2005 Maine Minimum Tax Worksheet Page 2
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Maine Minimum Tax
Income Modification Worksheet for Line 2
Federal Alternative Minimum Taxable Income (“FAMTI”) (from federal Form 1041, Schedule I, line 29):
1. ADDITIONS to federal alternative minimum taxable income.
a. Income from municipal and state bonds, other than Maine to the extent not included in FAMTI above .............................. 1a. ________________
b
Net Operating Loss Recovery Adjustment (See instructions. Attach a schedule showing your calculation) ..................... 1b. ________________
c
Maine State Retirement Contributions ................................................................................................................................... 1c. ________________
d
Domestic Production Activities Deduction Add-back (See instructions) .............................................................................. 1d. ________________
e
Bonus Depreciation and Section 179 Add-back to the extent deducted in arriving at FAMTI (See instructions) ........................ 1e. ________________
f
Other (See instructions). List the type and amount of income items included (attach a separate schedule,
if necessary) ____________________________________________________________________________
............ 1f. ________________
g
Total additions (Add lines 1a through 1f) ............................................................................................................................ 1g. ________________
2. SUBTRACTIONS from federal alternative minimum taxable income.
a
U.S. Government Bond interest included in FAMTI above .................................................................................................... 2a. ________________
b
Social Security and Railroad Retirement Benefits included in FAMTI above ...................................................................... 2b. ________________
c
Interest from Maine Municipal General Obligation & Private Activity Bonds included in FAMTI (See
federal Form 6251, line 11) .................................................................................................................................................... 2c. ________________
d
Maine State Retirement System Pick-Up Contributions paid to the taxpayer during 2005 which have been
previously taxed by the state ................................................................................................................................................. 2d. ________________
e
Federal Work Opportunity Credit/Federal Empowerment Zone Credit Deduction ............................................................... 2e. ________________
f
Bonus Depreciation and IRC § 179 Recapture (See instructions) ........................................................................................ 2f. ________________
g
Other (See instructions). List the type and amount of income items included (attach a separate schedule,
if necessary) ____________________________________________________________________________
........... 2g. ________________
(Nonresident Estates or Trusts - Do not enter non-Maine income)
h
Total Subtractions (Add lines 2a through 2g) ..................................................................................................................... 2h. ________________
3. Net Modification (Subtract line 2h from line 1g — enter here and on Minimum Tax Worksheet, line 2
[May be a negative amount]) .......................................................................................................................................................... 3. ________________
Maine 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.
Modifications - 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.
Exemption. Enter amount from 2005 federal Form 8801, line 9 ........................................................................................... d. ________________
e.
Line c minus line d ................................................................................................................................................................... e. ________________
__ __ __ . __ __%
f.
Nonresident and part-year resident apportionment factor (Maine residents enter 100%)* .................................................. f.
g.
Multiply line e by line f, enter result here ................................................................................................................................ g. ________________
h.
Effective tax rate. Divide line 8 of the 2004 Maine Minimum Tax Worksheet by line 7 of the 2004 Maine Minimum tax
__ . __ __
worksheet ................................................................................................................................................................................ h.
%
i.
2004 Maine minimum tax on exclusion items (Multiply line g by line h) .................................................................................. i. ________________
j.
2004 Maine income tax (2004 Form 1041ME, line 4) .............................................................................................................. j. ________________
k.
Alternative Maine minimum tax on exclusion items (Line i minus line j) ................................................................................. k. ________________
l.
Credit against the Maine minimum tax on exclusion items for minimum tax paid to other taxing jurisdictions
on exclusion items (For Maine estates/trusts only). Enter line E from worksheet below ........................................................ l. ________________
m.
2004 Maine minimum tax on exclusion items (Line k minus line l – if zero or less, enter zero. Enter the result here
and on line 15 of the Maine Minimum Tax Worksheet) ......................................................................................................... m. ________________
*Nonresident estate/trust apportionment factor (line f above) – The factor is the amount of the taxpayer’s Maine-source income associated with the
adjusted federal tentative minimum tax on exclusion items (line c above) divided by the total income associated with the adjusted federal tentative
minimum tax on exclusion items (line c above).
Worksheet for line l above – Maine estates/trusts 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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