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PrintClear 2023 Maine Minimum Tax Credit and Carryforward to 2024 Worksheet for Form 1040ME, Schedule A, Line 16 Attachment Sequence No.14Name(s) as shown on Form 1040ME*1302124* Your Social Security.

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Because the amount of your gains and losses may be different for the AMT, the amount of any capital loss carryover may also be different for the AMT.

For unmarried or legally separated individuals who qualify as heads-of-household, if the taxable income is: less than $39,050, the tax is 5.8% of Maine taxable income; $39,050 but less than $92,450, the tax is $2,265 plus 6.75% of the excess over $39,050; or $92,450 or more, the tax is $5,870 plus 7.15% of the excess ...

The minimum tax credit is generally the amount of adjusted net minimum tax for all tax years reduced by the minimum tax credit for all prior tax years ( Code Sec. 53).

More Info On AMT Credit Carryforward Option. The Prior-Year Minimum Tax Credit lets you get back money you paid as an AMT in a prior year. You can only claim this credit in a year when you don't have to pay AMT. You can't use the credit to reduce your AMT liability in the future.

Higher AMT exemptions. The AMT is indexed yearly for inflation. For the 2023 tax year, it's $81,300 for individuals and $126,500 for married couples filing jointly. For the 2024 tax year, it's $85,700 for individuals and $133,300 for married couples filing jointly.

The amount of MTC that can be applied in any taxable year is limited because the MTC cannot reduce regular tax below the TMT, but any unused MTC can be carried forward indefinitely. (See IRC §53 and R&TC §23453.)

If you could not claim your entire credit in six years, any remaining amounts of AMT that you paid were forfeited. Under current tax law, you can carry forward your AMT credit for up to 20 years. For most taxpayers, that length of time will be sufficient to ensure that they can claim the entire credit due to them.

Itemized personal taxes are not deductible in calculating your income for AMT purposes. Claim significant miscellaneous itemized deductions, including investment expenses or unreimbursed employee business expenses. Miscellaneous itemized deductions are not deductible for AMT purposes.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232