Worksheet For Form 1040me - Schedule A - Maine Minimum Tax Credit And Carryforward To 2013 - 2012 Page 4
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5MAINE MINIMUM TAX INSTRUCTIONS — Income Modifi cation Worksheet
for Exclusion Items Worksheet, line b
benefi ts from states or municipalities to fi refi ghters and emergency
Line 1. Additions. Add 2011 income treated as exclusion items
medical responders that were excluded from 2011 federal gross
subject to Maine income tax that was not subject to federal
income pursuant to Code section 139B. List the source of each
income tax. Also include the taxpayer’s distributive share of
amount claimed in the space provided. For more information, go to
addition modifi cation items from partnerships, S corporations and
other pass-through entities.
Line 1i. Deductible costs, included in the Exclusion Items
Line 1a. Enter 2011 income from municipal and state bonds,
Worksheet, line a, incurred in the production of Maine exempt
other than Maine, not included in the Exclusion Items Worksheet,
income. Enter any interest or other expense deductions refl ected
line a (i.e., enter bond interest from City of New York but not from
in the Exclusion Items Worksheet, line a attributable to income not
Portland, Maine). Generally, this is the amount from 2011 Form
taxable under Maine law. Generally, this is the amount from 2011
1040ME, Schedule 1, line 1a.
Form 1040ME, Schedule 2, line 5b.
Line 1b. Enter any federal net operating loss carry forward
Line 1j. Ownership interest in a pass-through entity fi nancial
included in the Exclusion Items Worksheet, line a. For more
institution. Enter any loss, deduction or other expense included in
information on NOLs, go to
(select
the Exclusion Items Worksheet, line a attributable to an ownership
Income Tax Guidance Documents). Generally, this is the amount
interest in a pass-through entity fi nancial institution.
from 2011 Form 1040ME, Schedule 1, line 1b.
Line 2. Subtractions. Subtract 2011 income treated as
Line 1c. Enter 2011 Maine Public Employees Retirement System
exclusion items that Maine or federal law prohibits from state
Contributions. See your 2011 Maine W-2 form. Generally, this is
taxation. NOTE: You may only subtract the items listed below
the amount from 2011 Form 1040ME, Schedule 1, line 1c.
on this schedule. Also include the taxpayer’s distributive share of
subtraction modifi cation items from partnerships, S Corporations and
Line 1d. Enter the amount claimed as a domestic production
other pass-through entities. Enter only amounts that were not
activities deduction on 2011 federal Form 1040, line 35. Generally,
already subtracted in calculating the 2011 federal alternative
this is the amount from 2011 Form 1040ME, Schedule 1, line 1d.
minimum taxable income.
Line 1e. Bonus depreciation add-back. An addition modifi cation
Line 2a. If included in the Exclusion Items Worksheet, line a, enter
is required equal to the net increase in depreciation resulting from
income from direct obligations of the U.S. Government, such
bonus depreciation claimed for 2011 federal alternative minimum
as Series EE and Series HH Savings bonds, U.S. Treasury bills
tax purposes. To calculate this addition modifi cation, the amount
and notes. Generally, this is the amount from 2011 Form 1040ME,
of the add-back on line 1f must be subtracted from the basis of
Schedule 1, line 2a.
property placed in service in 2011. Then MACRS depreciation must
be calculated on the remaining property basis. The amount entered
Line 2b. If included in the Exclusion Items Worksheet, line a, enter
on this line equals the amount that the 2011 federal depreciation
social security benefi ts issued by the U.S.Goverment and railroad
claimed, less the amount on line 1f, exceeds the recalculated MACRS
retirement benefi ts (tier 1 and tier 2) and unemployment and sick
depreciation. If the recalculated MACRS depreciation is greater
benefi ts issued by the U.S. Railroad Retirement Board. Generally,
than the adjusted federal depreciation, no addition modifi cation is
this is the amount from 2011 Form 1040ME, Schedule 1, line 2c.
required on this line. Enclose a copy of the federal Form 4562, along
Line 2c. Enter the 2011 pension income deduction. See 2011
with the add-back calculation, with the return. For more information
Maine Schedule 1, line 2d instructions for more information. Include
and examples, go to (select Income
copies of your 2011 1099 forms to verify the subtraction. Enter an
Tax Guidance Documents). Generally, this is the amount from 2011
amount only to the extent included in the Exclusion Items Worksheet,
Form 1040ME, Schedule 1, line 1e.
line a.
Line 1f. Enter the amount of federal bonus depreciation deduction
Line 2d. If included in the Exclusion Items Worksheet, line a, enter
included in the Exclusion Items Worksheet, line a related to property
interest from Maine municipal general obligation and private
for which the Maine Capital Investment Credit was claimed.
activity bonds and bonds issued by a Maine airport authority.
Generally, this is the amount from 2011 Form 1040ME, Schedule
Generally, this is the amount from 2011 Form 1040ME, Schedule
1, line 1f.
1, line 2e.
Line 1g. Enter your share of the 2011 fiduciary adjustment
(addition modifi cations) relating to income from an estate or
trust (36 M.R.S.A. § 5122(3)). Attach a copy of your 2011 federal
Schedule K-1. Generally, this is the amount from 2011 Form
1040ME, Schedule 1, line 1g.
Line 1h. Other. Enter on this line the following amounts for 2011:
• income taxes imposed by Maine or other states, general sales
taxes or qualifi ed mortgage insurance premiums deducted in arriving
at 2011 federal alternative minimum taxable income • amounts
deducted as a business or other expense for federal tax purposes
that were included in the credit base for the 2011 high-technology
investment tax credit and forest management planning credit •
qualifi ed tuition and other education expenses deducted on 2011
federal Form 1040 or Form 1040A • qualifi ed payments and tax
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