Form 1040me - Maine Individual Income Tax Booklet - 2015 Page 4
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24Line 1e. BONUS DEPRECIATION ADD-BACK: Enter on this line the total
Line 2h. Enter up to $250, per benefi ciary, of contributions made to a Maine
bonus depreciation add-back calculated above less the amount of Maine
or non-Maine qualifi ed tuition program (“529 college savings plan”) only
capital investment credit add-back from line 1f. Amounts entered on this line
if your federal adjusted gross income is not more than $100,000 if single or
are eligible for the recapture subtraction modifi cation on line 2j in future years.
married fi ling separately or $200,000 if married fi ling joint or head of household.
Line 2i. Enter your share of a fi duciary adjustment (subtraction
Line 1f. MAINE CAPITAL INVESTMENT CREDIT BONUS
modifi cations) relating to income from an estate or trust (36 M.R.S. §
DEPRECIATION ADD-BACK: The Maine capital investment credit is
5122(3)). Attach a copy of your federal Schedule K-1.
available to businesses that place depreciable property in service in
Maine during the taxable year beginning in 2015. Enter on this line the
Line 2j. Bonus depreciation/section 179 expense recapture amounts
portion of the bonus depreciation add-back calculated above relating to
required to be added to income under 36 M.R.S. §§ 5122(1)(N), 5122(1)(AA),
property for which the Maine capital investment credit is claimed, based
5122(1)(FF)(2), 5122(1)(HH)(2), or 5200-A(1)(N), 5200-A(1)(T), 5200-A(1)
on original basis of property placed in service in tax year 2015. For
(Y)(2) or 5200-A(1)(AA)(2) may be recaptured over the life of the applicable
example, if you purchased $400,000 of eligible property and $100,000
asset. For more information and examples, visit
of that property is located in Maine and included in the credit base, the
forms
(select Income Tax Guidance Documents).
portion of the add-back to include on this line is $100,000/$400,000 or
Line 2k. Other subtractions. See the worksheet at
25% of the total bonus depreciation add-back calculated above.
revenue/forms
that lists the subtraction income modifi cations that may be
entered on this line. Unless specifi cally stated, do not enter non-Maine
Property that is transferred out-of state or disposed of within 12 months
income on this line. Enter ONLY items specifi cally listed below.
after being placed in service in Maine is not eligible for the Maine capital
investment credit. Amounts claimed on this line are not eligible for the
Attach supporting documentation when claiming an amount on this line.
recapture subtraction modifi cation on line 2j.
Enter on this line: • • net operating losses carried forward from previous tax
years pursuant to 36 M.R.S. §§ 5122(2)(H), 5122(2)(P), 5122(2)(CC) or,
Line 1g. Enter your share of a fiduciary adjustment (addition
for individual owners of certain electing S corporations, net operating losses
modifi cations) relating to income from an estate or trust (36 M.R.S. §
carried forward pursuant to 36 M.R.S. § 5200-A(2)(H) or 5200-A(2)(L). For
5122(3)). Attach a copy of your federal Schedule K-1.
more information on Maine’s treatment of NOL’s, go to
Line 1h. Other. See the worksheet at
forms
that
revenue/forms
(select Income Tax Guidance Documents). Also enter on
lists the addition income modifi cations required to be entered on this line.
this line to the extent included in federal adjusted gross income • • active duty
Enter on this line: • the amount of loss, deductions and other expenses of a
military pay earned by a Maine resident servicemember for service performed
fi nancial institution subject to Maine franchise tax that are included in your
outside Maine under written military orders • all military compensation
federal adjusted gross income due to an ownership share in the fi nancial
received by a nonresident servicemember
•
• to the extent not included in the
institution that is a partnership, S corporation, or entity disregarded as
pension deduction on line 2d, military annuity payments made to a survivor
separate from its owner • amounts claimed as a deduction in determining
of a deceased member of the military as a result of service in the active or
federal adjusted gross income that are included in the credit base for 1)
reserve components of the U.S. armed services under a survivor benefi t
the Forest Management Planning Credit (36 M.R.S. § 5216-C); 2) the
plan or reserve component survivor benefi t plan in accordance with 10 USC,
Maine Fishery Infrastructure Investment Tax Credit (36 M.R.S. § 5216-D);
Chapter 73 • recovery amounts included on federal Form 1040, line 21 related
3) the High-technology Investment Tax Credit (36 M.R.S. § 5219-M); and
to items previously deducted on your federal return but not on your Maine
4) the Maine Credit for Wellness Programs under 36 M.R.S. § 5219-FF
return in an earlier year • discharge of indebtedness amounts included in
• qualifi ed tuition and other education expenses claimed on the federal
federal adjusted gross income deferred for federal tax purposes but not Maine
return in accordance with section 222 of the Internal Revenue Code. For
tax purposes during 2009 or 2010 • the amount of loan payments made by
more information, go to revenue.
employers included in federal adjusted gross income of individuals qualifi ed
Line 2. SUBTRACTIONS. NOTE: You may only subtract the items listed
for the opportunity Maine credit • the amount of the reduction in your salaries
below on this schedule. Do not subtract non-Maine source income.
and wages expense deduction directly related to claiming the federal Work
Also include the taxpayer’s distributive share of subtraction modifi cation
Opportunity Credit or Empowerment Zone Credit reported on federal Form
items from partnerships, S corporations and other pass-through entities. If
5884, line 2 or federal Form 8844, line 2 (owners of pass-through entities,
you are a resident of Maine and have income taxed by another state, see the
enter your share of the amount from line 3 of these forms to the extent not
worksheet for Credit for Income Tax Paid to Other Jurisdictions on page 16.
included on line 2). Note: do not enter wage amounts from Form 8844 related
to the federal Renewal Community credit • settlement payments received
Line 2a. If included in federal adjusted gross income, enter income from
by Holocaust victims that are included in federal adjusted gross income •
direct obligations of the U.S. Government, such as Series EE and
account proceeds from a Family Development Account administered by FAME
Series HH Savings bonds and U.S. Treasury bills and notes.
• earnings from fi shing operations contributed to a capital construction fund •
Line 2b. Enter the amount of any state or local income tax refund
the amount of military retirement benefi ts not included in the pension income
included on federal Form 1040, line 10.
deduction on line 2d received by certain licensed dentists who practice an
Line 2c. If included in federal adjusted gross income, enter the taxable
average of 20 hours or more per week in Maine and accept patients who
amount of social security benefi ts issued by the U.S. Government and
receive MaineCare benefi ts • income from investments in the Northern Maine
railroad retirement benefi ts (tier 1 and tier 2) and unemployment and
Transmission Corporation • up to $750 of property tax benefi ts provided by
sick benefi ts issued by the U.S. Railroad Retirement Board.
municipalities to senior citizens pursuant to 36 M.R.S. § 6232(1-A) to the
Line 2d. Enter the pension income deduction from the Worksheet on
extent included in federal adjusted gross income • interest income and capital
page 14, line 8. Include copies of your 1099 forms to verify the subtraction.
gains from the sale of bonds issued relative to the Maine Waste Management
& Recycling Program to the extent included in federal adjusted gross income
Line 2e. If included in federal adjusted gross income, enter interest
• all items of income, gain, interest, dividends, royalties and other items
from Maine municipal general obligation & private activity bonds
of income of a fi nancial institution subject to the Maine franchise tax that
and bonds issued by a Maine airport authority.
are included in your federal adjusted gross income due to an ownership
Line 2f. Enter premiums for long-term care insurance if the insurance
share in the fi nancial institution that is a partnership, S corporation, or entity
policy on which the premiums are paid 1) meet the federal defi nition for a
disregarded as separate from its owner • the total of capital gains and ordinary
long-term care insurance contract (IRC § 7702B(b)) (these are long-term
income resulting from depreciation recapture pursuant to Code sections 1245
care premiums that generally qualify for federal itemized deductions), or
and 1250 realized on the sale of multifamily affordable housing property
2) are certifi ed by the Maine Bureau of Insurance. Premiums claimed must
certifi ed by the Maine State Housing Authority. A copy of the MSHA certifi cate
be reduced by any premiums claimed as Maine itemized deductions and
must be attached to the return • • distributions from a private venture capital
by any premiums included in the federal self-employed health insurance
fund of the refundable portion of the credit received by the fund pursuant to
deduction claimed on federal Form 1040, line 29.
36 M.R.S., § 5216-B to the extent included in federal adjusted gross income
Line 2g. Use this line only if you retired after 1988 and are receiving
• to the extent included in federal adjusted gross income, 6 2/3% of the gain
retirement benefi ts from the Maine Public Employees Retirement
from the sale of sustainably managed, eligible timberlands pursuant to 36
System (MainePERS). Subtract the amount in box 14 from the amount
M.R.S. § 5122(2)(U) • to the extent included in federal adjusted gross income,
in box 2a on Form 1099-R issued by MainePERS. Also enter on this line
any income recognized from the new markets capital investment credit under
MainePERS rollover amounts previously taxed by the state, whether or
36 M.R.S. § 5219-HH.
not included in federal adjusted gross income.
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