Minimum Tax Credit Worksheet: Maine Minimum Tax Credit and Carryforward Worksheet for Form 1040ME, Schedule A, line 17 (2024)
Maine · Maine Revenue Services · Used for tax years 2024
This worksheet calculates your 2024 Maine minimum tax credit for Form 1040ME, Schedule A, line 17, using your credit carryforward from 2023 and your 2024 Maine income tax liability. It also calculates any unused credit carryforward to 2025.
Who files this form
This worksheet is for figuring the 2024 Maine minimum tax credit from a minimum tax credit carryforward from 2023. It calculates the credit for Form 1040ME, Schedule A, line 17, and any remaining carryforward to 2025.
What you'll need
To complete the worksheet, have:
- Your 2023 Maine Minimum Tax Worksheet, line 4, for the carryforward amount.
- Your 2024 Form 1040ME, lines 22 and 23, to calculate Maine income tax liability, excluding the minimum tax credit from line 23.
- Your name(s) as shown on Form 1040ME and your Social Security number.
Common mistakes
Do not discard the worksheet if you have a Maine minimum tax credit carryforward to 2025. The printed note says to keep a copy to submit with your 2025 Maine individual income tax return.
Questions people ask
Where do I find my carryforward from 2023?
Enter the amount from line 4 of your 2023 Maine Minimum Tax Worksheet on line 1.
How do I calculate my 2024 Maine income tax liability for this worksheet?
On line 2, enter 2024 Form 1040ME, line 22 minus line 23, excluding the minimum tax credit from line 23. If the result is zero or less, enter zero.
How much minimum tax credit can I enter for 2024?
Enter the lesser of worksheet line 1 or line 2 on line 3. Also enter that amount on Form 1040ME, Schedule A, line 17.
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 individual income tax return.