Form 1040ME-MinTax-Wkst Fillable Minimum Tax Credit worksheet
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1 Enter total amount of long term care insurance premiums paid during 2011: income taxes imposed by Maine or other states general sales MAINE MINIMUM TAX INSTRUCTIONS Income Modification Worksheet $ multiplied by % on line C $200 000 if married filing joint or head of household Generally this $22 500 if married fi ling separately $6 950 (addition modifications) relating to income from an estate or (May be a positive or negative number) (owners of pass through entities enter your share of the amount (select Income Tax Guidance Documents) (subtraction modifications) relating to income from an estate or (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 6950 *1202124* *Apportionment factor (line f above) For nonresidents and part year residents the factor is the ratio of the taxpayer s Maine source income associated with 1 ADDITIONS see instructions 1 line 1f 1 line 2e 10 USC Chapter 73 recovery amounts included on 2011 federal Form 1040 line 21 related to items previously deducted on your federal 1040ME Schedule 1 line 1a 1040ME Schedule 1 line 1g 1250 realized on the sale of multifamily affordable housing property 2 Enter amount from 2011 federal Schedule A line 1 2 SUBTRACTIONS see instructions 2011 adjusted net state minimum tax (Line 1 plus line 2 minus line 3 if zero or less enter zero) 2011 federal Form 5884 line 2 or 2011 federal Form 8844 line 2 2011 federal Form 6251 line 2 is greater than zero complete the 2011 Minimum tax on exclusion items paid other jurisdiction on income taxed under 29 is greater than zero 3 Enter amount of long term care premiums included in line 2 above 36 M R S A 6232(1 A) to the extent included in the Exclusion Items 4 Divide line 3 by line 2 5122(1)(N) 5122(1)(AA) or 5200 A(1)(N) (with respect to individual 6 Enter the amount of long term care insurance premiums included on 2011 federal Form 1040 line 29 a Enter amount from 2012 federal Form 8801 line 4 a Income from municipal and state bonds other than Maine a U S Government Bond interest active or reserve components of the U S armed services under a survivor activities deduction on 2011 federal Form 1040 line 35 Generally activity bonds and bonds issued by a Maine airport authority Add income treated as exclusion items subject to Maine income tax that is not subject to federal income tax Add lines 7 and 8 addition modification items from partnerships S corporations and administered by FAME earnings from fishing operations that were Allowable credit the smaller of line D(1) or D(2) Enter here and on line l of the Exclusion Items Worksheet above already subtracted in calculating the 2011 federal alternative Also enter on this line MePERS rollover amounts previously taxed Alternative Maine minimum tax on exclusion items from line k of the Exclusion Items Worksheet above alternative minimum tax Enter 2011 interest or other expense amount claimed in the space provided For more information go to amount in box 2a on your 2011 Form 1099 R issued by MePERS Amount included in line A above that was derived from other jurisdiction in 2011 amount only to the extent included in the Exclusion Items Worksheet amounts required to be added to income under 36 M R S A and attach supporting documentation when claiming an amount and examples go to www maine gov/revenue/forms (select Income and notes Generally this is the amount from 2011 Form 1040ME as Series EE and Series HH Savings bonds U S Treasury bills at 2011 federal alternative minimum taxable income amounts Attachment average of 20 hours or more per week in Maine and accept patients b Modifications Enter line 3 from the Maine Minimum Tax Income Modification Worksheet below b Net Operating Loss Adjustment (see instructions; attach a schedule showing your calculation) b Social Security and Railroad Retirement Benefi ts be calculated on the remaining property basis The amount entered benefit plan or reserve component survivor benefit plan in accordance with benefits from states or municipalities to firefighters and emergency benefits issued by the U S Railroad Retirement Board Generally bonds issued relative to the Maine Waste Management & Recycling bonus depreciation claimed for 2011 federal alternative minimum by a nonresident servicemember military annuity payments made to a by employers included in the Exclusion Items Worksheet line a of by the state under the Maine alternative minimum tax whether or not c Combine line a and line b If zero or less enter zero c Maine Public Employees Retirement System Contributions c Pension Income Deduction certificate must be attached to the return certified by the Maine State Housing Authority A copy of the MSHA Child s minimum exemption amount claimed less the amount on line 1f exceeds the recalculated MACRS college savings plan ) only if your 2011 federal adjusted gross income Complete the following worksheet to compute the Maine minimum tax on exclusion items line 3 above: contributed to a capital construction fund the amount of military Contributions See your 2011 Maine W 2 form Generally this is copies of your 2011 1099 forms to verify the subtraction Enter an d 2011 Exemption Enter amount for your filing status shown below: d Domestic Production Activities Deduction Add back d Interest from Maine Municipal General Obligation Private Activity and Airport Authority Bonds deducted as a business or other expense for federal tax purposes deductions in 2011 and your 2011 federal Schedule A line 4 is greater than zero or you were self employed in 2011 and your 2011 federal Form 1040 line deductions) or 2) be certified by the Maine Bureau of Insurance depreciation If the recalculated MACRS depreciation is greater directly related to claiming the federal Work Opportunity Credit or do not enter wage amounts from Form 8844 related to the federal e Bonus Depreciation Add back (see instructions) e Premiums for Long Term Care Insurance (Do not include health insurance premiums on this line) e Subtract line d from line c Empowerment Zone Credit to the extent allowed against the 2011 Enclose a copy of 2012 federal Form 8801 Enter 2011 federal Schedule A line 4 minus federal Form 6251 line 2 $ Enter 2011 net state minimum tax on federal exclusion items From the Maine Minimum Tax Enter 2012 Maine income tax liability (2012 Form 1040ME line 20 plus line 21 minus line 22 enter non Maine income on this line Enter ONLY items specifically Enter the amount from line c of your Exclusion Items Worksheet above Enter the amount from the 2011 Maine Form 1040ME Schedule A line 3c Enter the child s earned income if any Enter the result here and on line 3 of the Maine Minimum Tax Credit and Carryforward Worksheet above Enter the smaller of line 6 or line 9 here and on line d of the Exclusion Items Worksheet above Enter: $112 500 if single or head of household; $150 000 if married filing jointly or Enter: $33 750 if single or head of household; $45 000 if married filing jointly or qualifying widow(er); estate taxes discharge of indebtedness amounts included in the exclusion items that Maine or federal law prohibits from state Exclusion Items Worksheet below Exclusion Items Worksheet line a deferred for federal alternative Exclusion Items Worksheet Line b above Exemption Complete the worksheet below only if line c of the Exclusion Items Worksheet above is more than the amounts shown f Apportionment factor Maine residents enter 100% Nonresident and part year residents see instructions* % f Maine Capital Investment Credit Bonus Depreciation Add back (see instructions) f Maine Public Employees Retirement System Pick Up Contributions paid to the taxpayer during 2011 federal alternative minimum tax These amounts are reported on federal Form 1040 line 29 federal Form 1040 or Form 1040A qualified payments and tax federal self employed health insurance deduction claimed on 2011 for a long term care insurance contract (IRC 7702B(b)) (these are for Exclusion Items Worksheet line b For individuals who claimed a deduction for long term care insurance premiums in 2011 Complete this worksheet only if you claimed Maine itemized For more information on Maine s treatment of NOLs go to www for which the Maine Capital Investment Credit was claimed Form 1040ME Schedule 1 line 1e Form 1040ME Schedule 2 line 5b franchise tax that are included in the Exclusion Items Worksheet from 2011 Form 1040ME Schedule 1 line 1b from depreciation recapture pursuant to Code sections 1245 and from federal alternative minimum tax but subject to the Maine from line 3 of these forms to the extent not included on line 2) Note: g Contributions to Qualified Tuition Programs 529 Plans g Fiduciary Adjustment additions only (attach a copy of your 2011 federal Schedule K 1) g Multiply line e by line f and enter result here Generally this is the amount from 2011 Form 1040ME Schedule h Effective tax rate Divide line 6 of the 2011 Maine Minimum tax worksheet by line 5 of the 2011 Maine Minimum tax h Fiduciary Adjustment deductions only (attach a copy of your 2011 federal Schedule K 1) h Other (see instructions) List the type and amount of income items included (attach a separate schedule Holocaust victims that are included in the Exclusion Items Worksheet However any unused Maine minimum tax credit from tax years beginning prior to 2012 may be claimed until exhausted i 2011 Tentative Maine minimum tax on exclusion items (multiply line g by line h) i Bonus Depreciation and Section 179 Recapture (See instructions) i Deductible costs incurred in the production of Maine exempt income (see instructions) If line c is more than the amount shown above for your fi ling status see Worksheet for line d below if necessary) If your filing status is: and line c is not over: Enter on line d: in 2011 to a Maine or non Maine qualified tuition program ( 529 in a pass through entity financial institution (see instructions) in the Exclusion Items Worksheet line a attributable to income not Include only amounts not already added or subtracted in calculating federal alternative minimum taxable income included in federal alternative minimum taxable income Generally included in the Exclusion Items Worksheet line a For more included in the Exclusion Items Worksheet line a related to property income Enter any interest or other expense deductions reflected income from direct obligations of the U S Government such income pursuant to Code section 139B List the source of each income tax Also include the taxpayer s distributive share of Income Tax Guidance Documents) Generally this is the amount individuals qualified for the Opportunity Maine Credit the amount information and examples visit www maine gov/revenue/forms information on NOLs go to www maine gov/revenue/forms (select institution Enter any loss deduction or other expense included in interest from Maine municipal general obligation and private interest in a pass through entity fi nancial institution investment tax credit and forest management planning credit is not more than $100 000 if single or married filing separately or is required equal to the net increase in depreciation resulting from is the amount from 2011 Form 1040ME Schedule 1 line 2h items attributable to income taxable under the 2011 Maine alternative Items Worksheet above [may be a negative amount]) its owner the total of capital gains and ordinary income resulting j 2011 Maine income tax (2011 Form 1040ME line 20 less line 25) j Any loss deduction or other expense attributable to income from an ownership interest j Other List (see instructions) Do not enter non Maine income on line 2j k Alternative Maine minimum tax on exclusion items (subtract line j from line i) If zero or less enter zero k Deductible costs of producing income exempt from federal tax but subject to Maine tax k Total additions (Add lines 1a through 1j) l Credit against the Maine minimum tax on exclusion items for minimum tax paid to other taxing jurisdictions Limitation of credit: Line 1 Additions Add 2011 income treated as exclusion items Line 1a Enter 2011 income from municipal and state bonds Line 1b Enter any federal net operating loss carry forward Line 1c Enter 2011 Maine Public Employees Retirement System Line 1d Enter the amount claimed as a domestic production Line 1e Bonus depreciation add back An addition modification Line 1f Enter the amount of federal bonus depreciation deduction Line 1g Enter your share of the 2011 fiduciary adjustment Line 1h Other Enter on this line the following amounts for 2011: Line 1i Deductible costs included in the Exclusion Items Line 1j Ownership interest in a pass through entity financial Line 2 Subtractions Subtract 2011 income treated as Line 2a If included in the Exclusion Items Worksheet line a enter Line 2b If included in the Exclusion Items Worksheet line a enter Line 2c Enter the 2011 pension income deduction See 2011 Line 2d If included in the Exclusion Items Worksheet line a enter Line 2e Enter premiums for long term care insurance If Line 2f Use this line only if you retired after 1988 and received Line 2g Enter up to $250 per beneficiary of contributions made Line 2h Enter your share of the 2011 fi duciary adjustment Line 2i Bonus depreciation/section 179 expense recapture Line 2j Other Subtractions Unless specifically stated do not Line 2k Deductible costs of producing 2011 income exempt line 7 below Otherwise stop here and enter this amount on line d of the Exclusion Items Worksheet above line a line a (i e enter bond interest from City of New York but not from line a account proceeds from a Family Development Account line a all items of income gain interest dividends royalties and line a due to an ownership share in the financial institution that is a List the source of each amount claimed in the space provided listed below NOTE: Maine net operating loss carryover deductions long term care premiums that generally qualify for federal itemized m 2011 Maine minimum tax on exclusion items (Subtract line l from line k) If zero or less enter zero Maine alternative minimum tax Attach a copy of your 2011 federal maine gov/revenue/forms (select Income Tax Guidance Documents) Maine itemized deductions and by any premiums included in the Maine minimum tax credit carryforward to 2013 (Subtract line 6 from line 4) Maine minimum tax credit: Enter the lesser of line 4 or 5 here and on Form 1040ME Schedule A line 14 Maine Minimum Tax Exclusion Items Worksheet for Line 3 above Maine Minimum Tax Exemption Worksheet for line d of the Exclusion Items Worksheet above Maine Minimum Tax Income Modification Worksheet for the Maine Minimum Tax Worksheet for Line 2e of the Income Modification Worksheet above Maine Minimum Tax Worksheet for line l of the Exclusion Itmes Worksheet above Maine residents only Maine Schedule 1 line 2d instructions for more information Include Married filing Jointly or Qualifying Widow(er) $150 000 $45 000 Married Filing Separately $75 000 $22 500 medical responders that were excluded from 2011 federal gross Minimum tax credit carryforward from 2011 (2011 Maine Minimum Tax Worksheet line 21) minimum tax law but exempt from 2011 federal alternative minimum minimum tax purposes but not Maine alternative minimum tax minimum tax purposes prior to 2011 may be recaptured For more minimum taxable income minus line 24 [except minimum tax credit] minus line 25) If zero or less enter zero Multiply line 4 by 25% ( 25) Multiply this amount by the percentage on line 4 above and enter result here Name(s) as shown on Form 1040ME Net Modification (subtract line 2l from line 1k enter here and on line b Maine Minimum Tax Exclusion New for 2012 For tax years beginning on or after January 1 2012 the Maine minimum tax is repealed for non corporate taxpayers Northern Maine Transmission Corporation up to $750 of property NOTE: If you have a Maine minimum tax credit carryforward to 2013 keep a copy of the worksheet to submit with NOTE: If you itemized deductions in 2011 complete worksheet below of the add back on line 1f must be subtracted from the basis of of the reduction in your salaries and wages expense deduction on exclusion items (For Maine residents only) Enter line E from the Maine Minimum Tax Worksheet for line l below on line 2d received by certain licensed dentists who practice an on line 3 below for your filing status Enter the result on line d of the Exclusion Items Worksheet above on this line Enter only amounts included in the Exclusion Items on this line equals the amount that the 2011 federal depreciation on this schedule Also include the taxpayer s distributive share of other items of income of a financial institution subject to the Maine other pass through entities other pass through entities Enter only amounts that were not other than Maine not included in the Exclusion Items Worksheet owners of certain electing S corporations) for Maine alternative partnership S corporation or entity disregarded as separate from Percentage of income taxed by other jurisdiction (Divide line B by line A) Portland Maine) Generally this is the amount from 2011 Form Premiums claimed must be reduced by any premiums claimed as Program to the extent included in the Exclusion Items Worksheet property placed in service in 2011 Then MACRS depreciation must purposes during 2009 or 2010 the amount of loan payments made qualified tuition and other education expenses deducted on 2011 qualifying widow(er); $75 000 if married fi ling separately Renewable Community credit settlement payments received by required on this line Enclose a copy of the federal Form 4562 along retirement benefits (tier 1 and tier 2) and unemployment and sick retirement benefits from the Maine Public Employees Retirement retirement benefits not included in the pension income deduction return but not on your Maine return in an earlier year such as real Schedule 1 line 2a Schedule 1 line 2i Schedule K 1 Generally this is the amount from 2011 Form Schedule K 1 Generally this is the amount from 2011 Form 1040ME Sequence No 7 2012 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2013 Single or Head of Household $112 500 $33 750 social security benefits issued by the U S Goverment and railroad subject to Maine income tax that was not subject to federal Subtract income treated as exclusion items that Maine or federal law prohibits from state taxation Subtract line 3 from line 2 If zero or less enter 0 Subtract line 5 and line 6 from line 1 Enter result here and on Maine Minimum Tax Income Modification Subtract line 5 from line 1 If zero or less enter 0 If this form is for a child under age 18 go to subtraction modification items from partnerships S Corporations and survivor of a deceased member of the military as a result of service in the System (MePERS) in 2011 Subtract the amount in box 14 from the tax benefits provided by municipalities to senior citizens pursuant to tax Enter only amounts not included in the Exclusion Items Tax Guidance Documents) Generally this is the amount from 2011 tax purposes To calculate this addition modification the amount taxable under Maine law Generally this is the amount from 2011 taxation NOTE: You may only subtract the items listed below taxes or qualified mortgage insurance premiums deducted in arriving Taxpayer s Maine tentative alternative minimum taxable income on exclusion items (from line c of the Exclusion Items than the adjusted federal depreciation no addition modifi cation is that were included in the credit base for the 2011 high technology the adjusted minimum taxable income on exclusion items (line c above) divided by the total adjusted minimum taxable income on exclusion items (line c above) the amount from 2011 Form 1040ME Schedule 1 line 1c the Exclusion Items Worksheet line a attributable to an ownership the Maine minimum tax this is the amount from 2011 Form 1040ME Schedule 1 line 1d this is the amount from 2011 Form 1040ME Schedule 1 line 2c this is the amount from 2011 Form 1040ME Schedule 1 line 2g Total Subtractions (add lines 2a through 2k) trust (36 M R S A 5122(3)) Attach a copy of your 2011 federal trust (36 M R S A 5122(3)) to the extent allowable for the 2011 were not allowed for tax years beginning in 2009 2010 and 2011 which have been previously taxed by the state which the premiums are paid 1) must meet the federal definition who receive MaineCare benefits income from investments in the with the add back calculation with the return For more information Worksheet above) worksheet Enter result here % Worksheet for Form 1040ME Schedule A Line 14 worksheet for line 2e on page 2 To qualify the insurance policy on Worksheet line 2e above Worksheet line a Worksheet line a Enter on this line: military compensation received Worksheet line a incurred in the production of Maine exempt Worksheet line a interest income and capital gains from the sale of www maine gov/revenue/forms your 2013 Maine individual income tax return Your Social Security Number