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Minnesota Alternative Minimum Tax Credit
Extracted from PDF file 2023-minnesota-form-m1mtc.pdf, last modified October 2021Alternative Minimum Tax Credit
2023 Schedule M1MTC, Alternative Minimum Tax Credit Your First Name and Initial Last Name *231301* Social Security Number Read the instructions before you complete this schedule. Round amounts to nearest whole dollar. Part 1 1 2022 adjusted gross income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2022 federally exempt interest and dividends (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Depletion (from line 7 of your 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Expenses deducted on your federal return attributable to income not taxed by Minnesota (from line 3 of 2022 Schedule M1M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Add lines 1 through 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Medical and dental expense deduction (from line 9 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Investment interest expense (from line 10 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Charitable contributions (from line 11 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Casualty and theft losses (from line 12 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Impairment-related work expenses of a person with a disability (from line 13 of 2022 Schedule M1MT) . . . . . . . . 10 11 State income tax refund (from line 15 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Net interest or mutual fund dividends from U.S. bonds (from line 17 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . 12 13 Other subtractions (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Amount from line 25 of 2022 Schedule M1MT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Add lines 6 through 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Subtract line 15 from line 5 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Multiply line 16 by 6.75% (.0675) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Your 2022 alternative minimum tax (from line 27 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Your 2022 regular income tax (from line 28 of 2022 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Subtract line 19 from line 18 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Subtract line 17 from line 18 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 Compare line 21 and line 20 . Residents: Enter the smaller of the two amounts . Nonresidents and part-year residents: Multiply the smaller amount by line 30 of 2022 Schedule M1NR . . . . . . . 22 23 Amount from line 29 of 2022 Schedule M1MTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Alternative minimum tax credit available for 2023. Add lines 22 and 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Part 2 25 Regular tax for 2023 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26 Alternative minimum tax for 2023 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 28 Subtract line 26 from line 25 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Amount from line 24 or line 27, whichever is less. (see instructions for 2023 Schedule M1MT.) Also enter this amount on line 20 of Schedule M1C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Part 3 (see instructions) 29 Subtract line 28 from line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 You must include this schedule, Schedule M1MT, and Schedule M1C when you file your Form M1. 9995 2023 Schedule M1MTC Instructions If you did not pay Minnesota alternative minimum tax in prior years, you are not eligible for this credit. Should I file Schedule M1MTC? If you paid Minnesota alternative minimum tax (AMT) in prior years, but are not required to pay it in 2023, you may qualify for a nonrefundable credit for 2023 or later years by completing Schedule M1MTC, Alternative Minimum Tax Credit. File this schedule with your 2023 Form M1. You may be eligible for this credit if either of these apply: • Line 27 is more than line 28 on your 2022 Schedule M1MT, Alternative Minimum Tax, and the liability is at least partly due to timing items • You have an amount on line 29 of your 2022 Schedule M1MTC If you paid AMT in one or more years from 1989 through 2022, but did not complete a Schedule M1MTC, complete this schedule to determine any carryover. You must file this form to track the carryover amount. Timing and Exclusion Items The Minnesota AMT is attributable to two types of adjustments and preferences: timing items and exclusion items. Generally, timing items do not cause a permanent difference in taxable income over time. The minimum tax credit is only generated by the AMT attributable to timing adjustments and preferences. Examples of timing items include accelerated depreciation, intangible drilling costs preferences, and the exercise of incentive stock options. Exclusion items do cause a permanent difference in taxable income. The minimum tax credit is not generated by the AMT attributable to exclusion items. Examples of exclusion items include personal exemptions, gambling losses, home mortgage interest, or taxes. Line Instructions Part 1 determines the minimum tax credit generated by Minnesota AMT paid for 2022. Part 2 calculates how much, if any, of that credit you can use in 2023. Part 3 determines any minimum tax credit, if any, you can carry forward. You will not be able to complete Parts 2 and 3 until you determine your 2023 tax liability. Complete 2023 Schedule M1MT before completing this schedule. Round amounts to the nearest whole dollar. Part 1 If line 2h, lines 2k through 2t, and line 3 of your 2022 federal Form 6251 are blank, skip lines 1-22 of this schedule, and start with line 23. Line 1 Enter the amount from line 1 of your 2022 Form M1, Individual Income Tax. Line 2 Enter the total amount of: • Federally exempt interest and dividends from obligations of other states from lines 1 and 2 of your 2022 Schedule M1M, Income Additions and Subtractions • Tax-exempt interest from Minnesota private activity bonds issued after August 7, 1986, included on line 2g of your 2022 federal Form 6251 Line 4 If you deducted interest or other expenses on your 2022 federal return which were attributable to income not taxed by Minnesota, enter the amount from line 3 of your 2022 Schedule M1M. Line 13 Enter the amount from line 18 (other subtractions) of your 2022 Schedule M1MT. Do not include any net operating loss subtraction you may have included on line 18 of your 2022 Schedule M1MT. Part 2 Lines 25–28 If you are not subject to Minnesota AMT for 2023, you may be eligible for the credit in 2023. You must complete and file the 2023 Schedule M1MT to determine the credit. If you are subject to Minnesota AMT for 2023, skip Part 2. You may not take the credit in 2023. Line 25 Full-year residents: Enter the amount from line 28 of 2023 Schedule M1MT. Part-year residents and nonresidents: Multiply line 28 of 2023 Schedule M1MT by the percentage on line 30 of 2023 Schedule M1NR, Nonresidents/Part-Year Residents. All taxpayers: Reduce the result from above by lines 1 through 16 of Schedule M1C, Other Nonrefundable Credits. Continued 2023 Schedule M1MTC Instructions, continued Line 26 Full-year residents: Enter the amount from line 27 of 2023 Schedule M1MT. Part-year residents and nonresidents: Multiply line 27 of 2023 Schedule M1MT by the percentage on line 30 of 2023 Schedule M1NR, Nonresidents/Part-Year Residents. This line cannot be less than zero. All taxpayers: Reduce the result from above by lines 1 through 19 of Schedule M1C. Line 28 Enter the amount from line 24 or line 27, whichever is less. Also enter this amount on line 20 of Schedule M1C. This is your 2023 Minnesota Alternative Minimum Tax Credit. Part 3 Line 29 If you were subject to Minnesota AMT for 2023 and did not have to complete Part 2, enter the amount from line 24. You may carry forward any unused portion of your minimum tax credit. If you have a carryforward on this line, include Schedule M1MTC when you file your 2023 Form M1, even if you could not use any of the credit for 2023. Save copies of the schedule until you have claimed the entire credit. The 2024 Schedule M1MTC will have a line for this amount.
2023 M1MTC, Alternative Minimum Tax Credit
More about the Minnesota Form M1MTC Individual Income Tax Tax Credit TY 2023
We last updated the Alternative Minimum Tax Credit in February 2024, so this is the latest version of Form M1MTC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form M1MTC directly from TaxFormFinder. You can print other Minnesota tax forms here.
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TaxFormFinder has an additional 95 Minnesota income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form M1PR | Homestead Credit Refund (for Homeowners) and Renters Property Tax Refund |
| Form M1 Instructions | Minnesota Individual Income Tax Instructions (Form M1) |
| Form M1 | Individual Income Tax Return |
| Form M1PR Instructions | Homestead Credit Refund and Renter’s Property Tax Refund Instruction Booklet |
| Form M1M | Income Additions and Subtractions (onscreen version) |
View all 96 Minnesota Income Tax Forms
Form Sources:
Minnesota usually releases forms for the current tax year between January and April. We last updated Minnesota Form M1MTC from the Department of Revenue in February 2024.
Form M1MTC is a Minnesota Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Minnesota Form M1MTC
We have a total of thirteen past-year versions of Form M1MTC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form M1MTC
2023 M1MTC, Alternative Minimum Tax Credit
2022 Form M1MTC
2022 M1MTC, Alternative Minimum Tax Credit
2021 Form M1MTC
2021 M1MTC, Alternative Minimum Tax Credit
2020 Form M1MTC
2020 M1MTC, Alternative Minimum Tax Credit
2019 Form M1MTC
2019 M1MTC, Alternative Minimum Tax Credit
2018 Form M1MTC
2018 M1MTC, Alternative Minimum Tax Credit
2017 Form M1MTC
2014 M1MTC, Alternative Minimum Tax Credit
2016 Form M1MTC
2014 M1MTC, Alternative Minimum Tax Credit
2015 Form M1MTC
2014 M1MTC, Alternative Minimum Tax Credit
2014 Form M1MTC
2013 M1MTC, Alternative Minimum Tax Credit
2013 Form M1MTC
2012 M1MTC, Alternative Minimum Tax Credit
2012 Form M1MTC
2012 M1MTC, Alternative Minimum Tax Credit
2011 Form M1MTC
2011 M1MTC, Alternative Minimum Tax Credit
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