Schedule M1mtc - Alternative Minimum Tax Credit - 2012 Page 2
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1
2Schedule M1MTC Instructions 2012
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
2011, but did not complete a Schedule
minimum tax in prior years,
If you are not subject to the alternative
M1MTC, you should obtain and complete
minimum tax for 2012, you are eligible
you are not eligible for this
the form to determine any carryover.
for the credit in 2012. However, you must
credit.
complete and file the 2012 Schedule M1MT
When to File
to determine the credit for which you are
Purpose of Schedule M1MTC
File the 2012 Schedule M1MTC with your
eligible.
2012 Form M1. The credit is not refundable.
People who have paid Minnesota alterna-
If you are subject to the alternative mini-
However, you may carry forward to later
tive minimum tax (AMT) in prior years,
mum tax for 2012, skip Part 2. You may not
years any part of the credit that you cannot
but are not required to pay it in 2012, may
take the credit on your 2012 return.
use in 2012.
take a credit against tax for 2012 or later
years by completing Schedule M1MTC. The
Line 26
schedule should be filed with your 2012
Line Instructions
Full-year residents: Enter the amount
Form M1.
from line 28 of your 2012 Schedule M1MT.
Round amounts to the nearest whole dollar.
Part 1 is used to determine the minimum
Part-year residents and nonresidents:
tax credit generated by Minnesota alterna-
Part 1
Multiply line 28 of your 2012 Schedule
tive minimum tax paid for 2011. Part 2 is
If line 13 and lines 16–27 of your 2011 fed-
M1MT by line 25 of your 2012 Schedule
used to calculate how much, if any, of that
eral Form 6251 are blank, skip lines 1–23 of
M1NR.
credit can be used in 2012. Part 3 is used to
this schedule, and start with line 24.
determine any minimum tax credit that you
Line 27
can carry forward.
Lines 1–25
Full-year residents: Enter the amount
Part 1 will determine the minimum tax
from line 27 of your 2012 Schedule M1MT.
You will not be able to complete Parts 2 and
credit, if any, generated by paying the alter-
3 until you determine your 2012 tax liability.
Part-year residents and nonresidents:
native minimum tax in 2011. All line refer-
Multiply line 27 of your 2012 Schedule
The Minnesota alternative minimum tax is
ences for Part 1 are to your 2011 Minnesota
M1MT by line 25 of your 2012 Schedule
attributable to two types of adjustments and
and federal tax forms.
M1NR.
preferences — timing items and exclusion
items.
Line 2
The amount on this line cannot be less than
Enter the amount of:
zero.
Generally, timing items do not cause a
permanent difference in taxable income
• federally exempt interest and dividends
Line 29
over time. The minimum tax credit is only
from obligations of other states from lines
Enter the amount from line 25 or line 28,
generated by the alternative minimum tax
4 and 5 of your 2011 Schedule M1M; and
whichever is less. Also enter this amount on
attributable to timing adjustments and pref-
line 5 of Schedule M1C, Other Nonrefund-
• tax-exempt interest from Minnesota pri-
erences, such as accelerated depreciation,
able Credits.
vate activity bonds issued after August 7,
intangible drilling costs preference, exercise
1986, included on line 12 of your 2011
of incentive stock options, etc.
This is your 2012 Minnesota alternative
federal Form 6251.
minimum tax credit.
Exclusion items, such as personal exemp-
Line 4
tions or any itemized deduction not allowed
Part 3
If you deducted interest or other expenses
for alternative minimum tax purposes (e.g.
on your 2011 federal return which were at-
gambling losses, home mortgage interest,
Line 30
tributable to income not taxed by Minne-
taxes or miscellaneous itemized deductions)
If you were subject to the Minnesota alter-
sota, enter the amount from line 10 of your
do cause a permanent difference in taxable
native minimum tax for 2012 and did not
2011 Schedule M1M.
income for regular tax vs. alternative mini-
have to complete Part 2, enter the amount
mum tax purposes. The minimum tax credit
from line 25.
Line 6
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
2011 Schedule M1MT from line 9 of your
of your minimum tax credit. If you have a
2011 Schedule M1MT. Enter the result on
carryforward, include Schedule M1MTC
Who Should File
line 6 of your Schedule M1MTC.
when you file your 2012 Form M1, even if
You may be eligible for this credit if:
you could not use any of the credit for 2012.
Line 14
• on your 2011 Schedule M1MT, line 27 is
Save copies of the schedule until you have
Enter the amount from line 18 (other
more than line 28, and the liability is at
claimed the entire credit. The 2013 Schedule
subtractions) of your 2011 Schedule M1MT.
least partly due to timing items; or
M1MTC will have a line for this amount.
However, do not include any NOL subtrac-
• you have an amount on line 30 of your
tion that may have been included on line 18
2011 Schedule M1MTC.
of your 2011 Schedule M1MT.
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