Nh-1041 Instructions printable pdf download

New Hampshire

FIDUCIARY

2015

BUSINESS PROFITS

Department of

NH-1041

TAX RETURN

Revenue Administration

INSTRUCTIONS

NAME & IDENTIFICATION NUMBER-Page 1

ENTER the taxpayer's name and taxpayer identification number [Social Security Number (SSN), Federal Employer Identification Number (FEIN), or

Department Identification Number (DIN)] in the spaces provided.

For the purpose of administering any state tax as allowed under 42 U.S.C Section 405, the Commissioner of the Department of Revenue

Administration is authorized to require the submission of an SSN, a FEIN, or any other identifying number used in filing or preparing federal tax

returns by individuals, businesses, or return preparers. (See RSA 21-J:27-a; N.H. Code of Admin. Rules, Rev 2903.02 (c); and 42 USCS sec. 405 (c) (2) (C)

(i)). Where SSNs or FEINs are required, taxpayers who have been issued a DIN must use their DIN only, and not their SSN or FEIN.

Enter the beginning and ending dates of the taxable period if different from the calendar year.

CALCULATE YOUR TAX-Page 1 and 2

ROUND EVERY ENTRY TO THE NEAREST WHOLE DOLLAR (IF 49 CENTS OR LESS ROUND DOWN, IF 50 CENTS OR MORE ROUND UP). REPORT

NEGATIVE AMOUNTS USING A MINUS SIGN.

The following describes items of income and deductions reported on Federal Form 1041 and how these items should be reported on Form

NH-1041.

Line 1(a) Report interest income from investments made by the trust related to business activities reported on Federal Form 1041, Line 1.

Line 1(b) Report all dividends received by the trust from investments made by the trust related to business activities reported on Federal Form 1041

Line 2(a).

Line 1(c) Report the profit or loss as reported on the Federal Form 1041, Line 3.

Line 1(d) If the trust sells investments assets, defined as business assets for New Hampshire Business Profits Tax purposes, report the net gain, but

not loss, from sale of investment assets, Federal Form 1041, Line 4. New Hampshire law defines business assets as those assets used in a business

activity; Therefore, assets used in a rental activity would be business assets.

Line 1(e) Report the royalties and net rental profit or loss for this entity from Federal Form 1041, Line 5. Report activities for other business entities

separately.

Line 1(f) Report farm income or loss reported on Federal Form 1041, Line 6.

Line 1(g) If the trust sells a business asset, report the net gain only from the sale of business assets, Federal Form 1041, Line 7.

Line 1(h) Report other income related to the fiduciary business activity, reported on Federal Form 1041, Line 8.

Line 1(i) Report all other business expenses not reported above related to the production of business income.

Line 1(j) Gross business profits from trust business activity. Combine Lines 1(a) through 1(h) and from the result subtract Line 1(i).

Lines 2(a) through 2(f) are adjustments necessary to increase or decrease gross business profits to reflect the Internal Revenue Code (IRC)

of December 31, 2000.

Every business organization which commences business after December 31, 2000, or has been in New Hampshire prior to December 31, 2000 and

has availed their business of federal changes after December 31, 2000, must account for the differences between the Internal Revenue Code (IRC) of

1986 in effect on December 31, 2000 and the changes made to that Code by Congress from January 1, 2001 to the end date of this tax period except

for the IRC §179 Deduction. The adjustments on lines 2(a) through 2(f) reflect the adjustments that are necessary to account for the changes. If a

taxpayer seeks to report a necessary adjustment that has not been delineated in other sections of Line 2, attach an explanation for either line 2(c) or

2(e).

NH-1041 Instructions 2015

Page 1 of 4

Rev 1.3 02/2016

Nh-1041 Instructions

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