Maine Minimum Tax Credit And Carryforward To 2013 - 2012

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Attachment
2012 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2013
7
Sequence No.
Worksheet for Form 1040ME, Schedule A, Line 14
99
Enclose a copy of 2012 federal Form 8801
*1202124*
Name(s) as shown on Form 1040ME
Your Social Security Number
-
-
New for 2012. For tax years beginning on or after January 1, 2012, the Maine minimum tax is repealed for non-corporate taxpayers.
However, any unused Maine minimum tax credit from tax years beginning prior to 2012 may be claimed until exhausted.
1.
Enter the amount from the 2011 Maine Form 1040ME, Schedule A, line 3c ................................................................................ ________________
2.
Minimum tax credit carryforward from 2011 (2011 Maine Minimum Tax Worksheet, line 21) ...................................................... ________________
3.
Enter 2011 net state minimum tax on federal exclusion items – From the Maine Minimum Tax -
Exclusion Items Worksheet below ............................................................................................................................................... ________________
4.
2011 adjusted net state minimum tax (Line 1 plus line 2 minus line 3 – if zero or less, enter zero) ............................................. ________________
5.
Enter 2012 Maine income tax liability (2012 Form 1040ME, line 20 plus line 21 minus line 22
minus line 24 [except minimum tax credit] minus line 25). If zero or less, enter zero ................................................................. ________________
6.
Maine minimum tax credit: Enter the lesser of line 4 or 5 here and on Form 1040ME, Schedule A, line 14 ............................ ________________
7.
Maine minimum tax credit carryforward to 2013 (Subtract line 6 from line 4) ......................................................................... ________________
NOTE: If you have a Maine minimum tax credit carryforward to 2013, keep a copy of the worksheet to submit with
your 2013 Maine individual income tax return.
Maine Minimum Tax — Exclusion Items Worksheet for Line 3 above
Complete the following worksheet to compute the Maine minimum tax on exclusion items, line 3 above:
a.
Enter amount from 2012 federal Form 8801, line 4 .................................................................................................................... ________________
b.
Modifi cations - Enter line 3 from the Maine Minimum Tax - Income Modifi cation Worksheet below.
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) ...................................................................................................................................... ________________
c.
Combine line a and line b. If zero or less, enter zero ................................................................................................................ ________________
d.
2011 Exemption. Enter amount for your fi ling status shown below: ......................................................................................... ________________
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.
e.
Subtract line d from line c .......................................................................................................................................................... ________________
__ __ __ . __ __
f.
Apportionment factor. Maine residents enter 100%. Nonresident and part-year residents see
instructions*
.....................
%
g.
Multiply line e by line f and enter result here .............................................................................................................................. ________________
h.
Effective tax rate. Divide line 6 of the 2011 Maine Minimum tax worksheet by line 5 of the 2011 Maine Minimum tax
__ . __ __
worksheet. Enter result here ......................................................................................................................................................
%
i.
2011 Tentative Maine minimum tax on exclusion items (multiply line g by line h) ...................................................................... ________________
j.
2011 Maine income tax (2011 Form 1040ME, line 20 less line 25) ............................................................................................ ________________
k.
Alternative Maine minimum tax on exclusion items (subtract line j from line i). If zero or less, enter zero. ................................ ________________
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 the Maine Minimum Tax - Worksheet for line l below .......... ________________
m.
2011 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 3 of the Maine Minimum Tax Credit and Carryforward Worksheet above .............................. ________________
*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).
1

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