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Alternative Minimum Tax

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Alternative Minimum Tax (AMT) is meant to ensure that anyone who benefits from certain tax advantages pays a minimum amount of tax. You may need to file and pay Minnesota AMT even if you did not have to pay federal alternative minimum tax.

Minnesota’s AMT rate is 6.75%. (See Minnesota Statute 290.091.)

File and Pay AMT

Complete Schedule M1MT to determine if you must pay Minnesota AMT.

Common reasons to file and pay AMT include claiming large amounts of any of these:

  • Gambling losses as deductions on Schedule M1SA
  • Home mortgage interest deductions on Schedule M1SA
  • State or local taxes (such as income, sales, or property) on Schedule M1SA
  • Employee business expenses on Schedule M1SA
  • Exemptions or income subtractions not allowed on your state return (if claiming the standard deduction)

If you filed your federal income tax return with federal Form 6251, you will need that form to complete Schedule M1MT.

Paying AMT in a Prior Year

You may qualify for a nonrefundable credit. For details, see Alternative Minimum Tax Credit and Schedule M1MTC, Alternative Minimum Tax Credit.

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