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How to use or fill out Printable 2020 Maine Form 1040ME, Schedule A, Line 17 (Minimum Tax Credit Worksheet) with DocHub
- Click ‘Get Form’ to open the Printable 2020 Maine Form 1040ME, Schedule A, Line 17 in our editor.
- Begin by entering your name(s) as shown on Form 1040ME and your Social Security Number at the top of the worksheet.
- For line 1, input the minimum tax credit carryforward from your 2019 Maine Minimum Tax Worksheet. This is crucial for calculating your current credit.
- Next, move to line 2 and enter your total Maine income tax liability for 2020. This is calculated by taking line 22 of Form 1040ME and subtracting line 23 (excluding any minimum tax credit). If this amount is zero or less, simply enter zero.
- On line 3, determine your Maine minimum tax credit by entering the lesser value between line 1 and line 2. This figure will be transferred to Form 1040ME, Schedule A, line 17.
- Finally, for line 4, calculate the carryforward to the next year by subtracting line 3 from line 1. Keep a copy of this worksheet for submission with your future tax return.
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