Fillable Schedule M1mtc - Alternative Minimum Tax Credit

2017 Schedule M1MTC Instructions

If you did not pay the

Line Instructions

If you are subject to the AMT for 2017, skip

Part 2. You may not take the credit in 2017.

Minnesota alternative

Part 1 is used to determine the minimum

tax credit generated by Minnesota alterna-

minimum tax in prior years,

Line 25

tive minimum tax paid for 2016. Part 2 is

Full-year residents: Enter the amount from

you are not eligible for this

used to calculate how much, if any, of that

line 28 of 2017 Schedule M1MT.

credit.

credit can be used in 2017. Part 3 is used to

Part-year residents and nonresidents:

determine any minimum tax credit that you

Multiply line 28 of 2017 Schedule M1MT

Should I file Schedule M1MTC?

can carry forward.

by line 25 of 2017 Schedule M1NR.

If you paid Minnesota alternative mini-

You will not be able to complete Parts 2

All taxpayers: Reduce the result from above

mum tax (AMT) in prior years, but are not

and 3 until you determine your 2017 tax

by lines 16 and 17 of Form M1, and lines 1,

required to pay it in 2017, you may qualify

liability.

2, 3, 4, 6, 7, 8, and 9 of Schedule M1C.

for a nonrefundable credit for 2017 or later

Round amounts to the nearest whole dollar.

years by completing Schedule M1MTC.

Line 26

File the schedule with your 2017 Form M1.

Part 1

Full-year residents: Enter the amount from

You may be eligible for this credit if:

If line 13 and lines 16–27 of your 2015 fed-

line 27 of 2017 Schedule M1MT.

eral Form 6251 are blank, skip lines 1–23

• on your 2016 Schedule M1MT, line 27 is

Part-year residents and nonresidents:

of this schedule, and start with line 24. All

more than line 28, and the liability is at

Multiply line 27 of 2017 Schedule M1MT

line references for Part 1 are to your 2016

least partly due to timing items; or

by line 25 of 2017 Schedule M1NR.

Minnesota and federal tax forms.

• you have an amount on line 30 of your

This line cannot be less than zero.

2016 Schedule M1MTC.

Line 2

All taxpayers: Reduce the result from above

Enter the amount of:

If you paid Minnesota alternative minimum

by lines 16 and 17 of Form M1, and lines 1,

tax in one or more years from 1989 through

• federally exempt interest and dividends

2, 3, 4, 6, 7, 8, and 9 of Schedule M1C.

2016, but did not complete a Schedule

from obligations of other states from

M1MTC, complete the form to determine

lines 3 and 4 of your 2016 Schedule

Line 28

any carryover.

M1M; and

Enter the amount from line 24 or line 27,

whichever is less. Also enter this amount on

Timing and Exclusion Items

• tax-exempt interest from Minnesota pri-

line 5 of Schedule M1C, Other Nonrefund-

The Minnesota alternative minimum tax is

vate activity bonds issued after August 7,

able Credits.

attributable to two types of adjustments and

1986, included on line 12 of your 2016

preferences — timing items and exclusion

federal Form 6251.

This is your 2017 Minnesota alternative

items.

minimum tax credit.

Line 4

Generally, timing items do not cause a

If you deducted interest or other expenses

permanent difference in taxable income

Part 3

on your 2016 federal return which were

over time. The minimum tax credit is only

attributable to income not taxed by Min-

Line 29

generated by the alternative minimum tax

nesota, enter the amount from line 9 of your

If you were subject to the Minnesota alter-

attributable to timing adjustments and pref-

2016 Schedule M1M.

native minimum tax for 2017 and did not

erences, such as accelerated depreciation,

have to complete Part 2, enter the amount

intangible drilling costs preference, exercise

Line 6

from line 24.

of incentive stock options, etc.

Subtract line 2 of your 2016 Schedule

You may carry forward any unused portion

M1MT from line 9 of your 2016 Schedule

Exclusion items, such as personal exemp-

of your minimum tax credit. If you have a

M1MT.

tions or any itemized deduction not allowed

carryforward, include Schedule M1MTC

for alternative minimum tax purposes (e.g.

when you file your 2017 Form M1, even

Line 14

gambling losses, home mortgage interest,

if you could not use any of the credit for

Enter the amount from line 18 (other sub-

taxes or miscellaneous itemized deductions)

2017.

tractions) of your 2016 Schedule M1MT.

do cause a permanent difference in taxable

However, do not include any NOL subtrac-

income for regular tax vs. alternative mini-

Save copies of the schedule until you

tion that may have been included on line 18

mum tax purposes. The minimum tax credit

have claimed the entire credit. The 2018

of your 2016 Schedule M1MT.

is not generated by the alternative mini-

Schedule M1MTC will have a line for this

mum tax attributable to exclusion items.

amount.

Part 2

Lines 25–28

If you are not subject to the AMT for 2017,

you may be eligible for the credit in 2017.

However, you must complete and file the

2017 Schedule M1MT to determine the

credit.

Schedule M1mtc - Alternative Minimum Tax Credit - 2017 Page 2

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