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Wisconsin Free Printable 2017 I-129 Instructions for Wisconsin Schedule MT for 2020 Wisconsin Wisconsin Alternative Minimum Tax

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Wisconsin Alternative Minimum Tax
2017 I-129 Instructions for Wisconsin Schedule MT

Instructions for 2017 Wisconsin Schedule MT General Instructions Who Must File Generally, you may have to pay alternative minimum tax if your Wisconsin income combined with any adjustment or tax preference items totals more than: • $84,500 if married filing a joint return, • $54,300 if single or head of household, • $42,250 if married filing a separate return, or • $24,100 if a trust or estate. (Note: These guidelines do not apply to part-year resident and nonresident individuals, estates, and trusts because of required proration.) See the instructions for federal Form 6251 (Schedule I of Form 1041 for estates and trusts) for descriptions of adjustment and tax preference items. Individuals, estates, and trusts must file Schedule MT if the income tax computed on line  26 of Wisconsin Form  1, line 52 of Wisconsin Form 1NPR, or line 8 of Wisconsin Form  2 is less than the Wisconsin tentative minimum tax. Specific Instructions CAUTION: The Internal Revenue Service hadn’t finalized the 2017 federal Forms 1041 and 6251 at the time that Schedule MT went to print. Therefore, line numbers on federal Forms 1041 and 6251 referred to on Schedule MT and in these instructions may change. Line 1   Federal Alternative Minimum Taxable Income (AMTI) Individuals – Fill in your federal AMTI from line 28 of federal Form 6251. Estates and Trusts – Fill in your share of AMTI from line 29 of Schedule I of federal Form 1041. Exceptions • If you are required to file a Wisconsin Schedule I (complete Schedule  B of Form  2 for estates and trusts) because differences between federal and Wisconsin law affect you, you must recompute Form 6251 (Schedule I of Form 1041 for estates and trusts), substituting the federal income amounts determined on Wisconsin Schedule I (using Schedule B of Form 2 for estates and trusts) for the income shown on federal Form 1040 (Form 1041 for estates and trusts). Label this recomputed Form 6251 (Schedule I of Form 1041 for estates and trusts) “Wisconsin” and enclose it with your Wisconsin income tax return. I-129 (R. 11-17) • If you are married filing a separate federal income tax return and are required to include an additional amount of federal AMTI on line 28 of federal Form 6251 because your federal AMTI exceeds $249,450, fill in on line  1 of Schedule MT the federal AMTI before such additional amount was included. Line 2  Additions Because your federal AMTI (line 1 of Schedule MT) may include items which are not deductible for Wisconsin, or such federal income does not include items which are taxable for Wisconsin, you may have to add these items to arrive at the correct Wisconsin AMTI. Resident Individuals – Fill in lines 2a, 2b, and 2c. Do not fill in an amount on line 2d or 2e. Also, fill in lines 2f and 2g. Exception  If you are a beneficiary of an estate or trust, fill in on line 2d the amount of state and local taxes which is included in Column (c) of your Schedule 2K-1. Resident Estates and Trusts – Fill in lines 2a through 2g. For line 2b, fill in only the portion of the tax preference for tax-exempt interest from line 8 of Schedule I of your federal Form 1041 which is allocable to nondistributable income. Part-Year Resident and Nonresident Individuals, Estates, and Trusts – Fill in ‑0‑ on line 2g and see the instructions for line 4. Line 3  Subtractions Because your federal AMTI (line 1 of Schedule MT) may in­c lude items which are not taxable for Wisconsin, or such federal income does not include items which are deductible for Wisconsin, you may have to subtract these items to arrive at the correct Wisconsin AMTI (for example, the Wisconsin capital gain exclusion is subtracted from federal AMTI to arrive at Wisconsin AMTI). Resident Individuals – Fill in lines 3a, 3b, and 3c. Do not fill in an amount on line 3d. Also, fill in lines 3e and 3f. Resident Estates and Trusts – Fill in lines 3a through 3f. Part-Year Resident and Nonresident Individuals, Estates, and Trusts – Fill in ‑0‑ on line 3f and see the instructions for line 4. Line 4 Resident Individuals, Estates, and Trusts – If line 3f is smaller than line 2g, subtract line 3f from line 2g and fill in the result on line 4. If line 3f is larger than line 2g, subtract line 2g from line 3f and fill in the result as a negative number. Itemized Deduction Addback Worksheet Part-Year Resident and Nonresident Individuals, Estates, and Trusts – Complete the following worksheet to determine the amount to fill in on line 4. Figure the amount to add back as follows: 1. Itemized deductions from line 40 of federal Form 1040 and line 6 of federal Form 6251 (treat as a positive number) less amounts from lines 2 through 5 and 8 of federal Form 6251 .1. 1. Wisconsin income from line 32 of Form 1NPR* (line 2, Part II of Schedule NR) .1. 2. Wisconsin net operating loss included on line 15, column B of Form 1NPR (line 16, column (b) of Schedule NR). Enter as a positive number . . . . . . . 2. 2. Fill in one (1.00) minus the proration ratio from line 34 of Form 1NPR . . . . 2. 3. State income tax refund from line 4, column A of Form 1NPR (line 8, column (a) of Schedule NR) . . 3. 3. Multiply line 1 by line 2. Fill in the result here and on line 6 of Schedule MT . . 3. Line 8  Adjustments 4. Recoveries of federal itemized deductions included on line 15, column A of Form 1NPR (line 8, column (a) of Schedule NR) . . 4. • If adjustments and preferences reported on lines 9, 12, and 14 through 27 of federal Form 6251 (lines 2, 4, 6, 8, and 10 through 23 of Schedule I of federal Form 1041 for estates and trusts) did not result in a tax benefit for Wisconsin tax purposes, fill in the net amount of those adjustments and preference items on line 8 of Schedule MT. Adjustments and preferences will not produce a tax benefit if you are a part-year resident or nonresident of Wisconsin and the related income or deduction does not have a Wisconsin situs. (Note: Also include any portion of the adjustment from line 8 of federal Form 6251 that relates to investment interest expense reported on Schedule E which did not result in a tax benefit.) 5. Add lines 1 through 4 . . . . . . . . . . . . 5. 6. Federal income (see Note below) from line 33 of Form 1NPR * (line 24, column (a) of Schedule NR) . 6. 7. Federal net operating loss carryover from line 21 of federal Form 1040 (line 16, column (a) of Schedule NR). Enter as a positive number . . . . . . . . 7. 8. Estates and trusts – taxes from line 11, column (a) of Schedule NR . . . . . 8. Example:  You are a nonresident of Wisconsin, but are required to file a Wisconsin income tax return because of rental property you own in Wisconsin. On lines 18 and 19 of federal Form 6251 you report an accelerated depreciation tax preference of $5,000 that relates to rental property you own in Illinois and a passive activity loss adjustment of $5,000 that relates to an Iowa partnership in which you are a limited partner. The income from your rental property in Illinois is not taxable to Wisconsin and the income from your limited partnership interest is not allocable to Wisconsin. The total of the accelerated depreciation tax preference and passive activity loss adjustment ($10,000) should be filled in on line 8 of Schedule MT as a negative number. 9. Add lines 6 through 8 . . . . . . . . . . . . 9. 0. If line 9 is smaller than line 5, subtract 1 line 9 from line 5 and fill in the result. If line 9 is larger than line 5, subtract line 5 from line 9 and fill in the result as a negative number. . . . . . . . . . . . 10. Fill in the amount from line 10 of the worksheet on line 4 of Schedule MT. * If line 31 is greater than line 16, subtract line 31 from line 16 and enter as a negative number. Note:  If military compensation of a nonresident was excluded from line 1, Column A of Form 1NPR, include the amount excluded in federal income. CAUTION:  Estates and trusts should only enter amounts allocable to nondistributable income. Line 6  Itemized Deduction Addback Example:  A nonresident trust is required to file a Wisconsin tax return because of rental property owned in Wisconsin. Line 4 of Schedule I of federal Form 1041 reports miscellaneous itemized deductions of $10,000 that relate to interest and dividends, one-half of which are nondistributable income. As the interest and dividend income is not allocable to Wisconsin, the amount of the miscellaneous itemized deduction adjustment allocable to nondistributable income ($5,000) should be filled in on line 8 of Schedule MT as a negative number. Resident Individuals and Estates and Trusts – Fill in -0on line 6. Part-Year Resident and Nonresident Individuals – You may have to add back to federal AMTI a portion of your itemized deductions. Fill in the worksheet in the next column. I-129 (R. 11-17) 2 • If the difference between the Wisconsin adjusted basis and the federal adjusted basis of depreciable assets owned on the last day of your 2013 tax year is not the same for regular tax and minimum tax purposes, fill in 20% of the difference on line 8 of Schedule MT. • If an amount reported on line 14 of federal Form 6251 (line 10 of Schedule I of federal Form 1041 for estates and trusts) with regard to incentive stock options is included in federal AMTI, that adjustment relating to stock options (including any basis adjustment) should be reduced by 20% for Wisconsin purposes. Fill in the 20% reduction on line 8 of Schedule MT. Example:  For regular tax purposes, there is a basis adjustment of ($25,000) resulting from the difference between the Wisconsin adjusted basis and the federal adjusted basis of depreciable assets owned on the last day of your 2013 tax year. The basis adjustment for minimum tax purposes is ($35,000). Fill in $2,000 ($10,000 x 20%) as a negative number on line 8 of Schedule MT. CAUTION:  Do not add back 20% of the federal basis adjustment made when incentive stock option stock is sold if you did not receive a Wisconsin tax benefit from reducing the federal adjustment in the year of exercise by 20%. • If any addition or subtraction amount on line 2a or 3a of Schedule MT (or used in computing Wisconsin income for nonresidents or part-year residents) relates to items that generate adjustment or preference amounts for minimum tax purposes on lines 9, 12, and 14 through 27 of federal Form 6251 (lines 6, 8, and 10 through 23 of Schedule I of federal Form 1041 for estates and trusts), any resulting increase or decrease in the amount of the adjustment or preference item for Wisconsin purposes should be filled in on line 8 of Schedule MT. Line 12  Wisconsin Alternative Tax Net Operating Loss (ATNOL) If you sustained a Wisconsin regular tax net operating loss (NOL) in years prior to 2017, you must compute your Wisconsin ATNOL and carryforward. If you sustain a Wisconsin regular tax NOL in 2018 or 2019 and elect to carry it back to 2017, you must compute your Wisconsin ATNOL and carryback. Example:  On line 2a of Schedule MT, you claimed an addition (from Schedule T) due to a difference in basis for federal and Wisconsin purposes. The property is depreciated using the ACRS method of depreciation. As a result, you reported as a tax preference the difference between ACRS depreciation and straight line depreciation on federal Form 6251. The amount of this tax preference should be reduced to reflect the difference in depreciation allowable for Wisconsin and federal purposes. Your ATNOL for the loss year is your regular tax NOL reduced or increased, as appropriate, by those tax preference items and adjustments from federal Form 6251 for the loss year that applied for Wisconsin. If in any year the tax preferences and adjustments are greater than your regular tax NOL, you do not have an ATNOL for that year. An ATNOL for years prior to 2014 may be carried forward and used to decrease AMTI for up to 15 years. An ATNOL for 2014 and future years may be carried back for 2 years and then carried forward for up to 20 years. If 2017 is the first year to which the ATNOL is carried, the amount of the carryforward or carryback is the amount of the ATNOL. Otherwise, the amount of the carryforward or carryback is the amount of the ATNOL remaining after subtracting the amount used in the preceding carryforward or carryback year(s) to decrease AMTI. You must consider the ATNOL used in each carryforward or carryback year even if you did not owe Wisconsin alternative minimum tax each year. • If adjustments or preferences distributed to you from a tax-option (S) corporation, partnership, estate, or trust differ for Wisconsin, fill in the amount of the difference on line 8 of Schedule MT. Example:  On your Wisconsin Schedule 5K-1 (Tax-Option (S) Corporation Shareholders’ Share of Income, Deductions, etc.), the federal amount of adjustments distributed is $8,000. An adjustment is shown in Column (c) of ($3,000) and a Wisconsin amount of $5,000 is shown in Column (d). Since $8,000 is already included on line 1 of Schedule MT, fill in $3,000 on line 8 as a negative number. Example:  Your regular tax NOL and tax preferences are indicated below. For 2014 and 2015, you used $5,000 of your ATNOL to decrease AMTI. You would compute your Wisconsin ATNOL carryover of $9,000 to 2017 as follows: Example:  On your Wisconsin Schedule 3K-1 (Wisconsin Partner’s Share of Income, Deductions, etc.), the federal amount of tax preferences distributed is $5,000. A modification is shown in Column (c) of ($2,000) and a Wisconsin amount of $3,000 is shown in Column (d). Since $5,000 is already included on line 1 of Schedule MT, fill in $2,000 on line 8 of Schedule MT as a negative number. Regular tax NOL Less tax preferences $5,000 $15,000 $29,000 2,000 4,000 33,000 ATNOL $3,000 $11,000 $ Less ATNOL used to decrease AMTI ATNOL carryover available for 2017 I-129 (R. 11-17) 3 2014 2015 2016 3,000 2,000 $ - 0 - $ 9,000 $ -0-0-0- Line 13 If you are married filing a separate Wisconsin income tax return and the result of subtracting line 12 from line  11 is more than $249,450, complete the following worksheet: 1. Fill in the amount from line 13 of Schedule MT . . . . . . . . . . . . . . . . . . . 1. 1. Subtract line 12 of Schedule MT from line 11 of Schedule MT . . . . . . . 1. 2. Fill in $160,900 ($120,700 if single or head of household, or $80,450 if married filing separately or an estate or trust) . . . . . . . . . . . . . . . . . . . . . . 2. 2. Exemption amount . . . . . . . . . . . . . . 2._ $ 249,450 3. Subtract line 2 from line 1 . . . . . . . . 3. 3. Subtract line 2 from line 1 . . . . . . . . 3. 4. Multiply line 3 by .25 (25%). If this form is for a part-year resident or nonresident individual, a nonresident estate or trust, or a part-year resident trust, complete line 5 or 6 below. Otherwise stop here and fill in this amount on line 15 of Schedule MT . . . . . . . . . . . . . . . . . . 4. 4. Multiply line 3 by .25 (25%) . . . . . . . 4. 5. Enter the smaller of line 4 or $42,250 .5. 6. Add lines 1 and 5. Fill in the result here and on line 13 of Schedule MT . 6. If the amount filled in on line 13 is zero or less, do not fill in the rest of this schedule. You do not owe a Wisconsin alternative minimum tax. 5. Part-year resident and nonresident individuals – multiply the amount on line 4 by the proration ratio from line 34 of Form 1NPR. Fill in this amount on line 15 of Schedule MT . . . . . . . . . . 5. Lines 14a and 14b Resident Individuals, Estates, and Trusts – Fill in the exemption amount shown on line 14a. 6. Nonresident estates and trusts and part-year resident trusts – multiply the amount on line 4 by the proration ratio on line 3 of the worksheet for line 14b. Fill in this amount on line 15 of Schedule MT . . . . . . . . . . 6. Part-Year Resident and Nonresident Individuals – Multiply $84,500 ($54,300 if single or head of household, or $42,250 if married filing separate return) by the proration ratio from line 34 of Form 1NPR. Fill in the result on line 14b. Nonresident Estates and Trusts and Part-Year Resident Trusts – Use the following worksheet to compute the amount to fill in on line 14b: Line 16 Subtract line 15 from line 14a or 14b, as appropriate, and fill in the result on line 16. If the result is zero or less, fill in -0-. Nonresident Estates and Trusts and Part-Year Resident Trust Worksheet Line 17 1. Total income from line 9, column (a) of Schedule NR . . . . . . . . . . . . . . . . 1. Subtract line 16 from line 13 and fill in the result on line 17. If the amount filled in on line 17 is zero or less, do not complete the rest of this schedule. You do not owe a Wisconsin alternative minimum tax. 2. Total income from line 9, column (b) of Schedule NR . . . . . . . . . . . . . . . . 2. 3. Divide line 2 by line 1 (do not fill in more than one (1)). This is your proration ratio . . . . . . . . . . . . . . . . . . 3. Line 18 Tentative Minimum Tax 4. Multiply $24,100 by the proration ratio on line 3. Fill in the result on line 14b of Schedule MT . . . . . . . . . . 4. Multiply the amount on line 17 by .065 (6.5%) and fill in the result on line 18. Line 15  Exemption Phase-Out Amount You must complete line 15 if: Fill in the amount of your Wisconsin tax from line 26 of Wisconsin Form 1, line 52 of Wisconsin Form 1NPR, or line 8 of Wisconsin Form 2. You are: Line 19 And line 13 is over: Married filing jointly. . . . . . . . . . . . . $160,900 Single or head of household. . . . . . . $120,700 Married filing separately . . . . . . . . . . $80,450 An estate or trust. . . . . . . . . . . . . . . . $80,450 Line 20 Wisconsin Alternative Minimum Tax If line 19 is larger than line 18, fill in -0- on line 20. You do not owe a Wisconsin alternative minimum tax. If line 18 is larger than line 19, subtract line 19 from line 18 and fill in the result on line 20. This is your Wisconsin alternative minimum tax due. Fill in this amount on line 27 of Form 1, line 53 of Form 1NPR, or line 9 of Form 2. If line 13 of Schedule MT is over these amounts, complete the worksheet in the next column to compute the amount to fill in on line 15: I-129 (R. 11-17) 4
Extracted from PDF file 2019-wisconsin-schedule-mt.pdf, last modified November 2017

More about the Wisconsin Schedule MT Individual Income Tax TY 2019

We last updated the Wisconsin Alternative Minimum Tax in March 2020, so this is the latest version of Schedule MT, fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule MT directly from TaxFormFinder. You can print other Wisconsin tax forms here.

Other Wisconsin Individual Income Tax Forms:

TaxFormFinder has an additional 88 Wisconsin income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1 Income Tax Return (Long Form)
Income Tax Instructions Wisconsin Form 1 Instructional Booklet
Schedule H-EZ Homestead Credit Claim (Easy Form)
Form 1-ES Estimated Income Tax Voucher
Schedule H Homestead Credit Claim

Download all WI tax forms View all 89 Wisconsin Income Tax Forms


Form Sources:

Wisconsin usually releases forms for the current tax year between January and April. We last updated Wisconsin Schedule MT from the Department of Revenue in March 2020.

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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 Wisconsin Schedule MT

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


2019 Schedule MT

2017 I-129 Instructions for Wisconsin Schedule MT

2018 Schedule MT

2018 I-029 Schedule MT, Wisconsin Alternative Minimum Tax

2017 Schedule MT

2017 I-029 Schedule MT, Wisconsin Alternative Minimum Tax

2016 Schedule MT

2016 I-029 Schedule MT, Wisconsin Alternative Minimum Tax

Wisconsin Alternative Minimum Tax 2015 Schedule MT

2015 I-029 Schedule MT, Wisconsin Alternative Minimum Tax (fillable)

Wisconsin Alternative Minimum Tax | Instructions | Fill-In Form 2013 Schedule MT

2013 I-029 Schedule MT, Wisconsin Alternative Minimum Tax (fillable)

Schedule MT 2012 fillable 2012 Schedule MT

2012 Schedule MT, Wisconsin Alternative Minimum Tax (pdf fillable format)

Schedule MT 2011 fillable 2011 Schedule MT

2011 Schedule MT, Wisconsin Alternative Minimum Tax (pdf fillable format)


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