Get Alternative Minimum Tax 2012 - Minnesota Department Of Revenue

Filling out the Alternative Minimum Tax (AMT) for 2012 can be a straightforward process when you have a clear guide. This document will help you navigate the necessary steps to efficiently complete the form online.

Follow the steps to accurately complete the AMT form.

1. Click ‘Get Form’ button to obtain the form and open it in your online editor.
2. Begin by entering the name of the corporation or the designated filer at the top of the form.
3. Provide the Federal Employer Identification Number (FEIN) and your Minnesota tax ID in the designated fields.
4. For line 1, enter your Minnesota net income as reported from Form M4I, line 7.
5. Next, for line 2, input your federal adjustments calculated from Federal Form 4626, summing lines 2a - 2k and line 2o.
6. For lines 3a and 3b, enter any intangible drilling costs and reductions allowed under IRC section 57(a)(2)(E) as applicable.
7. Add the results from lines 3a and 3b, and record the total on line 3.
8. Sum up the values from lines 1, 2, and 3, and enter the result on line 4.
9. Input your amount from the federal adjusted current earnings (ACE) worksheet on line 5.
10. Enter the sum from lines 3b through 3e of your federal ACE worksheet on line 6.
11. Then, for line 7, enter the sum of lines 4b through 4e of your federal ACE worksheet.
12. For line 8, record the sum of lines 5f, 6, 7, and 9 from your federal ACE worksheet.
13. Add lines 5, 6, 7, and 8 together for line 9. Then multiply this total by 0.75 for line 10.
14. Complete line 11, entering the excess of prior ACE increases over reductions as indicated.
15. Proceed to line 12, which requires you to enter the ACE adjustment based on earlier calculations.
16. For line 13, add lines 4 and 12. If the result is zero or more but under $310,000, continue to lines 14a and 14b.
17. On line 14a, subtract $150,000 from line 13. If the result is less than zero, enter zero.
18. For line 14b, multiply the value from line 14a by 0.25.
19. Calculate the exemption for line 14 by subtracting line 14b from $40,000.
20. Complete line 15 following the provided guidelines depending on the values from previous lines.
21. Fill in line 16 as your total nonapportionable income from Form M4I, line 8.
22. Calculate line 17 by subtracting line 16 from line 15.
23. Enter any Job Opportunity Building Zone AMT exclusion amount on line 18.
24. Finally, for line 19, subtract line 18 from line 17 to determine your alternative minimum taxable income.
25. Once finished, review your entries for accuracy. You can save changes, download, print, or share the completed form.

Complete your Alternative Minimum Tax form online today for accurate reporting and compliance.