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Maine Free Printable 18_dual_residence_tax_cred.indd for 2019 Maine Dual Residence Reduction of Tax Credit

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Dual Residence Reduction of Tax Credit
18_dual_residence_tax_cred.indd

DUAL RESIDENCE REDUCTION OF TAX CREDIT WORKSHEET FOR TAX YEAR 2018 36 M.R.S. § 5128 TAXPAYER NAME: ___________________________________ SSN: ____________________ Name of other taxing jurisdiction: __________________________________________________ 1. a. Amount of income taxed by both jurisdictions as a resident of both jurisdictions ................ 1a. $ ______________ b. Amount from Form 1040ME, worksheet for credit for income tax paid to other jurisdictions, line 2, taxed by the other jurisdiction named above ........................................ 1b. $ ______________ c. Subtract line 1b from line 1a ................................................................................................ 1c. $ ______________ List type and amount of income included on line 1c: _____________________________ ______________________________________________________________________ 2. Maine adjusted gross income (Form 1040ME, line 16) .............................................................. 2. $ ______________ 3. Percentage of income taxed by both jurisdictions (divide line 1c by line 2) ............................... 3. __ . __ __ __ __ 4. a. Maine tax on line 1c income: (Form 1040ME, line 20) $__________ x line 3...................... 4a. $ ______________ b. Other jurisdiction tax paid (do not include amount withheld) on line 1c income ................... 4b. $ ______________ 5. Total tax assessed by both jurisdictions (add line 4a and line 4b) .............................................. 5. $ ______________ 6. Enter the smaller of line 4a or line 4b ......................................................................................... 6. $ ______________ 7. Percentage of Maine tax in relation to total combined tax for both jurisdictions (divide line 4a by line 5) .............................................................................................................. 7. __ . __ __ __ __ 8. Dual Residence Reduction of Tax Credit: Multiply line 6 by line 7. Enter the result here and on Form 1040ME, Schedule A, line 20 ..................................................................................................................... 8. $ ______________ Revised: December 2018 DUAL RESIDENCE REDUCTION OF TAX CREDIT WORKSHEET FOR TAX YEAR 2018 INSTRUCTIONS 36 M.R.S. § 5128 Individuals who are considered residents of both Maine and another state for income tax purposes may qualify for a reduction of tax provided the other taxing jurisdiction allows a similar tax reduction. Generally, income qualifying for the credit for taxes paid to another jurisdiction does not qualify for this credit. Income that generally qualifies for the dual residence tax reduction is income from intangible sources such as interest and pension income. For questions on how to complete this worksheet, call (207) 626-8475. The reduction of tax is equal to a ratio of which the numerator is the Maine tax applicable to the income taxed twice and the denominator of which is the sum of the two taxes applicable to the income taxed twice multiplied by the lower of the two taxes applicable to the income taxed twice. SPECIFIC INSTRUCTIONS Enter taxpayer name and social security number (“SSN”) where indicated at the top of the form. Then enter the name of the other taxing jurisdiction where indicated above line 1. Line 1 is used to determine income taxed by both jurisdictions as a resident of each state excluding income eligible for the Credit for Tax Paid to Other Jurisdictions (Form 1040ME, worksheet for Credit for Income Tax Paid to Other Jurisdictions). The worksheet is available at www.maine.gov/revenue/forms. Line 3 is the percentage of income taxed by both jurisdictions in relation to the total Maine income. Line 4 reflects the tax assessed by each jurisdiction on the income eligible for dual residence tax deduction. Line 7 is the percentage Maine tax represents of total tax assessed by both jurisdictions on the income eligible for the dual residence tax reduction. EXAMPLE: John and Jane are full-year Maine residents, but they are also required to file as statutory residents of state XYZ for the entire year. State XYZ allows a credit similar to Maine’s Dual Residence Reduction of Tax Credit. John and Jane filed a married joint return and had federal adjusted gross income of $150,000. John had wages of $50,000, pension of $95,000 and interest of $5,000 that are also taxed by state XYZ as resident income. State XX Name of other taxing jurisdiction: _____________________________ 1. a. Amount of income taxed by both jurisdictions as a resident of both jurisdictions ................ 1a. $ ____________ 150,000 b. Amount from Form 1040ME, worksheet for Credit for income Tax Paid to Other Jurisdictions, line 2 taxed by the other jurisdiction named above................................... 1b. $ ____________ 50,000 c. Subtract line 1b from line 1a ........................................................................................... 1c. $ ____________ 100,000 Pension: $95,000 List type and amount of income included on line 1c: ____________________________ Interest: $5,000 _____________________________________________________________________ 2. Maine adjusted gross income (Form 1040ME, line 16)......................................................... 2. $ ____________ 150,000 3. Percentage of income (divide line 1c by line 2) .................................................................... 3. __ 0 . __ 6 6__ __ 6 __ 7 6,342 x line 3......................... 4a. $ ____________ 4. a. Maine tax on line 1c income (Form 1040ME, line 20) $_______ 4,228 b. Other jurisdiction tax paid (do not include amount withheld) on line 1c income ............. 4b. $ ____________ 3,568 5. Total tax assessed by both jurisdictions (add line 4a and line 4b) ......................................... 5. $ ____________ 7,796 6. Enter the smaller of line 4a or line 4b .................................................................................... 6. $ ____________ 3,568 7. Percentage of Maine tax in relation to total combined tax for both jurisdictions (divide line 4a by line 5) ......................................................................................................... 7. __ 0 . __ 5 __ 4 __ 2 __ 3 8. Dual Residence Reduction of Tax Credit: Multiply line 6 by line 7. Enter the result here and on Form 1040ME, Schedule A, line 20 ... 8. $ ____________ 1,935
Extracted from PDF file 2018-maine-form-dual-residence-credit.pdf, last modified November 2018

More about the Maine Form Dual Residence Credit Other Tax Credit TY 2018

We last updated the Dual Residence Reduction of Tax Credit in February 2019, so this is the latest version of Form Dual Residence Credit, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form Dual Residence Credit directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Other Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Other Jurisdictions Tax Credit Credit for Tax Paid To Other Jurisdictions
Historic Properties Credit Credit for Rehabilitation of Historic Properties
Seed Capital Credit Seed Capital Investment Tax Credit
Adult Dependent Care Credit Adult Dependent Care Credit Worksheet
Capital Investment Credit Maine Capital Investment Credit

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form Dual Residence Credit from the Revenue Services in February 2019.

Show Sources >

Form Dual Residence Credit is a Maine Other 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.

Historical Past-Year Versions of Maine Form Dual Residence Credit

We have a total of four past-year versions of Form Dual Residence Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form Dual Residence Credit

18_dual_residence_tax_cred.indd

2017 Form Dual Residence Credit

17_dual_residence_tax_cred.indd

2016 Form Dual Residence Credit

16_dual_residence_tax_cred.indd

Dual Residence Reduction of Tax Credit 2015 Form Dual Residence Credit

15_dual_residence_tax_cred.indd


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