Form 504 Schedule K-1 - Maryland Fiduciarymodified Schedule K-1beneficiary'S Information - 2012 Page 2

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2012
MARYLAND FIDUCIARY MODIFIED
FORM
504
SCHEDULE K-1 BENEFICIARY'S
Schedule K-1
INFORMATION INSTRUCTIONS
General Instructions
5.
If you are a member of a PTE, AND the PTE
has paid a nonresident tax on behalf of you, AND you
Use Form 504 (Schedule K-1) to report the share of the estate's
are a fiduciary of a trust, AND you are not claiming this
or trust's additions and subtractions, that are passed on to each
credit on Form 504, you may pass this credit on to the
beneficiary. Use this form to report each nonresident beneficiary's
beneficiary. If you are passing this credit on to the bene-
share of Maryland source income. Finally, use this form to report
ficiary, enter the dollar amount of this credit, the federal
the taxes paid by a pass-through entity on behalf of the trust, if
employer identification number and the name of the PTE
you are not claiming the credit on Maryland Form 504.
in the space provided in box 5. Note: in order
Specific Instructions
for
the
beneficiary
to
claim
this
credit,
you
must also furnish each beneficiary with a copy
Enter the fiscal year used by the estate or trust in the header of
of
the
federal
schedule
K-1
(from
Form
1065
this form, if you are not using a calendar year.
or 1120S) received by you to substantiate your
entitlement to this credit.
INFORMATION ABOUT THE ESTATE OR TRUST
Attach a copy of each Form 504 (Schedule K-1) to the original
Enter the name of the estate or trust, federal identifica-
Form 504 that you submit to the Comptroller of Maryland. Also,
tion number, name and title of fiduciary and fiduciary's
provide each beneficiary with a copy of this schedule.
address in the four boxes under the subtitle.
Instructions for Beneficiary
INFORMATION ABOUT THE ESTATE OR TRUST
Use Form 504 (Schedule K-1) to report your share of
A.
Enter the name of the beneficiary.
the
estate's
or
trust's
additions,
and
subtractions,
that
B.
Enter the beneficiary's Social Security number or federal
are passed on to you. You will also use this schedule to
identification number.
determine your share of Maryland source income if you are a
Maryland nonresident.
C.
Enter the beneficiary's address information.
Finally you will use this form to claim a credit for taxes paid by a
D.
Enter the beneficiary's percentage of distribution as of the
pass-through entity on behalf of a trust, if the trust's fiduciary is
year end of the estate or trust.
not claiming the credit on the Maryland Form 504. See instruc-
E.
Check
the
box
identifying
the
type
of
entity
tions to Form 502CR on how you may claim this credit.
describing the beneficiary.
If you have received this schedule and you wish to claim
F.
If the beneficiary is an individual or a fiduciary of another
a credit that is shown, you must attach a copy of this
estate or trust, check the box identifying the resident sta-
schedule to your tax return along with a copy of the
tus of the beneficiary.
federal schedule K-1 from federal Form 1065 or 1120S
received by the fiduciary to your Form 502CR. You will also use
G.
If the beneficiary is a nonresident, indicate the state of
this schedule to determine your share of Maryland source income
domicile; otherwise, leave the box empty.
if you are a Maryland nonresident.
DISTRIBUTED NET TAXABLE INCOME, MARYLAND MODI-
FICATIONS AND NONRESIDENT TAX PAID BY PASS-
If the fiduciary has sent you this schedule and indicat-
THROUGH ENTITY (PTE)
ed that the estate or trust is using a fiscal year instead of
a calendar year, this schedule applies to your tax year
1.
Enter
the
dollar
amount
of
the
beneficiary's
in which the ending date of the fiduciary's fiscal year
share of the net taxable income that was actually
occurred.
distributed to the beneficiary by the estate or trust.
2.
If
the
beneficiary
is
a
nonresident
individual,
a
nonresident
fiduciary
or
a
nonresident
entity, enter the amount reported in box 1 that repre-
sents Maryland-source income.
3.
Enter
the
beneficiary's
share
of
Maryland
addi-
tion modifications applicable to the estate or trust
income.
Instructions
for
required
additions
appear
in
the
instruction
booklets
based
upon
the type of beneficiary (i.e. Resident Individual, Non-
resident Individual, Corporation or Fiduciary instruc-
tion. See ).
4.
Enter
the
beneficiary's
share
of
Maryland
subtraction
modifications
applicable
to
the
estate
or
trust
income.
Instructions
for
allow-
able subtractions appear in the instruction book-
lets
based upon the type of beneficiary (i.e.
Resident
Individual,
Nonresident
Individual,
Corporation
or
Fiduciary
instructions.
See
).
COM/RAD-320
12-49

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