
Schedule M1MTC Attachment #17 Minnesota Alternative Minimum Tax Credit Your Last Name Social Security Number Read the Instructio Form
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People also ask
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What is the alternative minimum tax in Minnesota?
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.
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Why am I paying alternative minimum tax?
The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits. It helps to ensure that those taxpayers pay at least a minimum amount of tax.
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What triggers the alternative minimum tax?
An individual's or married couple's income above the alternative minimum tax exemption amounts is what triggers the alternative minimum tax. This typically applies to higher earners. The AMT is 26% or 28%.
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How much AMT credit can be claimed?
You typically will not be able to claim 100% of your AMT credit right away due to limitations. Recall that when calculating AMT you calculate your tax in two ways. You are only able to claim AMT Credits based on the difference between your Standard Tax and Alternative Minimum Tax in any given year.
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What is 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 to determine if you are required to pay Minnesota AMT. You may be required to pay Minnesota alternative minimum tax even if you did not have to pay federal AMT.
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Who typically pays alternative minimum taxes?
Taxpayers who have incomes that exceed the AMT exemption of $88,100 (single), $137,000 (married filing jointly) and $68,500 (married filing separately) in 2025 may be subject to the alternative minimum tax when they file their 2026 tax return. AMT tax rates are 26% or 28%.
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How does the alternative minimum tax credit work?
The alternative minimum tax (AMT) credit is a dollar-for-dollar reduction for any additional taxes you have paid in previous years due to the alternative minimum tax. If you exercised incentive stock options (ISO) and paid AMT in prior years, you may be able to reduce your tax bill this year due to the credit.
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What is MN AMT?
The AMT requires taxpayers to pay tax under an “alternative” tax with a broader base and lower tax rates, if that results in higher tax liability than the regular tax.
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