M1MT: Alternative Minimum Tax (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
Schedule M1MT calculates Minnesota alternative minimum tax (AMT) for 2024. It uses your income, adjustments, deductions, and filing status to determine any AMT you must report on Form M1.
Who files this form
If you had to pay federal alternative minimum tax (AMT) when you filed federal Form 1040, 1040-SR, or 1040-NR, you must complete 2024 Schedule M1MT to find out whether you owe Minnesota AMT.
You may owe Minnesota AMT even if you did not owe federal AMT. Before completing Schedule M1MT, complete Part I of federal Form 6251, even if you were not required to file it with your federal return.
What you'll need
Have these forms and schedules available:
- 2024 Form M1: You need federal adjusted gross income from line 1 and tax from line 10.
- Federal Form 6251: Complete Part I before starting Schedule M1MT. Include a copy with your Form M1.
- Schedules M1SA, M1M, and M1MB, as applicable: These supply deductions, additions, and subtractions used on Schedule M1MT.
- Schedule K-1, if applicable: Include any AMT adjustment on line 2 of Schedule M1MT.
- Federal Schedule 1, if applicable: Use the state income tax refund from line 1 for Schedule M1MT, line 15.
How to file
Include Schedule M1MT and a copy of federal Form 6251 when you file your Minnesota Form M1.
If Schedule M1MT, line 27 is more than line 28, subtract line 28 from line 27. Enter the result on Schedule M1MT, line 29 and Form M1, line 11. If line 28 is equal to or more than line 27, enter zero on line 29.
The supplied text does not give a mailing address or e-file instructions.
Common mistakes
- Skipping federal Form 6251: Complete Part I before completing Schedule M1MT, even if you did not need to file Form 6251 with your federal return.
- Forgetting attachments: Include Schedule M1MT and a copy of federal Form 6251 with Form M1.
- Not rounding amounts: Round to the nearest whole dollar.
- Counting the same amount twice on line 7: Do not include amounts already included on line 2.
- Filing Schedule M1MTC when the instructions say not to: If line 28 is equal to or more than line 27 and you did not pay Minnesota AMT in any year from 1989 through 2023, do not file Schedule M1MTC.
Questions people ask
Can I owe Minnesota AMT even if I did not owe federal AMT?
Yes. The instructions say you may be required to pay Minnesota AMT even if you did not have to pay federal AMT.
How do I know whether I owe Minnesota AMT for 2024?
Compare lines 27 and 28. If line 27 is greater, you owe the difference. Enter it on Schedule M1MT, line 29 and Form M1, line 11. If line 28 is equal to or greater than line 27, you do not owe Minnesota AMT for 2024 and should enter zero on line 29.
How do I calculate outside-Minnesota bond interest for line 5?
Use the line 5 worksheet. Add lines 1 and 2 of Schedule M1M, then subtract the non-Minnesota municipal bond interest included on federal Form 6251, line 2g. Enter the result on Schedule M1MT, line 5.
Could I qualify for a credit for Minnesota AMT paid in an earlier year?
If line 28 is equal to or greater than line 27 and you paid Minnesota AMT in one or more years from 1989 through 2023, complete Schedule M1MTC, Alternative Minimum Tax Credit, to see whether you qualify for a credit.