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Minnesota Free Printable 2020 M1MT, Alternative Minimum Tax for 2021 Minnesota Alternative Minimum Tax

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Alternative Minimum Tax
2020 M1MT, Alternative Minimum Tax

2020 Schedule M1MT, Alternative Minimum Tax Your First Name and Initial Last Name Before you complete this schedule, read the instructions on the next page. *201851* Social Security Number Round amounts to the nearest whole dollar. 1 Federal adjusted gross income (from line 1 of Form M1 or line 34 of Schedule M1NC) . . . . . . . . . . . . . . . . . . . . . . . . 1 2 This line intentionally left blank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Other adjustments and preferences (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Other additions from Schedule M1M (add lines 3, 4, 8, and 10 of Schedule M1M) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 State and municipal bond interest from outside Minnesota (determine from worksheet in instructions) . . . . . . . . . 5 6 Intangible drilling costs (determine from instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Depletion (determine from instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Add lines 1 through 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Medical and dental expense deduction (from line 4 of Schedule M1SA) . . . . . . . . . . . . 9 10 Investment interest expense (from line 13 of Schedule M1SA) . . . . . . . . . . . . . . . . . . 10 11 Charitable contributions (from line 18 of Schedule M1SA) . . . . . . . . . . . . . . . . . . . . . . 11 12 Casualty and theft losses (from line 19 of Schedule M1SA) . . . . . . . . . . . . . . . . . . . . . 12 13 Impairment-related work expenses of a disabled person (included on line 24 of Schedule M1SA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Unreimbursed employee business expenses (from line 20 of Schedule M1SA) . . . . . 14 15 State income tax refund (from line 1 of federal Schedule 1) . . . . . . . . . . . . . . . . . . . . . 15 16 Federal bonus depreciation subtraction (from line 21 of Schedule M1M) . . . . . . . . . 16 17 Net interest or mutual fund dividends from U.S. bonds (from line 18 of Schedule M1M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Other subtractions from Schedule M1M (add lines 20, 22, 24-33, 35, 36, 39-41, 43, and 44) . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Add lines 9 through 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Subtract line 19 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 If married and filing a joint return, or qualifying widow(er): enter $78,880 If married and filing a separate return: enter $39,440 If single or head of household: enter $59,150 . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 If married and filing a joint return, or qualifying widow(er): enter $150,000 If married and filing a separate return: enter $ 75,000 If single or head of household: enter $112,500 . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 Subtract line 22 from line 20 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Multiply line 23 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 25 Subtract line 24 from line 21 (if zero or less, enter 0)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26 Subtract line 25 from line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Multiply line 26 by 6.75% (.0675) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 28 Tax from the table (from line 10 of Form M1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 If line 27 is more than line 28, you must pay Minnesota alternative minimum tax. Subtract line 28 from line 27. Enter the result here and on line 11 of Form M1. (If line 28 is more than line 27, see instructions) . . . . . . . . . . . . . 29 Include this schedule and a copy of federal Form 6251 when you file your Form M1. 9995 9995 2020 Schedule M1MT Instructions Should I file Schedule M1MT? If you had to pay federal alternative minimum tax (AMT) when you filed your federal Form 1040, 1040-SR, or 1040NR, you must complete Schedule M1MT to determine if you are required to pay Minnesota AMT. You may be required to pay Minnesota alternative minimum tax even if you did not have to pay federal AMT. Before you can complete Schedule M1MT, you must first complete Part I of federal Form 6251, even if you were not required to file Form 6251 with your federal return. You must enclose the completed Form 6251 with your Form M1. Line Instructions Round amounts to the nearest whole dollar. Line 3 - Other adjustments and preferences Include amounts from lines 2c through 3 of federal Form 6251 and any AMT adjustment from Schedule K-1 (Form 1065-B). You must complete the Worksheet for Line 3 if either of the following apply: • You entered an amount on line 2e of Form 6251 for a federal net operating loss deduction • You have an excess business loss on line 14 of Schedule M1NC Worksheet for Line 3 1 Total of lines 2c through 3 of federal Form 6251 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Enter the opposite of the amount from line 13 of Schedule M1NC. For example, if the amount is negative, enter it as a positive on Step 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Determine your Minnesota Alternative Tax Net Operating Loss Deduction (ATNOLD) (See instructions) . . . . . . . . . . 4 The difference between your AMT excess business loss and your regular excess business loss. (See instructions) . . . . 5 Add Steps 1 through 4. Enter the result on line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Worksheet Instructions Step 3 – Alternative Tax Net Operating Loss Deduction Determine your Minnesota ATNOLD by using your Minnesota net operating loss deduction. Compare the Minnesota ATNOLD to your federal ATNOLD on line 2f of Form 6251. If your Minnesota ATNOLD is less than your federal ATNOLD, enter the difference as a positive amount on Step 3. If your Minnesota ATNOLD is greater than your federal ATNOLD, enter the difference as a negative amount on Step 3. Step 4 – Excess Business Loss limitation Complete an AMT Worksheet for Excess Business Losses in the instructions for line 14 of Schedule M1NC using amounts adjusted for AMT. Enter the difference between AMT and regular tax limitation on losses. If Step 14 of the AMT worksheet is less than the amount on Step 14 of the regular tax worksheet, enter the difference as a negative amount. Keep your AMT Worksheet for Excess Business Losses because you will carry over the amount you determined on Step 14 of your 2019 AMT Worksheet for Excess Business Losses to 2020 and use it to determine your ATNOLD. Line 5—State and Municipal Bond Interest from Outside Minnesota Worksheet for Line 5 1 Add lines 1 and 2 of Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Enter the amount of non-Minnesota municipal bond interest included on line 2g of federal Form 6251 . . . . . . . . . . . . . 3 Subtract step 2 from step 1. Enter the result on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Line 6—Intangible Drilling Costs If, for regular tax purposes, you elected the optional 60-month write-off under section 59(e) of the Internal Revenue Code (IRC) for all property in this category, skip line 6. No adjustment is necessary. Intangible drilling costs (IDCs) from oil, gas, and geothermal wells are a tax preference item to the extent that the excess IDCs exceed 65% of the net income from the wells. Compute the tax preference item separately for oil and gas properties and for geothermal properties. Compute excess IDCs as follows: 1. Figure the amount of your IDCs allowed for regular tax purposes under IRC, section 263(c), but do not include any section 263(c) deduction for nonproductive wells. 2. Subtract from step 1 the amount that would have been allowed had you amortized these IDCs over a 120-month period starting with the month the well was placed in production. If you prefer not to use the 120-month period, you can elect to use any method that is permissible in determining cost depletion. Determine your net income by taking the gross income you received or accrued during the tax year from oil, gas, and geothermal wells and reducing it by the deductions allocable to these properties (reduced by the excess IDCs). When refiguring net income, use only income and deductions allowed for AMT purposes. Note: Do not include any amounts you included on line 3 of this schedule. Line 7—Depletion In the case of oil wells and other wells of nonintegrated oil companies, enter the amount by which your depletion deduction under IRC, section 611 exceeds the adjusted basis of the property at the end of your tax year. In computing your year-end adjusted basis, use the rules of IRC, section 1016. However, do not reduce the adjusted basis by the current year’s depletion. Figure the excess amount separately for each property. Only depreciation that exceeds the adjusted basis of a property is treated as a tax preference amount. Note: Do not include any amounts you included on line 3 of this schedule. Line 29 Compare your Minnesota alternative minimum tax on line 27 to the tax from the table on line 28: • If line 28 is equal to or more than line 27, you are not required to pay Minnesota AMT for 2020. Enter zero on line 29. — If you paid Minnesota AMT in one or more years from 1989 through 2019, you should complete Schedule M1MTC, Alternative Minimum Tax Credit to see if you are eligible for a credit. — If you did not pay Minnesota AMT in any year from 1989 through 2019, do not file Schedule M1MTC. • If line 27 is more than line 28, you are required to pay Minnesota AMT for 2020. Subtract line 28 from line 27. Enter the result on line 29 and on line 11 of Form M1. Include this schedule and a copy of federal Form 6251 when you file Form M1.
Extracted from PDF file 2020-minnesota-form-m1mt.pdf, last modified October 2020

More about the Minnesota Form M1MT Individual Income Tax TY 2020

We last updated the Alternative Minimum Tax in February 2021, so this is the latest version of Form M1MT, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form M1MT directly from TaxFormFinder. You can print other Minnesota tax forms here.

Related Minnesota Individual Income Tax Forms:

TaxFormFinder has an additional 95 Minnesota income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Minnesota Form M1MT.

Form Code Form Name
Form M1MTC Alternative Minimum Tax Credit

Download all MN tax forms 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 M1MT from the Department of Revenue in February 2021.

Show Sources >

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 M1MT

We have a total of ten past-year versions of Form M1MT in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form M1MT

2020 M1MT, Alternative Minimum Tax

2019 Form M1MT

2019 M1MT, Alternative Minimum Tax

2018 Form M1MT

2018 M1MT, Alternative Minimum Tax

2017 Form M1MT

2017 M1MT, Alternative Minimum Tax

2016 Form M1MT

2016 M1MT, Alternative Minimum Tax

2015 Form M1MT

2013 M1MT, Alternative Minimum Tax

Alternative Minimum Tax 2014 Form M1MT

2013 M1MT, Alternative Minimum Tax

2013 Alternative Minimum Tax 2013 Form M1MT

2012 M1MT, Alternative Minimum Tax

2012 Form M1MT

2012 M1MT, Alternative Minimum Tax

2011 Form M1MT

2011 M1MT, Alternative Minimum Tax


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