Form 504 Draft - Maryland Fiduciary Income Tax Return

2010

Instructions for

MARYLAND FIDUCIARY MODIFIED SCHEDULE K-1

Form 504

Schedule K-1

BENEFICIARY'S INFORMATION

General Instructions

instruction. See ).

4. Enter the beneficiary's share of Maryland

Use Form 504 (Schedule K-1) to report the share of the

subtraction modifications applicable to the

estate's or trust's additions and subtractions, that are

estate or trust income. Instructions for allowable

passed on to each beneficiary. Use this form to report

subtractions appear in the instruction booklets

each nonresident beneficiary's share of Maryland source

based upon the type of beneficiary (i.e. Resident

income. Finally, use this form to report the taxes paid by

Individual, Nonresident Individual, Corporation,

a pass-through entity on behalf of the trust, if you are not

or Fiduciary instructions. See

claiming the credit on Maryland Form 504.

Specific Instructions

5. If you are a member of a PTE, AND the PTE

has paid a nonresident tax on behalf of you.

Enter the fiscal year used by the estate or trust in the

AND you are a fiduciary of a trust, AND you are

header of this form, if you are not using a calendar year.

not claiming this credit on Form 504, you may

INFORMATION ABOUT THE ESTATE OR TRUST

pass this credit on to the beneficiary. If you are

passing this credit on to the beneficiary, enter the

Enter the name of the estate or trust, federal identification

dollar amount of this credit, the federal employer

number, name and title of fiduciary, and fiduciary's

identification number, and the name of the PTE

address in the four boxes under the subtitle.

in the space provided in box 5. Note: in order

INFORMATION ABOUT THE ESTATE OR TRUST

for the beneficiary's to claim this credit, you

must also furnish each beneficiary with a copy

A. Enter the name of the beneficiary.

of the federal schedule K-1 (from Form 1065 or

B. Enter the beneficiary's Social Security number or

1120S) received by you to substantiate your

Federal identification number.

entitlement to this credit.

C. Enter the beneficiary's address information.

Attach a copy of each Form 504 (Schedule K-1) to the

D. Enter the beneficiary's percentage of distribution as

original Form 504 that you submit to the Comptroller of

of the year end of the estate or trust.

Maryland. Also, provide each beneficiary with a copy of

this schedule.

E. Check the box identifying the type of entity

describing the beneficiary.

Instructions for Beneficiary

If the beneficiary is an individual or a fiduciary of

Use Form 504 (Schedule K-1) to report your share of the

another estate or trust, check the box identifying the

estate's or trust's additions, and subtractions, that are

resident status of the beneficiary.

passed on to you. You will also use this schedule to

G. If the beneficiary is a nonresident, indicate the state

determine your share of Maryland source income if you

of domicile; otherwise, leave the box empty.

are a Maryland nonresident.

Finally you will use this form to claim a credit for taxes

DISTRIBUTED NET TAXABLE INCOME, MARYLAND

paid by a pass-through entity on behalf of a trust, if the

MODIFICATIONS AND NONRESIDENT TAX PAID BY

trust's fiduciary is not claiming the credit on the Maryland

PASS-THROUGH ENTITY (PTE)

Form 504. See instructions to Form 502CR on how you

1. Enter the dollar amount of the beneficiary's share

may claim this credit.

of the net taxable income that was actually

If you have received this schedule and you wish to claim

distributed to the beneficiary by the estate or

a credit that is shown, you must attach a copy of this

trust.

schedule to your tax return along with a copy of the

2. If the beneficiary is a nonresident individual,

federal schedule K-1 from federal Form 1065 or 1120S

a nonresident fiduciary, or a nonresident

received by the fiduciary to your Form 502CR. You will

entity, enter the amount reported in box 1 that

also use this schedule to determine your share of Mary-

represents Maryland-source income.

land source income if you are a Maryland nonresident.

3. Enter the beneficiary's share of Maryland addition

If the fiduciary has sent you this schedule and indicated

modifications applicable to the estate or trust

that the estate or trust is using a fiscal year instead of

income. Instructions for required additions

a calendar year, this schedule applies to your tax year

appear in the instruction booklets based upon

in which the ending date of the fiduciary's fiscal year

the type of beneficiary (i.e. Resident Individual,

occurred.

Nonresident Individual, Corporation, or Fiduciary

COM/RAD-320

Form 504 Draft - Maryland Fiduciary Income Tax Return - 2010 Page 4

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