Worksheet For 1041me - Schedule A - Maine Minimum Tax Credit And Carryforward To 2013 - 2012 Page 3
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4MAINE MINIMUM TAX INSTRUCTIONS — Income Modifi cation Worksheet for Line b
Line 1. ADDITIONS to federal alternative minimum taxable
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under IRC § 222
qualifi ed payments and tax benefi ts from states
income. Also include the taxpayer’s distributive share of addition
or municipalities to fi refi ghters and emergency medical responders
modifi cation items from partnerships and S Corporations where
that are excluded from federal alternative minimum taxable income
applicable. Enter only amounts not already added in calculating
•
pursuant to Code section 139B
the administrative expense
2011 federal alternative minimum taxable income.
deduction claimed for federal fi duciary income tax purposes that is
also used to determine the taxable estate in calculating the Maine
For lines 1a through 1f, enter only the estate/trust share (Form
• •
estate alternative minimum tax
the estate’s/trust’s share of the
1041, Schedule 2, column 3, line f) of the total amount shown on
fi duciary adjustment of another estate/trust - additions only (36
the applicable line.
M.R.S.A. § 5122(3) and 5164). You must attach a copy of your
Line 1a. Enter 2011 income from municipal and state bonds,
federal Schedule K-1 to verify your share of income. Generally, the
other than Maine, that is not included in the Exclusion Items
amount entered on this line is equal to the estate’s/trust’s portion of
Worksheet, line a. Generally, this is the amount from 2011 Form
Form 1041ME, Schedule 1, line 1g.
1041ME, Schedule 1, line 1a. For example, enter interest from City
of New York bonds on this line. However, do not enter interest from
Portland, Maine bonds.
Line 2. SUBTRACTIONS from federal alternative minimum
taxable income. NOTE: You may only subtract the items listed
Line 1b. Enter on this line any amount of federal net operating
below on this schedule. Also include the taxpayer’s distributive
loss carryforward included in the Exclusion Items Worksheet,
share of subtraction modifications from partnerships and S
line a. Enter any amount of federal NOL carried back to this year
Corporations where applicable. Enter only amounts not already
(AMENDED returns only). For more information and examples, go
subtracted in calculating federal alternative minimum taxable
to
(select Income Tax Guidance
income.
Documents).
Line 2a. If included in the Exclusion Items Worksheet, line a, enter
Line 1c. Enter 2011 Maine Public Employees Retirement System
income from direct obligations of the United States Government,
(MePERS) Contributions from 2011 Form 1041ME, Schedule 1,
such as Series EE and Series HH Savings bonds and U.S. Treasury
line 1c. These contributions are tax deferred for federal tax, but are
bills and notes. Generally, this is the estate’s/trust’s portion of 2011
subject to Maine income tax.
Form 1041ME, Schedule 1, line 2a.
Line 1d. Enter the amount of domestic production activities
Line 2b. If included in the Exclusion Items Worksheet, line a, enter
deduction used to reduce 2011 federal alternative minimum taxable
social security and railroad retirement benefi ts (tier 1 and tier 2)
income.
issued by the U.S. Railroad Retirement Board. Also, unemployment
Line 1e. Bonus depreciation add-back: An addition modifi cation
and sick benefi ts issued by the U.S. Railroad Retirement Board are
is required equal to the net increase in depreciation resulting from
not taxable to Maine. However, benefi ts issued by the Canadian
bonus depreciation claimed for 2011 federal alternative minimum
Railroad Retirement Board are taxable as Maine income. Generally,
tax purposes. To calculate this addition modifi cation, the amount
this is the estate’s/trust’s portion of 2011 Form 1041ME, Schedule
of the add-back on line 1f must be subtracted from the basis of
1, line 2b.
property placed in service in 2011. Then MACRS depreciation must
Line 2c. If included in the Exclusion Items Worksheet, line a, enter
be calculated on the remaining property basis. The amount entered
Interest from Maine municipal general obligation & private
on this line equals the amount that the 2011 federal depreciation
activity bonds & bonds issued by a Maine airport authority.
claimed, less the amount on line 1f, exceeds the recalculated MACRS
Interest from these bonds is exempt from state income tax, even
depreciation. If the recalculated MACRS depreciation is greater than
if taxed on the federal return. Generally, this is the estate’s/trust’s
the adjusted federal depreciation, no addition modifi cation is required
portion of 2011 Form 1041ME, Schedule 1, line 2c.
on this line. Enclose a copy of the federal Form 4562, along with
the add-back calculation, with the return. For more information and
Line 2d. Use this line only if the person retired after 1988 and
examples, go to (select Income Tax
received retirement benefi ts from the Maine Public Employees
Guidance Documents).
Retirement System (MePERS) in 2011. To calculate the amount
for this line, subtract the amount in box 14 from the amount in box
Line 1f. Enter the amount of federal bonus depreciation deduction
2a on your 2011 Form 1099-R form issued by the MePERS. Also
included in the Exclusion Items Worksheet, line a relating to property
include on this line MePERS rollover amounts previously taxed by
for which the Maine Capital Investment Credit was claimed.
the state under the Maine alternative minimum tax, whether or not
Line 1g. Other Additions. List the source of each amount claimed
included in federal alternative minimum taxable income.
in the space provided. Attach supporting documentation when
Line 2e. Enter on this line up to $250, per benefi ciary, of contributions
claiming an amount on this line. Enter on this line the following
made in 2011 to a Maine or non-Maine qualifi ed tuition program
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amounts for 2011
the amount of loss, deductions, and other
(“529 college savings plan”). Generally, this is the estate’s/trust’s
expenses included in the Exclusion Items Worksheet, line a due to
portion of 2011 Form 1041ME, Schedule 1, line 2e.
an ownership interest in a pass-through entity fi nancial institution
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income taxes imposed by Maine or other states, general sales
Line 2f. Bonus depreciation recapture. Amounts required to be
taxes and mortgage insurance premiums deducted in arriving at
added to alternative minimum income under 36 M.R.S.A. §§ 5122(1)
• •
federal alternative minimum taxable income
interest or expenses
(N), 5122(1)(AA) or 5200-A(1)(N) may be recaptured. Generally, this
incurred in the production of income exempt from Maine taxation
is the estate’s/trust’s portion of 2011 Form 1041ME, Schedule 1,
deducted in arriving at federal alternative minimum taxable income
line 2f. For more information and examples, visit
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amounts deducted as a business or other expense for federal
revenue/forms
(select Income Tax Guidance Documents).
alternative minimum tax purposes that were included in the credit
base for the 2011 high-technology investment tax credit and the
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forest management planning credit
the 2011 amount deducted at
the federal level for qualifi ed tuition and other educational expenses
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