AMTT: Alternative Minimum Tax (Calculation of Tax) (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
Minnesota Form AMTT calculates alternative minimum tax by comparing tentative minimum tax with regular tax. It also calculates the AMT credit and the credit carryover to 2025, with tax and credit amounts transferred to Form M4T.
Who files this form
For unitary businesses, the 2024 form directs you to complete a separate column for each member with nexus in Minnesota. The form does not state general requirements for who must file Schedule AMTT.
What you'll need
Have these forms and details ready:
- Corporation name, FEIN, and Minnesota Tax ID.
- Schedule AMTI, line 9, for alternative minimum taxable income.
- Schedule M4A, line 9, for the apportionment factor.
- Schedule M4T, lines 4a, 8, and 10, for Minnesota nonapportionable income, the dividends-received deduction, and regular tax.
- Your 2023 Schedule AMTT, line 15, for any AMT credit carryover from 2023.
If claiming an alternative tax net-operating-loss deduction, attach a schedule showing how you calculated it. The loss must include all adjustments and preference items listed on Schedule AMTI, including the adjusted current earnings statement.
Common mistakes
- Round amounts to the nearest whole dollar.
- If line 5 is zero or less, skip lines 6a, 6b, and 6, and leave line 7 blank.
- Do not let line 6a, line 6b, or the combined deduction on line 6 exceed 90 percent of line 5.
- Leave line 10 blank if line 8 minus line 9 is zero or less. Leave line 12 blank if line 9 minus line 8 is zero or less.
- Include all required AMTI adjustments and preference items in an alternative tax net operating loss, and attach the deduction calculation schedule.
- Alternative tax net operating losses may be carried forward only, for 15 years.
Questions people ask
How is tentative minimum tax calculated?
Multiply Minnesota alternative minimum taxable income on line 7 by 0.058 and enter the result on line 8.
Where do I report the AMT amount?
Subtract regular tax on line 9 from tentative minimum tax on line 8. Enter a positive result on line 10 and transfer it to M4T, line 11. If the result is zero or less, leave line 10 blank.
How is the AMT credit calculated?
Line 11 takes the credit carryover from your 2023 AMTT, line 15. For line 12, subtract line 8 from line 9, leaving it blank if the result is zero or less. On line 13, enter the smaller of line 11 or line 12, and transfer that amount to M4T, line 13.
How do I calculate the credit carried to 2025?
Add lines 10 and 11 on line 14. Then subtract line 13 from line 14. Enter the result on line 15 as the AMT credit carried to 2025.