Get Mn Dor Schedule M1mtc 2022-2025

This guide provides clear instructions for completing the MN DoR Schedule M1MTC online. By following the steps outlined, users can efficiently navigate through the necessary sections of the form and ensure accurate submission.

Follow the steps to complete the MN DoR Schedule M1MTC online successfully.

1. Press the ‘Get Form’ button to obtain the form and access it in your preferred online editor.
2. Begin by entering your first name and initial, and last name in the designated fields.
3. In the Social Security Number field, input your SSN as required.
4. Read the instructions provided thoroughly before commencing with the schedule.
5. Round each amount to the nearest whole dollar as you fill out the form.
6. For Part 1, enter your 2021 adjusted gross income on line 1.
7. Fill in line 2 with your 2021 federally exempt interest and dividends.
8. Input the depletion amount from line 7 of your 2021 Schedule M1MT on line 3.
9. On line 4, record any expenses deducted on your federal return that pertain to income not taxed by Minnesota, as indicated in line 3 of your 2021 Schedule M1M.
10. Add lines 1 through 4 and enter the total on line 5.
11. For line 6, enter your medical and dental expense deduction from line 9 of your 2021 Schedule M1MT.
12. Complete lines 7 to 14 by entering relevant figures from your 2021 Schedule M1MT.
13. Sum lines 6 through 14, and place the total on line 15.
14. Subtract line 15 from line 5 (if zero or less, enter 0) on line 16.
15. Calculate line 17 by multiplying line 16 by 6.75% (0.0675).
16. Enter your 2021 alternative minimum tax from line 27 of your 2021 Schedule M1MT on line 18.
17. Record your regular income tax from line 28 of your 2021 Schedule M1MT on line 19.
18. Subtract line 19 from line 18 (if zero or less, enter 0) on line 20.
19. From line 21, determine the respective values based on residency status and enter on line 22.
20. For line 23, input the amount from line 29 of your 2021 Schedule M1MTC.
21. Add lines 22 and 23 together for line 24, which represents the available Minnesota alternative minimum tax credit for 2022.
22. Complete lines 25 to 28 for calculating the credit applicable for 2022.
23. In Part 3, enter any relevant amounts from line 29 and ensure you include the schedule with your Form M1.
24. Upon finalizing your input, review all sections for accuracy, then save your changes. You can choose to download, print, or share your completed form.

Complete your MN DoR Schedule M1MTC online to ensure your tax credits are accurately calculated.