Individual Income Tax Return Form - City Of Montgomery - 2016 Page 4
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4City of Montgomery Individual Income Tax Return 2016 Page 3
WORKSHEET A
B
C
D
EXAMPLE
NET PROFIT/LOSS FROM BUSINESS
PROFIT
LOSS
TOTAL
Schedule C Income (Form 1040, Line 12)
1
5,000
200
Schedule F Income (Form 1040, Line 18
2
Schedule E Income from Rental Property
3
1,000
Other Schedule E Income
4
3,000
Ordinary Income or Loss (attach Federal 4797)
5
Prior Year Loss Carry-Forward (Limited to 5 prior
6
1,000
years)
TOTALS
7
6,000
4,200
$1,800
If Column D total is positive, enter total on Page 1, Line 5
If Column D total is negative, no credit allowed. Current year losses may be carried forward for five years.
Enter credit for tax paid to other municipalities. Credit for tax withheld and paid to another municipality may not exceed 1% of those
Line 8c:
wages actually taxed. Tax withheld at a rate higher than 1% must be reduced (e.g., tax paid to Cincinnati divided by 2.1 equals
Montgomery credit). Residents with income or loss from business activity should complete Worksheet B (see example below) and
add the total from Line 12E to the allowable credit from W-2 and other income. If a refund was issued from another city, please
adjust credit accordingly and provide documentation, such as the city tax return or refund form.
WORKSHEET B for residents only)
List each municipality separately and add another page if needed.
Credit for business earnings tax
Attach copies of all other local tax returns for credit
EXAMPLE
A
B
C
D
E
Local taxes paid Maximum Credit
Credit Allowed
Tax Rate
Profit
Column B x 1%
Lower of Column C or D
8
Cincinnati
2.1%
2,000
42.00
20.00
20.00
9
Blue Ash
1.25%
1,000
12.50
10.00
10.00
10 Loveland
1%
1,000
10.00
10.00
10.00
40.00
11
Total Possible Credits
18.00
12
Maximum credit allowed: (Worksheet A, Column D total x 1%)
LINE 9: If amount on Line 9 is $10.00 or less, no payment needs to be remitted. If tax due is $10.01 or greater, balance of tax due must accompany return. If
paying by credit card, please include full 16-digit card number, expiration date, and verification code.
LINE 10: Overpayment of $10.01 or greater may be credited to the 2017 tax year or refunded. Overpayments will be applied to the 2017 estimate unless a
refund is requested in writing. By law, all refunds and credits in excess of $10 are reported to IRS.
LINE 11 Estimated tax payments are required by every taxpayer who reasonably expects to have a tax liability of $200 or greater which will not be withheld by an
employer; or is due based on business or other types of income. Estimate 2017 income: multiply estimated income by 1%. Estimated tax shall be
based on preceding full year's tax liability.
LINE 12 a-b: Enter any expected withholding credits for payments to Montgomery (Line 12a) or other municipality (Line 12b)
LINE 13: Enter the net 2017 estimated tax due. You may pay the full amount of estimated tax with the filing of this form.
LINE 14a: First quarter payment of at least 22.5% of amount calculated on Line 13 must be entered on this line.
LINE 14b: Enter the amount of any credit carried over from the prior year and subtract from Line 14a.
LINE 14c: Enter the net amount of first quarter payment. Subsequent payments will be due the 15th of June, September and December.
LINE 15: Total of payment accompanying return (Line 9 plus Line 14c).
PAGE 2: Complete Worksheet A if you have income from business activity. Attach copy(s) of Federal Schedule(s) C, E, F and/or K-1 form(s). All income and
loss must be netted together to arrive at overall profit or loss for the current year. Enter amount from Column D, Line 7 on Page 1, Line 5. If the total is
a loss, this amount may be carried forward for up to five years to offset gain.
Business losses may not be used to offset W-2 wages or other compensation.
**If landlord property is within City of Montgomery, a listing of current tenants, including name, address, move in/move out date, and phone number, if
available, must be provided for the tax filing to be complete.
Examples of deductions that are NOT allowed:
Individual Retirement Account (IRA); Simplified Employee Pension (SEP) plan; Keogh (H.R. 10) Retirement Plan.
Extension Policy: Extension requests must be received by the Montgomery Tax Office on or before April 18, 2017.
The City of Montgomery Tax Office accepts a copy of the Federal Extension form as an extension request. Only those extension requests received in duplicate
with a self-addressed, postpaid envelope will have a copy returned after being appropriately marked.
Filing an extension does not grant an extension of time to pay. 90% of tax liability is due by December 15, 2017.
Note: Unless accompanied by W-2 form(s), Federal 1040 form and pertinent schedules, payment of the balance of the 2016 tax declared due (Line 9)
and at least 22.5% of the estimated tax for 2017, this form is not a complete legal final return or declaration.
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