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Minnesota Free Printable 2021 M1MTC, Alternative Minimum Tax Credit for 2022 Minnesota Alternative Minimum Tax Credit

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Alternative Minimum Tax Credit
2021 M1MTC, Alternative Minimum Tax Credit

*211301* 2021 Schedule M1MTC, Alternative Minimum Tax Credit Your First Name and Initial Last Name Social Security Number Read the instructions on the back before you complete this schedule. Part 1 Round amounts to nearest whole dollar. 1 2020 adjusted gross income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2020 federally exempt interest and dividends (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Depletion (from line 7 of your 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Expenses deducted on your federal return attributable to income not taxed by Minnesota (from line 6 of 2020 Schedule M1M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Add lines 1 through 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Medical and dental expense deduction (from line 9 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Investment interest expense (from line 10 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Charitable contributions (from line 11 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Casualty and theft losses (from line 12 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Impairment-related work expenses of a person with a disability (from line 13 of 2020 Schedule M1MT) . . . . . . . 10 11 State income tax refund (from line 15 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Net interest or mutual fund dividends from U.S. bonds (from line 17 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . 12 13 Other subtractions (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Exemption (from line 25 of 2020 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 2020 alternative minimum tax (from line 27 of 2020 Schedule M1MT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Your 2020 regular income tax (from line 28 of 2020 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 2020 Schedule M1NR . . . . . . . 21 23 Amount from line 29 of 2020 Schedule M1MTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Alternative minimum tax credit available for 2021. Add lines 22 and 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 25 Regular tax for 2021 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26 Alternative minimum tax for 2021 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Subtract line 26 from line 25 (if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Amount from line 24 or line 27, whichever is less. (see instructions for 2021 Schedule M1MT.) Also enter this amount on line 17 of Schedule M1C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 29 Subtract line 28 from line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Part 2 Part 3 (see instructions) You must include this schedule, Schedule M1MT, and Schedule M1C when you file your 2021 Form M1. 9995 22 28 2021 Schedule M1MTC Instructions If you did not pay the 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 2021, you may qualify for a nonrefundable credit for 2021 or later years by completing Schedule M1MTC. File this schedule with your 2021 Form M1. You may be eligible for this credit if either of these apply: • Line 27 is more than line 28 on your 2020 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 2020 Schedule M1MTC If you paid AMT in one or more years from 1989 through 2020, but did not complete a Schedule M1MTC, complete this schedule to determine any carryover. 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 2020. Part 2 calculates how much, if any, of that credit you can use in 2021. Part 3 determines any minimum tax credit you can carry forward. You will not be able to complete Parts 2 and 3 until you determine your 2021 tax liability. Complete 2021 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 2020 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 2020 Form M1 or line 34 of your 2020 Schedule M1NC, if you were required to complete Schedule M1NC in 2020. Line 2 Enter the total amount of: • Federally exempt interest and dividends from obligations of other states from lines 1 and 2 of your 2020 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 2020 federal Form 6251 Line 4 If you deducted interest or other expenses on your 2020 federal return which were attributable to income not taxed by Minnesota, enter the amount from line 6 of your 2020 Schedule M1M. Line 13 Enter the amount from line 18 (other subtractions) of your 2020 Schedule M1MT. Do not include any net operating loss subtraction you may have included on line 18 of your 2020 Schedule M1MT. Part 2 Lines 25–28 If you are not subject to Minnesota AMT for 2021, you may be eligible for the credit in 2021. You must complete and file the 2021 Schedule M1MT to determine the credit. If you are subject to Minnesota AMT for 2021, skip Part 2. You may not take the credit in 2021. Line 25 Full-year residents: Enter the amount from line 28 of 2021 Schedule M1MT. Part-year residents and nonresidents: Multiply line 28 of 2021 Schedule M1MT by line 30 of 2021 Schedule M1NR, Nonresidents/Part-Year Residents. All taxpayers: Reduce the result from above by lines 1 through 13 of Schedule M1C, Other Nonrefundable Credits. Continued 2021 Schedule M1MTC Instructions, continued Line 26 Full-year residents: Enter the amount from line 27 of 2021 Schedule M1MT. Part-year residents and nonresidents: Multiply line 27 of 2021 Schedule M1MT by line 30 of 2021 Schedule M1NR. This line cannot be less than zero. All taxpayers: Reduce the result from above by lines 1 through 16 of Schedule M1C. Line 28 Enter the amount from line 24 or line 27, whichever is less. Also enter this amount on line 17 of Schedule M1C. This is your 2021 Minnesota Alternative Minimum Tax Credit. Part 3 Line 29 If you were subject to Minnesota AMT for 2021 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 2021 Form M1, even if you could not use any of the credit for 2021. Save copies of the schedule until you have claimed the entire credit. The 2022 Schedule M1MTC will have a line for this amount.
Extracted from PDF file 2021-minnesota-form-m1mtc.pdf, last modified October 2021

More about the Minnesota Form M1MTC Individual Income Tax Tax Credit TY 2021

We last updated the Alternative Minimum Tax Credit in March 2022, so this is the latest version of Form M1MTC, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form M1MTC directly from TaxFormFinder. You can print other Minnesota tax forms here.

Other Minnesota Individual Income Tax Forms:

TaxFormFinder has an additional 95 Minnesota income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form M1 Individual Income Tax Return
Form M1 Instructions Minnesota Individual Income Tax Instructions (Form M1)
Form M1PR Homestead Credit Refund (for Homeowners) and Renters Property Tax Refund
Form M1PR Instructions Homestead Credit Refund and Renter’s Property Tax Refund Instruction Booklet
Form M1W Minnesota Income Tax Withheld (onscreen version)

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 M1MTC from the Department of Revenue in March 2022.

Show Sources >

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 eleven 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:


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

Alternative Minimum Tax Credit 2014 Form M1MTC

2013 M1MTC, Alternative Minimum Tax Credit

2013 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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