AMTI: Alternative Minimum Tax (Calculation of Income) (2025)
Minnesota · Minnesota DOR · Used for tax years 2025
Minnesota Schedule AMTI calculates a corporation’s alternative minimum taxable income for 2025. It starts with Minnesota net income and accounts for adjustments, tax preferences, adjusted current earnings, any applicable exemption, and nonapportionable income. The final amount is
Who files this form
For tax year 2025, you must file Schedule AMTI if your corporation's Minnesota net income from Form M4I, line 7, combined with adjustments and tax preferences, including adjusted current earnings, exceeds $40,000 or your allowable exemption amount, unless an exception below applies.
The following are not subject to alternative minimum tax and do not have to complete AMTI:
- Regulated investment companies (RICs).
- Real estate investment trusts (REITs).
- Real estate mortgage investment conduits (REMICs).
- Cooperatives.
- Small corporations exempt from federal AMT under IRC section 55(e), as amended through December 16, 2016.
Unitary businesses should complete only one Schedule AMTI.
What you'll need
Have these forms and records available to complete the calculation:
- Form M4I: Line 7 supplies Minnesota net income, and line 8 supplies total nonapportionable income.
- Corporation identification: The corporation or designated filer's name, FEIN, and Minnesota Tax ID number.
- Adjusted Current Earnings (ACE) Worksheet: Its line 9 amount goes on Schedule AMTI, line 4a. Keep the worksheet for your records.
- Prior-year ACE adjustment records: Keep records of increases and reductions in AMTI from ACE adjustments, even for years when no AMT was owed. The instructions direct you to combine lines 4d and 4e of the 2024 Form 4626 for line 4d of the 2025 Schedule AMTI, but not enter less than zero.
- Records for applicable adjustments: These may include depreciation, amortization, property gains or losses, and losses carried forward for both AMT and regular tax.
- Applicable Schedules K-1: The instructions identify Schedule K-1 (Form 1041), Part III, box 12, and Schedule K-1 (Form 1065-B), boxes 5 and 6, for certain adjustments.
Common mistakes
- Not rounding amounts: Round to the nearest whole dollar.
- Leaving line 4d empty: You must enter an amount, even if line 4b is positive.
- Counting an adjustment twice: Do not include adjustments or preferences already taken into account on lines 2i, 2j, 2k, or 2m on another line.
- Completing exemption lines when told to skip them: If line 5 is zero or less, or $310,000 or more, skip lines 6a and 6b and leave line 6 blank.
- Using disallowed negative ACE adjustments in another year: A potential negative ACE adjustment disallowed because of the line 4d limit cannot reduce a positive ACE adjustment in another tax year.
Questions people ask
Where does the final AMTI amount go?
Subtract line 8 from line 7 to calculate alternative minimum taxable income on line 9. Enter that amount on AMTT, line 1.
What if the corporation's tax period is shorter than 12 months?
AMTI must be annualized, and tentative minimum tax must be prorated based on the number of months in the short period. Follow the printed Short Period Return steps, which adjust the amounts entered on lines 5 and 7.
Does a unitary business complete separate AMTI schedules?
No. The text directs unitary businesses to complete only one Schedule AMTI.
Should I keep the ACE Worksheet?
Yes. The worksheet says to keep it for your records. Transfer its line 9 result to Schedule AMTI, line 4a.