Maine Minimum Tax Worksheet - 2009 Page 2
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Maine Minimum Tax
Income Modifi cation 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 Adjustment (See instructions. Attach a schedule showing your calculation) .........................................1b. ________________
c Maine Public Employees Retirement System Contributions .................................................................................................. 1c. ________________
d Domestic Production Activities Deduction Add-back (See instructions) .................................................................................1d. ________________
e Bonus Depreciation and IRC § 179 Add-back to the extent deducted in arriving at FAMTI (See instructions) ........................... 1e. ________________
f
Discharge of Indebtedness deferred for federal tax purposes ................................................................................................1f. ________________
g Other (See instructions). List the type and amount of income items included (attach a separate schedule,
if necessary) ______________________________________________________________________________ ............1g. ________________
h
Total additions (Add lines 1a through 1g) ............................................................................................................................1h. ________________
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 Benefi ts included in FAMTI above ........................................................................2b. ________________
c
Interest from Maine Municipal General Obligation, Private Activity & Airport Authority Bonds included in FAMTI (See
federal Form 6251, line 11) ................................................................................................................................................... 2c. ________________
d
Maine Public Employees Retirement System Pick-Up Contributions paid to the taxpayer during 2009 which have been
previously taxed by the state .................................................................................................................................................2d. ________________
e
Contributions to Qualifi ed Tuition Programs - 529 Plans (See instructions) .......................................................................... 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 Modifi cation (Subtract line 2h from line 1h — 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 2009 federal Form 8801, line 4 ................................................................................................................. a. ________________
b.
Modifi cations - 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 2009 federal Form 8801, line 9 ............................................................................................d. ________________
e.
Line c minus line d ................................................................................................................................................................... e. ________________
__ __ __ . __ __%
f.
Apportionment factor. Maine resident estates & trusts enter 100%. Nonresident estates & trusts, see
instructions*
.....f.
g.
Multiply line e by line f, enter result here .................................................................................................................................g. ________________
h.
Effective tax rate. Divide line 8 of the 2008 Maine Minimum Tax Worksheet by line 7 of the 2008 Maine Minimum tax
__ . __ __
worksheet ................................................................................................................................................................................h.
%
i.
2008 Maine minimum tax on exclusion items (Multiply line g by line h) ................................................................................... i. ________________
j.
2008 Maine income tax (2008 Form 1041ME, line 4) .............................................................................................................. j. ________________
k.
Alternative Maine minimum tax on exclusion items (Line i minus line j). If zero or less, enter zero. ....................................... 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.
2008 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. ________________
*Apportionment factor for Nonresident estates/trusts (line f above) – The factor is the amount 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).
Worksheet for line l above – Maine estates/trusts only
A.
Taxpayer’s Maine tentative alternative minimum taxable income on exclusion items (line c above) ..................................... A. ________________
B.
Amount included in line A above 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. 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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