2004 Maine Minimum Tax Worksheet Page 3
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3Maine Minimum Tax — Exemption Worksheet for Line 4
Note: If the amount on line 3 of your Maine Minimum Tax Worksheet is equal to or more than: $255,500 if single or head of household; $346,000 if married
filing jointly or qualifying widow(er); or $173,000 if married filing separately; your exemption is zero. Do not complete this worksheet; instead, on the Maine
Minimum Tax Worksheet, enter the amount from line 3 on line 5 and go to line 6.
a.
Enter: $35,750 if single or head of household; $49,000 if married filing jointly or qualifying widow(er);
$24,500 if married filing separately .......................................................................................................................................... a. ________________
b.
Enter the amount from line 3 of your Maine Minimum Tax Worksheet .................................................................................. b. ________________
c.
Enter: $112,500 if single or head of household; $150,000 if married filing jointly or
qualifying widow(er); $75,000 if married filing separately .................................................................... c. ________________
d.
Subtract line c from line b. If zero or less, enter -0- ............................................................................ d. ________________
e.
Multiply line d by 25% (.25) .................................................................................................................. e. ________________
f. Subtract line e from line a. If zero or less, enter -0-. If this form is for a child under age 14, go to
line g below. Otherwise, stop here and enter this amount on line 4 of the Maine Minimum Tax Worksheet ......................... f. ________________
$5,500
g.
Child’s minimum exemption amount ........................................................................................................................................ g. ________________
h.
Enter the child’s earned income, if any ................................................................................................................................. h. ________________
i.
Add lines g and h ....................................................................................................................................................................... i. ________________
j.
Enter the smaller of line f or line i here and on line 4 of the Maine Minimum Tax Worksheet ................................................. j. ________________
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.
Federal tentative minimum tax on exclusion items (From 2004 federal Form 8801, line 13) .................................................. a. ________________
b.
Add: federal alternative minimum tax foreign tax credit on exclusion items (From federal Form 8801, line 12) ................... b. ________________
c.
Modifications - Add: an amount equal to a federal alternative minimum tax on exclusion items relating to income
subject to Maine income tax that is not subject to federal income tax (see 1040ME, Schedule 1).
Subtract: portion of federal tentative minimum tax on exclusion items attributable to income that state or
federal law prohibits from taxation ............................................................................................................................................ c. ________________
d.
Adjusted federal tentative minimum tax on exclusion items (Combine lines a, b, and c) ...................................................... d. ________________
__ __ __ . __ __
e.
Nonresident and part-year resident apportionment factor (Maine residents enter
100%)*
................................................... e.
%
f.
Multiply line d by line e and enter result here ........................................................................................................................... f. ________________
g.
Rate .......................................................................................................................................................................................... g. ________________
27 %
h.
State minimum tax on exclusion items (Multiply line f by line g) ............................................................................................. h. ________________
i.
2003 Maine income tax (2003 Form 1040ME, line 20 less line 25) .......................................................................................... i. ________________
j.
Net state minimum tax on exclusion items (Subtract line i from line h) .................................................................................... j. ________________
k.
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 .............................................................. k. ________________
l.
2003 Maine minimum tax on exclusion items (Subtract line k from line j – if zero or less, enter zero.
Enter the result here and on line 15 of the Maine Minimum Tax Worksheet) ........................................................................... l. ________________
*Nonresident and part-year resident apportionment factor
(line e above) – The factor is the amount of the taxpayer’s Maine-source income associated
with the adjusted federal tentative minimum tax on exclusion items divided by the total income associated with the adjusted federal tentative minimum tax
on exclusion items.
Worksheet for line k 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 j 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 k above .................................................................... E. ________________
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