Maine Minimum Tax Worksheet - 2011 printable pdf download

2011 MAINE MINIMUM TAX WORKSHEET

Use this Worksheet to complete:

Form 1041ME, Schedule A, Line 2

*11091V2*

Enclose a copy of your 2011 federal Form 1041, Schedule I

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

Estate/Trust EIN

New for 2012. For tax years beginning on or after January 1, 2012, the Maine minimum tax is repealed for non-corporate taxpayers.

Thus, any tax year beginning in 2011 will be the last tax year estates and trusts will be subject to the Maine minimum tax. However, any

unused Maine minimum tax credit may be claimed, subject to the Maine minimum tax credit limitations, for tax years beginning after 2011

until exhausted.

Do you owe a 2011 Maine Minimum Tax? See the Maine Minimum Tax Worksheet Instructions to determine whether you owe a 2011

Maine minimum tax or are required to ﬁ le the 2011 Maine Minimum Tax Worksheet.

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 2011 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. ________________

__ __ __ . __ __%

Apportionment factor. Maine estates & trusts enter 100%. Nonresident estates & trusts, 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). If zero or less, enter zero ...................................................................... 10. ________________

11. Credit against the Maine minimum tax for minimum tax paid to other jurisdictions (For Maine resident 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 Form 1041ME, Schedule A, line 2a) ... 12. ________________

Maine Minimum Tax — Worksheet for Line 11 above — Maine resident 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. ________________

2011 MAINE MINIMUM TAX CREDIT AND CARRYFORWARD TO 2012

Worksheet for 1041ME, Schedule A, Line 11

Enclose a copy of 2011 federal Form 8801

13. Enter the amount from the 2010 Form 1041ME, Schedule A, line 2c ..................................................................................... 13. ________________

14. Minimum tax credit carryforward from 2010 (2010 Maine Minimum Tax Worksheet, line 21) ................................................. 14. ________________

15. Enter 2010 net state minimum tax on federal exclusion items – From the worksheet at for this line ..................................... 15. ________________

16. 2010 adjusted net state minimum tax (Line 13 plus line 14 minus line 15 – if zero or less, enter zero) ................................. 16. ________________

17. Enter 2011 Maine income tax liability (2011 Form 1041ME, line 6 excluding minimum tax and minimum tax credit) ............. 17. ________________

18. Enter 2011 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 2012 (Subtract line 20 from line 16) ................................................................ 21. ________________

NOTE: If you have a Maine minimum tax credit carryforward to 2012, keep a copy of the worksheet to submit with your

2012 Maine estate or trust income tax return.