Get the free Schedule M-1MT

This document is used by Minnesota taxpayers to determine if they need to pay the Minnesota alternative minimum tax. It requires information related to federal tax adjustments and specific Minnesota

How to fill out schedule m-1mt

How to fill out Schedule M-1MT

1. Gather your financial statements, including income and expenses.
2. Identify adjustments to your taxable income that differ from your financial accounting income.
3. Fill out the Schedule M-1MT form starting with your total income.
4. List any non-taxable income that you need to subtract from your total income.
5. Include any items that are deductible or considered expenses that will adjust your taxable income.
6. Complete the reconciliation between financial income and taxable income.
7. Double-check all entries for accuracy before submitting.

Who needs Schedule M-1MT?

1. Businesses that operate as pass-through entities, such as partnerships and S corporations, need Schedule M-1MT.
2. Taxpayers who need to report adjustments to their income on their tax return.
3. Any entity required to reconcile book income with taxable income for state tax purposes.

People Also Ask about

What is schedule M1MT?

If you had to pay federal alternative minimum tax (AMT) when you filed your federal Form 1040, 1040-SR, or 1040-NR, you must com- plete Schedule M1MT, Alternative Minimum Tax, to determine if you are required to pay Minnesota AMT. You may be required to pay Minnesota AMT even if you did not have to pay federal AMT.

What is the Minnesota alternative minimum tax?

How are the Minnesota regular tax and AMT different? The Minnesota AMT uses a broader tax base than the regular tax does and applies a single 6.75 percent rate against that base.

What is M1MT?

If you filed your federal income tax return with federal Form 6251, you will need that form to complete Schedule M1MT, Alternative Minimum Tax. Complete Schedule M1MT to determine if you must file and pay Minnesota AMT.

Who has to pay alternative minimum taxes?

Who pays the alternative minimum tax? You have an income above the AMT exemption (see above). You exercise incentive stock options (i.e., ISO's) to buy stock at a discounted strike price. You have a high ratio of long-term capital gains to ordinary income. You earn income from specific sources.

At what income level does AMT kick in?

AMT Exemption Amount Thresholds (Updated for 2025) For the 2025 tax year, the AMT exemption is $88,100 for taxpayers filing as single and $137,000 for married couples filing jointly, per the IRS.

What is the new social security tax break in Minnesota?

As for state taxes, in May 2023, Minnesota passed legislation that allowed more retirees to keep their Social Security income in 2024. Starting with the 2023 tax year, people with taxable income up to $78,000, or $100,000 for a couple, are exempt from paying state taxes on their benefits.

For pdfFiller’s FAQs

What is Schedule M-1MT?

Schedule M-1MT is a form used by certain entities to reconcile their book income with their taxable income for state tax purposes.

Who is required to file Schedule M-1MT?

Entities that are required to file Schedule M-1MT typically include corporations and partnerships that have to reconcile their financial statements with their taxable income.

How to fill out Schedule M-1MT?

To fill out Schedule M-1MT, entities must report their book income, adjustments to reconcile book income to taxable income, and must complete each section accurately based on their financial records.

What is the purpose of Schedule M-1MT?

The purpose of Schedule M-1MT is to provide tax authorities with a detailed reconciliation between an entity's financial accounting and tax accounting, ensuring accurate reporting of income.

What information must be reported on Schedule M-1MT?

Schedule M-1MT requires reporting of book income, adjustments for permanent and temporary differences, and other relevant details that help in reconciling book and taxable income.