FINAL DRAFT - 10/2/23

                                                                                                                                                     *231301*
2023 Schedule M1MTC, Alternative Minimum Tax Credit

Your First Name and Initial                        Last Name                                                                                     Social Security Number
Read the instructions before you complete this schedule.                                                                                    Round amounts to nearest whole dollar.
Part 1 
  1  2022 adjusted gross income (see instructions)  .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  1 
  2  2022 federally exempt interest and dividends (see instructions)   . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .2. .    
  3  Depletion (from line 7 of your 2022 Schedule M1MT)        . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  3 
  4  Expenses deducted on your federal return attributable to income not taxed by Minnesota 
     (from line 3 of 2022 Schedule M1M)   . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  4 
  5  Add lines 1 through 4   . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  .  5 
  6  Medical and dental expense deduction (from line 9 of 2022 Schedule M1MT)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .  .   6 
  7  Investment interest expense (from line 10 of 2022 Schedule M1MT)   . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  .   7 
  8  Charitable contributions (from line 11 of 2022 Schedule M1MT)    . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . .  .   8 
  9  Casualty and theft losses (from line 12 of 2022 Schedule M1MT)    . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .   9 
 10  Impairment-related work expenses of a person with a disability (from line 13 of 2022 Schedule M1MT)                                 . . .  . . . .  .  10 
 11  State income tax refund (from line 15 of 2022 Schedule M1MT)   . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . .  .  11 
 12  Net interest or mutual fund dividends from U.S. bonds (from line 17 of 2022 Schedule M1MT)   . . . . . .  . . . . . .  . .  .  12 
 13  Other subtractions (see instructions)    . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . .  .   13 
 14  Amount from line 25 of 2022 Schedule M1MT  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  .  .  14 
 15  Add lines 6 through 14   . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . .  .   15 
 16  Subtract line 15 from line 5 (if zero or less, enter 0)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .  16 

 17  Multiply line 16 by 6.75% (.0675)   . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  .  .   17 
 18  Your 2022 alternative minimum tax (from line 27 of 2022 Schedule M1MT)    . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .  18 
 19  Your 2022 regular income tax (from line 28 of 2022 Schedule M1MT)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . .  .  19 
 20  Subtract line 19 from line 18 (if zero or less, enter 0)    . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .  20 
 21  Subtract line 17 from line 18 (if zero or less, enter 0)    . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .  21 
 22  Compare line 21 and line 20 . 
     Residents: Enter the smaller of the two amounts . 
     Nonresidents and part-year residents: Multiply the smaller amount by line 30 of 2022 Schedule M1NR   . . .  . . .  .  22 
 23  Amount from line 29 of 2022 Schedule M1MTC   . . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . .  .  23 
 24  Alternative minimum tax credit available for 2023. Add lines 22 and 23  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . .  .  24 
Part 2
 25  Regular tax for 2023 (see instructions)   . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .  .   25 

 26  Alternative minimum tax for 2023 (see instructions)    . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .  .  26 

 27  Subtract line 26 from line 25 (if zero or less, enter 0)   . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . .  .  27 
 28  Amount from line 24 or line 27, whichever is less. (see instructions for 2023 Schedule M1MT.)  
     Also enter this amount on line 20 of Schedule M1C        . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . .  .  28 
Part 3 (see instructions)
 29  Subtract line 28 from line 24   . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .  .   29 
You must include this schedule, Schedule M1MT, and Schedule M1C when you file your Form M1. 

                                                                     9995

2023 Schedule M1MTC Instructions

If you did not pay Minnesota alternative minimum tax in prior years, you are not eligible for this credit.

Should I file Schedule M1MTC?
If you paid Minnesota alternative minimum tax (AMT) in prior years, but are not required to pay it in 2023, you may qualify for a nonrefund-
able credit for 2023 or later years by completing Schedule M1MTC, Alternative Minimum Tax Credit. File this schedule with your 2023 Form 
M1. 
You may be eligible for this credit if either of these apply:
•  Line 27 is more than line 28 on your 2022 Schedule M1MT, Alternative Minimum Tax, and the liability is at least partly due to timing items
•  You have an amount on line 29 of your 2022 Schedule M1MTC
If you paid AMT in one or more years from 1989 through 2022, but did not complete a Schedule M1MTC, complete this schedule to determine 
any carryover. You must file this form to track the carryover amount.
Timing and Exclusion Items
The Minnesota AMT is attributable to two types of adjustments and preferences: timing items and exclusion items. 
Generally, timing items do not cause a permanent difference in taxable income over time. The minimum tax credit is only generated by the 
AMT attributable to timing adjustments and preferences. Examples of timing items include accelerated depreciation, intangible drilling costs 
preferences, and the exercise of incentive stock options.
Exclusion items do cause a permanent difference in taxable income. The minimum tax credit is not generated by the AMT attributable to exclu-
sion items. Examples of exclusion items include personal exemptions, gambling losses, home mortgage interest, or taxes.

Line Instructions
Part 1 determines the minimum tax credit generated by Minnesota AMT paid for 2022. Part 2 calculates how much, if any, of that credit you 
can use in 2023. Part 3 determines any minimum tax credit, if any, you can carry forward.
You will not be able to complete Parts 2 and 3 until you determine your 2023 tax liability. Complete 2023 Schedule M1MT before completing 
this schedule.
Round amounts to the nearest whole dollar.
Part 1
If line 2h, lines 2k through 2t, and line 3 of your 2022 federal Form 6251 are blank, skip lines 1-22 of this schedule, and start with line 23.
Line 1
Enter the amount from line 1 of your 2022 Form M1, Individual Income Tax.
Line 2 
Enter the total amount of:
•  Federally exempt interest and dividends from obligations of other states from lines 1 and 2 of your 2022 Schedule M1M, Income Additions 
and Subtractions
•  Tax-exempt interest from Minnesota private activity bonds issued after August 7, 1986, included on line 2g of your 2022 federal Form 6251
Line 4 
If you deducted interest or other expenses on your 2022 federal return which were attributable to income not taxed by Minnesota, enter the 
amount from line 3 of your 2022 Schedule M1M.
Line 13
Enter the amount from line 18 (other subtractions) of your 2022 Schedule M1MT. Do not include any net operating loss subtraction you may 
have included on line 18 of your 2022 Schedule M1MT.
Part 2
Lines 25–28
If you are not subject to Minnesota AMT for 2023, you may be eligible for the credit in 2023. You must complete and file the 2023 Schedule 
M1MT to determine the credit. 
If you are subject to Minnesota AMT for 2023, skip Part 2. You may not take the credit in 2023.
Line 25
Full-year residents: Enter the amount from line 28 of 2023 Schedule M1MT. 
Part-year residents and nonresidents: Multiply line 28 of 2023 Schedule M1MT by the percentage on line 30 of 2023 Schedule M1NR, Non-
residents/Part-Year Residents.
All taxpayers: Reduce the result from above by lines 1 through 16 of Schedule M1C, Other Nonrefundable Credits.
                                                                                                                               Continued

2023 Schedule M1MTC Instructions, continued

Line 26
Full-year residents: Enter the amount from line 27 of 2023 Schedule M1MT. 
Part-year residents and nonresidents: Multiply line 27 of 2023 Schedule M1MT by the percentage on line 30 of 2023 Schedule M1NR, 
Nonresidents/Part-Year Residents.
This line cannot be less than zero.
All taxpayers: Reduce the result from above by lines 1 through 19 of Schedule M1C.
Line 28
Enter the amount from line 24 or line 27, whichever is less. Also enter this amount on line 20 of Schedule M1C.
This is your 2023 Minnesota Alternative Minimum Tax Credit.
Part 3
Line 29
If you were subject to Minnesota AMT for 2023 and did not have to complete Part 2, enter the amount from line 24.
You may carry forward any unused portion of your minimum tax credit. If you have a carryforward on this line, include Schedule M1MTC 
when you file your 2023 Form M1, even if you could not use any of the credit for 2023. 
Save copies of the schedule until you have claimed the entire credit. The 2024 Schedule M1MTC will have a line for this amount.