M1MTC: Alternative Minimum Tax Credit (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
Minnesota Schedule M1MTC calculates the alternative minimum tax credit available for 2024, the amount you can use in 2024, and any unused credit you can carry forward. The credit is nonrefundable and is based on Minnesota alternative minimum tax attributable to timing adjustments
Who files this form
Use Schedule M1MTC to determine a Minnesota alternative minimum tax (AMT) credit or track an unused credit carried forward.
You may qualify for a nonrefundable credit for 2024 if you paid Minnesota AMT in prior years but are not required to pay it in 2024, and either:
- Line 27 is greater than line 28 on your 2023 Schedule M1MT, and the liability is at least partly due to timing items.
- You have an amount on line 29 of your 2023 Schedule M1MTC.
If you paid Minnesota AMT in any year from 1989 through 2023 but did not complete Schedule M1MTC, complete it to determine any carryover. You must file the schedule to track that carryover.
If you have a carryforward on line 29, include Schedule M1MTC with your 2024 Form M1 even if you cannot use any credit for 2024. If you never paid Minnesota AMT in prior years, you are not eligible for this credit.
What you'll need
Have these forms and schedules available, as applicable:
- 2023 Minnesota forms: Form M1, Schedule M1MT, Schedule M1M, and Schedule M1MTC if you have a prior carryover.
- 2023 federal Form 6251: Used to check whether you can skip lines 1 through 22 and to identify certain tax-exempt interest.
- 2023 and 2024 Schedule M1NR: Needed for the listed calculations if you are a nonresident or part-year resident.
- 2024 Schedule M1MT: Complete this before Schedule M1MTC.
- 2024 Schedule M1C: Used in the credit calculations and to report the credit.
Enter your name and Social Security number on Schedule M1MTC. Include Schedule M1MTC, Schedule M1MT, and Schedule M1C when you file your 2024 Form M1.
How to file
File Schedule M1MTC with your 2024 Form M1. You must also include Schedule M1MT and Schedule M1C.
Enter the credit from line 28 of Schedule M1MTC on line 18 of Schedule M1C. If you have a carryforward on line 29, include Schedule M1MTC even if you cannot use any credit for 2024.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Completing the schedules out of order: Complete 2024 Schedule M1MT first. You cannot complete Parts 2 and 3 of Schedule M1MTC until you determine your 2024 tax liability.
- Claiming the credit while subject to AMT: If you are subject to Minnesota AMT for 2024, skip Part 2. You cannot take the credit for 2024.
- Including a net operating loss subtraction on line 13: Do not include any such subtraction that was included on line 18 of your 2023 Schedule M1MT.
- Forgetting to round: Round amounts to the nearest whole dollar.
- Leaving out required schedules: Include Schedule M1MTC, Schedule M1MT, and Schedule M1C with Form M1. File Schedule M1MTC to report a carryforward even if no credit can be used for 2024.
- Discarding records too soon: Save copies of Schedule M1MTC until you have claimed the entire credit.
Questions people ask
Is this credit refundable?
No. The instructions describe it as a nonrefundable credit.
Does all Minnesota AMT generate a credit?
No. Only AMT attributable to timing adjustments and preferences generates the credit. Examples include accelerated depreciation, intangible drilling costs preferences, and exercising incentive stock options. AMT attributable to exclusion items does not generate the credit.
What do the three parts calculate?
Part 1 determines the credit generated by Minnesota AMT paid for 2023. Part 2 calculates how much credit you can use in 2024. Part 3 determines the amount you can carry forward.
When can I skip lines 1 through 22?
If line 2h, lines 2k through 2t, and line 3 of your 2023 federal Form 6251 are all blank, skip lines 1 through 22 and start with line 23.
Can I carry an unused credit forward?
Yes. You may carry forward the unused portion. If you are subject to Minnesota AMT for 2024 and skip Part 2, enter the amount from line 24 on line 29.