Maine Minimum Tax Worksheet - 2006 printable pdf download

2006 MAINE MINIMUM TAX WORKSHEET

Use this Worksheet to complete:

Form 1041ME, Schedule A, Line 2

*0609102*

Enclose a copy of your 2006 federal Form 1041, Schedule I

Name of Estate/Trust (as shown on Form 1041ME)

Estate/Trust EIN

Do you owe a Maine Minimum Tax?

Estates/trusts ﬁ ling a Maine ﬁ duciary income tax return must complete the Maine Minimum Tax

Worksheet to determine whether they owe a Maine minimum tax only if the total of Maine tentative alternative minimum taxable income

(“AMTI”) (federal Form 1041, Schedule I, line 29 plus Maine addition income modiﬁ cations [see the Maine Minimum Tax Worksheet for line

2]) is greater than the applicable Maine minimum tax exemption amount (see line 4 below). Estates/trusts not required to ﬁ le federal Form

1041, Schedule I must complete a pro forma to determine the federal alternative minimum taxable income amount for Maine purposes.

Estates/trusts that do not owe a Maine minimum tax are not required to ﬁ le the Maine Minimum Tax worksheet with their Maine return.

See instructions and supporting Worksheets.

Federal alternative minimum taxable income (Federal Form 1041, Schedule I, line 29) .......................................................... 1. ________________

Modiﬁ cations (May be a positive or negative number) - See instructions ............................................................................. 2. ________________

Maine tentative alternative minimum taxable income (line 1 plus or minus line 2). If zero or less, enter zero .......................... 3. ________________

Exemption. Enter amount from 2006 federal Form 1041, Schedule I, line 29 or line 50, whichever applies. ......................... 4. ________________

Line 3 minus line 4. If zero or less, enter zero ........................................................................................................................... 5. ________________

__ __ __ . __ __%

Nonresident apportionment factor (Maine estates & trusts enter 100%) - See instructions ................................................. 6.

Maine alternative minimum taxable income (multiply line 5 by line 6). Enter result here .......................................................... 7. ________________

Tentative minimum tax. See instructions ................................................................................................................................ 8. ________________

Maine income tax (Form 1041ME, line 4) ................................................................................................................................. 9. ________________

10. Alternative minimum tax (Subtract line 9 from line 8) .............................................................................................................. 10. ________________

11. Credit against the Maine minimum tax for minimum tax paid to other jurisdictions (For Maine estates/trusts only).

Enter line E from Worksheet below. ...................................................................................................................................... 11. ________________

12. Maine Minimum Tax (subtract line 11 from line 10 – if zero or less, enter zero. Enter result on 1041ME, Schedule A, line 2a) .. 12. ________________

(Worksheet for line 11 above – Maine estates/trusts only: Credit Against the Maine Minimum Tax for tax paid to other taxing jurisdictions)

A. Taxpayer’s Maine tentative alternative minimum taxable income (Line 3 above) .....................................................................A. ________________

B. Amount of line A that is derived from other jurisdiction ..............................................................................................................B. ________________

__ __ __ . __ __%

C. Percentage of income taxed by other jurisdiction (Divide line B by line A) ............................................................................... C.

D. Limitation of credit:

Maine alternative minimum tax (Line 10 above) multiplied by percent on line C .....................D(1). ________________

Minimum tax paid other jurisdiction on income taxed under the Maine minimum tax ..............D(2). ________________

E. Allowable credit, the lesser of lines D(1) or D(2). Enter here and on line 11 above .................................................................E. ________________

2006 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2007

Worksheet for 1041ME, Schedule A, Line 11

Enclose a copy of 2006 federal Form 8801

13. Enter the amount from the 2005 Form 1041ME, Schedule A, line 2c ..................................................................................... 13. ________________

14. Minimum tax credit carryforward from 2005 (2005 Maine Minimum Tax Worksheet, line 21) ................................................. 14. ________________

15. Enter 2005 net state minimum tax on federal exclusion items – From worksheet at ..................... 15. ________________

16. 2005 adjusted net state minimum tax (Line 13 plus line 14 minus line 15 – if zero or less, enter zero) ................................. 16. ________________

17. Enter 2006 Maine income tax liability (2006 Form 1041ME, line 6 excluding minimum tax and minimum tax credit) ............ 17. ________________

18. Enter 2006 Maine tentative minimum tax (Line 8 above) ........................................................................................................ 18. ________________

19. Subtract line 18 from line 17 (If zero or less, enter zero) ........................................................................................................ 19. ________________

20. Maine minimum tax credit: Enter the lesser of line 16 or line 19 here and on Form 1041ME, Schedule A, line 11 ............. 20. ________________

21. Maine minimum tax credit carryforward to 2007 (Subtract line 20 from line 16) ................................................................ 21. ________________

NOTE: If you have a Maine minimum tax credit carryforward to 2007, keep a copy of the worksheet to submit with your

2007 Maine estate or trust income tax return.