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2022	4.9 Satisfied (30 Votes)
2021	4.3 Satisfied (137 Votes)
2020	4.3 Satisfied (196 Votes)

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What is M1MT Form?

If you filed your federal income tax return with federal Form 6251, you will need that form to complete Schedule M1MT, Alternative Minimum Tax.

What triggers the alternative minimum tax?

The Alternative Minimum Tax (AMT) is triggered when taxpayers have more income than an exemption amount and they make use of many common itemized deductions. You must calculate your tax twice if your income is greater than the AMT exemption.

What is the Minnesota alternative minimum tax?

How are the Minnesota regular tax and AMT different? The Minnesota AMT uses a broader tax base than the regular tax does and applies a single 6.75 percent rate against that base.