1041ME Minimum Tax Credit Worksheet: Maine Minimum Tax Credit and Carryforward Worksheet (2024)
Maine · Maine Revenue Services · Used for tax years 2024
This worksheet calculates an estate or trust's 2024 Maine minimum tax credit for Form 1041ME, Schedule A, line 12. It uses the credit carryforward from 2023 and 2024 Maine income tax liability to determine the credit and any remaining carryforward to 2025.
Who files this form
This worksheet is for estates and trusts calculating a 2024 Maine minimum tax credit from a credit carryforward from 2023. It also calculates any remaining credit carryforward to 2025. The credit is entered on Form 1041ME, Schedule A, line 12.
What you'll need
Have these records and details available:
- The estate or trust name as shown on Form 1041ME and its EIN.
- The 2023 Maine Minimum Tax Credit Worksheet, line 4, for the carryforward amount.
- The 2024 Form 1041ME, line 6, for Maine income tax liability, excluding the minimum tax credit.
- Form 1041ME, Schedule A, line 12, where you enter the calculated credit.
Common mistakes
Do not discard the worksheet if you have a Maine minimum tax credit carryforward to 2025. The form says to keep a copy to submit with your 2025 Maine estate or trust income tax return.
Questions people ask
Where do I find my credit carryforward from 2023?
Use line 4 of your 2023 Maine Minimum Tax Credit Worksheet. Enter that amount on line 1 of the 2024 worksheet.
What income tax liability goes on line 2?
Enter your 2024 Maine income tax liability from Form 1041ME, line 6, excluding the minimum tax credit.
How do I calculate the 2024 minimum tax credit?
Enter the lesser of line 1 or line 2 on line 3. Also enter that amount on Form 1041ME, Schedule A, line 12.
How do I calculate the carryforward to 2025?
Subtract line 3 from line 1 and enter the result on line 4. If you have a carryforward to 2025, keep a copy of the worksheet to submit with your 2025 Maine estate or trust income tax return.