Form AMTT Alternative Minimum Tax - Minnesota

What Is Form AMTT?

This is a legal form that was released by the Minnesota Department of Revenue - a government authority operating within Minnesota. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the AMTT?
A: AMTT stands for Alternative Minimum Tax.

Q: Who does the AMTT apply to?
A: The AMTT applies to individuals and corporations in Minnesota.

Q: What is the purpose of the AMTT?
A: The purpose of the AMTT is to ensure that individuals and corporations with high incomes or certain tax benefits pay a minimum amount of tax.

Q: How is the AMTT calculated?
A: The calculation of the AMTT involves adding back certain tax preferences and exemptions to the taxpayer's income.

Q: What are some common items added back for AMTT calculation?
A: Common items added back for AMTT calculation include certain deductions and exclusions, such as the deduction for state and local taxes.

Q: Is the AMTT the same as the federal Alternative Minimum Tax?
A: No, the AMTT is specific to Minnesota and may have different rules and thresholds than the federal AMT.

Q: Do I need to file a separate form for the AMTT?
A: Yes, you need to file Form AMTT to calculate your Minnesota Alternative Minimum Tax.

Q: Is the AMTT refundable?
A: No, the AMTT is not refundable. Any excess AMTT paid can be carried forward to future tax years.

Q: Are there any exemptions or credits available for the AMTT?
A: Yes, there are certain exemptions and credits available to reduce the AMTT liability, such as the small business exemption and the research credit.