minimum taxable income
(“AMTI”) (federal Form 1041, Schedule I, line 29 plus Maine addition income modifi cations [see the Maine Minimum Tax Worksheet for line
2]) is greater than the applicable Maine minimum tax exemption amount (see line 4 below). Estates/trusts not required to fi le federal Form
1041, Schedule I must complete a pro forma to determine the federal alternative minimum taxable income amount for Maine purposes.
Estates/trusts that do not owe a Maine minimum tax are not required to fi le the Maine Minimum Tax worksheet with their Maine return.
See instructions and supporting Worksheets.
1.
Federal alternative minimum taxable income (Federal Form 1041, Schedule I, line 29) .......................................................... 1. ________________
2.
Modifi cations (May be a positive or negative number) - See instructions ............................................................................. 2. ________________
3.
Maine tentative alternative minimum taxable income (line 1 plus or minus line 2). If zero or less, enter zero .......................... 3. ________________
4.
Exemption. Enter amount from 2006 federal Form 1041, Schedule I, line 29 or line 50, whichever applies. ......................... 4. ________________
5.
Line 3 minus line 4. If zero or less, enter zero ........................................................................................................................... 5. ________________
__ __ __ . __ __%
6.
Nonresident apportionment factor (Maine estates & trusts enter 100%) - See instructions ................................................. 6.
7.
Maine alternative minimum taxable income (multiply line 5 by line 6). Enter result here .......................................................... 7. ________________
8.
Tentative minimum tax. See instructions ................................................................................................................................ 8. ________________
9.
Maine income tax (Form 1041ME, line 4) ................................................................................................................................. 9. ________________
10. Alternative minimum tax (Subtract line 9 from line 8) .............................................................................................................. 10. ________________
11. Credit against the Maine minimum tax for minimum tax paid to other jurisdictions (For Maine estates/trusts only).
Enter line E from Worksheet below. ...................................................................................................................................... 11. ________________
12. Maine Minimum Tax (subtract line 11 from line 10 – if zero or less, enter zero. Enter result on 1041ME, Schedule A, line 2a) .. 12. ________________
(Worksheet for line 11 above – Maine estates/trusts only: Credit Against the Maine Minimum Tax for tax paid to other taxing jurisdictions)
A. Taxpayer’s Maine tentative alternative minimum taxable income (Line 3 above) .....................................................................A. ________________
B. Amount of line A that is 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.
Maine alternative minimum tax (Line 10 above) multiplied by percent on line C .....................D(1). ________________
2.
Minimum tax paid other jurisdiction on income taxed under the Maine minimum tax ..............D(2). ________________
E. Allowable credit, the lesser of lines D(1) or D(2). Enter here and on line 11 above .................................................................E. ________________
2006 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2007
Worksheet for 1041ME, Schedule A, Line 11
Enclose a copy of 2006 federal Form 8801
13. Enter the amount from the 2005 Form 1041ME, Schedule A, line 2c ..................................................................................... 13. ________________
14. Minimum tax credit carryforward from 2005 (2005 Maine Minimum Tax Worksheet, line 21) ................................................. 14. ________________
15. Enter 2005 net state minimum tax on federal exclusion items – From worksheet at ..................... 15. ________________
16. 2005 adjusted net state minimum tax (Line 13 plus line 14 minus line 15 – if zero or less, enter zero) ................................. 16. ________________
17. Enter 2006 Maine income tax liability (2006 Form 1041ME, line 6 excluding minimum tax and minimum tax credit) ............ 17. ________________
18. Enter 2006 Maine tentative minimum tax (Line 8 above) ........................................................................................................ 18. ________________
19. Subtract line 18 from line 17 (If zero or less, enter zero) ........................................................................................................ 19. ________________
20. Maine minimum tax credit: Enter the lesser of line 16 or line 19 here and on Form 1041ME, Schedule A, line 11 ............. 20. ________________
21. Maine minimum tax credit carryforward to 2007 (Subtract line 20 from line 16) ................................................................ 21. ________________
NOTE: If you have a Maine minimum tax credit carryforward to 2007, keep a copy of the worksheet to submit with your
2007 Maine estate or trust income tax return.
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