2004 Maine Minimum Tax Worksheet printable pdf download

Attachment

2004 MAINE MINIMUM TAX WORKSHEET

Sequence No.

Use this Worksheet to complete:

*0402124*

Form 1040ME, Schedule A, Line 3a – Enclose a copy of your 2004 federal Form 6251

Name(s) as shown on Form 1040ME

Your Social Security Number

Do you owe a Maine Minimum Tax?

The following individuals must complete the Maine Minimum Tax Worksheet to determine whether

they owe a Maine minimum tax: 1) Individuals that have a federal alternative minimum taxable income on federal Form 6251, line 28; and,

2) Individuals who do not have a federal alternative minimum taxable income on federal Form 6251, line 28, but who do have Maine

addition income modifications (see the Maine Minimum Tax Worksheet for Line 2, lines 1a through 1k), the total of which is greater than

the Maine minimum tax exemption amount (see line 4 below).

If you exceed these thresholds, you must file a Maine Minimum Tax Worksheet. See instructions and supporting Worksheets.

Federal alternative minimum taxable income (Federal Form 6251, line 28) .............................................................................. 1. ________________

Modifications (May be a positive or negative number) - See instructions ............................................................................... 2. ________________

Maine tentative alternative minimum taxable income (line 1 plus or minus line 2). If zero or less, enter zero ......................... 3. ________________

Exemption. Enter amount for your filing status shown below: ................................................................................................. 4. ________________

If your filing status is:

and line 3 is not over:

Enter on line 4:

Single or Head of Household ........................................... $112,500 ...................................................... $35,750

Married filing Jointly or Qualifying Widow(er) ................. $150,000 ...................................................... $49,000

Married Filing Separately .................................................. $75,000 ...................................................... $24,500

If line 3 is more than the amount shown above for your filing status, see instructions.

Maine alternative minimum taxable income (subtract line 4 from line 3). If zero or less, enter zero ........................................ 5. ________________

Tentative minimum tax. See instructions .................................................................................................................................. 6. ________________

Nonresident and part-year resident apportionment factor (Maine residents enter 100%) - See instructions ...................... 7. __ __ __ . __ __%

Multiply line 6 by line 7, enter result here ................................................................................................................................... 8. ________________

Maine income tax (Form 1040ME, line 20 less line 25) ............................................................................................................. 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 residents 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 1040ME, Schedule A, line 3a) .... 12. ________________

(Worksheet for line 11 above – Maine residents only: Credit Against the Maine Minimum Tax for tax paid to other jurisdictions)

A. Taxpayer’s Maine tentative alternative minimum taxable income (Line 3 above) ..................................................................... A. ________________

B. Taxpayer’s income included in Maine tentative alternative minimum taxable income 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. ________________

2004 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2005

Worksheet for 1040ME, Schedule A, Line 15

Enclose a copy of 2004 federal Form 8801

13. Enter the amount from line 14 of the 2003 Maine Minimum Tax Worksheet ........................................................................... 13. ________________

14. Minimum tax credit carryforward from 2003 (2003 Maine Minimum Tax Worksheet, line 23) ................................................. 14. ________________

15. Enter 2003 net state minimum tax on federal exclusion items – From worksheet at ..................... 15. ________________

16. 2003 adjusted net state minimum tax (Line 13 plus line 14 minus line 15 – if zero or less, enter zero) ................................. 16. ________________

17. Enter 2004 Maine income tax liability (2004 1040ME, line 20 plus line 21 [except minimum tax] minus line 22

minus line 24 [except minimum tax credit] minus line 25) ........................................................................................................ 17. ________________

18. Enter 2004 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 19 here and on 1040ME, Schedule A, line 15 ............................ 20. ________________

21. Maine minimum tax credit carryforward to 2005 (Subtract line 20 from line 16) ................................................................ 21. ________________

NOTE: If you have a Maine minimum tax credit carryforward to 2005, keep a copy of the worksheet to submit with

your 2005 Maine individual income tax return.