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Category: Maine

Maine Additions to Income

Income From Municipal And State Bonds, Other Than Maine

Enter the income from municipal and state bonds, other than Maine, that is not included in your federal adjusted gross income. For example, enter interest from City of New York bonds on this line. However, do not enter interest from Portland, Maine bonds.

Net Operating Loss Recovery Adjustment

Enter any net operating loss carry forward that has been previously used to offset Maine addition modifications. For more information, go to www.maine.gov/revenue/forms (select Income Tax Guidance Documents).

Maine Public Employees Retirement System Contributions

Enter the amount of your 2013 Maine Public Employees Retirement System contributions on this line. See your Maine W-2 form.

Bonus Depreciation Add-Back

An addition modification is required equal to the net increase in depreciation resulting from bonus depreciation claimed on the federal return. To calculate this addition modification, the amount of the add-back on line 1f must be subtracted from the basis of property placed in service in 2013. Then MACRS depreciation must be calculated on the remaining property basis. The amount entered on this line equals the amount that the federal depreciation claimed, less the amount on line 1f, exceeds the recalculated MACRS depreciation. If the recalculated MACRS depreciation is greater than the adjusted federal depreciation, no addition modification is required.

Fiduciary Adjustment

If applicable, enter your share of a fiduciary adjustment (addition modifications) relating to income from an estate or trust (36 M.R.S.A. ยง 5122(3)). You must attach a copy of your federal Schedule K-1.

Other Additions to Income

  • The amount of loss, deductions and other expenses of a financial institution subject to Maine franchise tax that are included in your federal adjusted gross income due to an ownership share in the financial institution that is a partnership, S corporation, or entity disregarded as separate from its owner.
  • Amounts deducted as a business or other expense for federal tax purposes that are included in the credit base for the high-technology investment tax credit and the forest management planning credit.
  • Qualified tuition and other education expenses deducted on federal Form 1040 or Form 1040A.
  • Qualified payments and tax benefits from states or municipalities to firefighters and emergency medical responders that are excluded from federal gross income pursuant to Code Section 139B.

For additional information, please refer to the Maine Individual Income Tax Booklet.