Schedule M1mtc - Minnesota Alternative Minimum Tax Credit - 2014 Page 2
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1
22014 Schedule M1MTC Instructions
If you did not pay the
Part 2
If you paid Minnesota alternative minimum
tax in one or more years from 1989 through
Minnesota alternative
Lines 26–29
2013, but did not complete a Schedule
If you are not subject to the AMT for 2014,
minimum tax in prior years,
M1MTC, you should obtain and complete
you are eligible for the credit in 2014. How-
you are not eligible for this
the form to determine any carryover.
ever, you must complete and fi le the 2014
credit.
Schedule M1MT to determine the credit.
When to File
If you are subject to the AMT for 2014, skip
Purpose of Schedule M1MTC
File the 2014 Schedule M1MTC with your
Part 2. You may not take the credit in 2014.
2014 Form M1. Th e credit is not refundable.
People who have paid Minnesota alterna-
However, you may carry forward to later
Line 26
tive minimum tax (AMT) in prior years,
years any part of the credit that you cannot
Full-year residents: Enter the amount
but are not required to pay it in 2014, may
use in 2014.
take a credit against tax for 2014 or later
from line 28 of 2014 Schedule M1MT.
years by completing Schedule M1MTC. Th e
Part-year residents and nonresidents:
Line Instructions
schedule should be fi led with your 2014
Multiply line 28 of 2014 Schedule M1MT by
Form M1.
Round amounts to the nearest whole dollar.
line 25 of 2014 Schedule M1NR.
Part 1 is used to determine the minimum
All taxpayers: Reduce the result from
Part 1
tax credit generated by Minnesota alterna-
above by line 16 of Form M1 and lines 1, 2,
tive minimum tax paid for 2013. Part 2 is
If line 13 and lines 16–27 of your 2013 fed-
3, 4, 6 and 7 of Schedule M1C.
used to calculate how much, if any, of that
eral Form 6251 are blank, skip lines 1–23 of
credit can be used in 2014. Part 3 is used to
Line 27
this schedule, and start with line 24.
determine any minimum tax credit that you
Full-year residents: Enter the amount
Lines 1–25
can carry forward.
from line 27 of 2014 Schedule M1MT.
Part 1 will determine the minimum tax
You will not be able to complete Parts 2 and
Part-year residents and nonresidents:
credit, if any, generated by paying the alter-
3 until you determine your 2014 tax liability.
Multiply line 27 of 2014 Schedule M1MT by
native minimum tax in 2013. All line refer-
line 25 of 2014 Schedule M1NR.
Th e Minnesota alternative minimum tax is
ences for Part 1 are to your 2013 Minnesota
attributable to two types of adjustments and
and federal tax forms.
Th is line cannot be less than zero.
preferences — timing items and exclusion
All taxpayers: Reduce the result from
Line 2
items.
above by line 16 of Form M1 and lines 1, 2,
Enter the amount of:
Generally, timing items do not cause a
3, 4, 6 and 7 of Schedule M1C.
permanent diff erence in taxable income
• federally exempt interest and dividends
over time. Th e minimum tax credit is only
from obligations of other states from lines
Line 29
generated by the alternative minimum tax
4 and 5 of your 2013 Schedule M1M; and
Enter the amount from line 25 or line 28,
attributable to timing adjustments and pref-
whichever is less. Also enter this amount on
• tax-exempt interest from Minnesota pri-
erences, such as accelerated depreciation,
line 5 of Schedule M1C, Other Nonrefund-
vate activity bonds issued aft er August 7,
intangible drilling costs preference, exercise
able Credits.
1986, included on line 12 of your 2013
of incentive stock options, etc.
federal Form 6251.
Th is is your 2014 Minnesota alternative
Exclusion items, such as personal exemp-
minimum tax credit.
Line 4
tions or any itemized deduction not allowed
If you deducted interest or other expenses
for alternative minimum tax purposes (e.g.
Part 3
on your 2013 federal return which were at-
gambling losses, home mortgage interest,
Line 30
tributable to income not taxed by Minne-
taxes or miscellaneous itemized deductions)
sota, enter the amount from line 10 of your
If you were subject to the Minnesota alter-
do cause a permanent diff erence in taxable
2013 Schedule M1M.
native minimum tax for 2014 and did not
income for regular tax vs. alternative mini-
have to complete Part 2, enter the amount
mum tax purposes. Th e minimum tax credit
Line 6
from line 25.
is not generated by the alternative mini-
To determine line 6, subtract line 2 of your
mum tax attributable to exclusion items.
You may carry forward any unused portion
2013 Schedule M1MT from line 9 of your
of your minimum tax credit. If you have a
2013 Schedule M1MT. Enter the result on
Who Should File
carryforward, include Schedule M1MTC
line 6 of your Schedule M1MTC.
when you fi le your 2014 Form M1, even if
You may be eligible for this credit if:
Line 14
you could not use any of the credit for 2014.
• on your 2013 Schedule M1MT, line 27 is
Enter the amount from line 18 (other
Save copies of the schedule until you have
more than line 28, and the liability is at
subtractions) of your 2013 Schedule M1MT.
claimed the entire credit. Th e 2015 Schedule
least partly due to timing items; or
However, do not include any NOL subtrac-
M1MTC will have a line for this amount.
• you have an amount on line 30 of your
tion that may have been included on line 18
2013 Schedule M1MTC.
of your 2013 Schedule M1MT.
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