M1MT - Alternative Minimum Tax

M1MT - Alternative Minimum Tax

The Minnesota Alternative Minimum Tax (M1MT) is a state-level tax designed to ensure that taxpayers with certain types of income pay a minimum amount of tax, even if they would otherwise owe little or nothing under the regular Minnesota income tax system. This form is used in conjunction with the federal Alternative Minimum Tax (AMT) and is required when you have paid federal AMT on your Form 1040, 1040-SR, or 1040-NR.

When to File Schedule M1MT

• You must complete Schedule M1MT if you paid federal Alternative Minimum Tax (AMT) when filing your federal return.
• Even if you were not subject to federal AMT, you may still be required to pay Minnesota AMT.
• Before completing Schedule M1MT, you must first complete Part I of federal Form 6251, even if you did not file it with your federal return.
• Enclose the completed federal Form 6251 with your Form M1, Individual Income Tax.

How to Complete Schedule M1MT

• Line 1: Enter your Federal Adjusted Gross Income (AGI). This is the amount from line 1 of Form M1 or line 43 of Schedule M1NC if you completed Schedule M1NC.
• Line Instructions: Round all amounts to the nearest whole dollar.
• Follow the step-by-step instructions provided on the form to calculate your Minnesota AMT liability.

Software Assistance for Filing Schedule M1MT

OLT (Online Taxes) software can guide you through adding Schedule M1MT while filing your Minnesota state tax return. To add Schedule M1MT:

1. From within your tax return (Online), click on "State" in the left menu (or tap the three dots in the top-right corner for mobile devices).
2. Click "Start or Revisit Minnesota State."
3. Under the "Taxes" section, navigate to the pages and locate "Minnesota Alternative Minimum Tax."
4. Follow the on-screen instructions to enter your personal, income, and deduction information.

Important Notes

• Schedule M1MT is part of the Minnesota Individual Income Tax system and is used to calculate AMT liability at the state level.
• It is essential to complete Part I of federal Form 6251 before completing Schedule M1MT.
• The form must be submitted with your Form M1 and any required federal forms.

Source:

Schedule M1MT - Alternative Minimum Tax

Form M1 Instructions

Schedule M1MTC - Alternative Minimum Tax Credit

Disclaimer: Always verify information with official Federal or State Department of Revenue Forms and Instructions.