Montana Form Pt-Wh - 2011 Montana Income Tax Withheld For A Nonresident Individual, Foreign C Corporation, Or Second Tier Pass-Through Entity Page 4
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4Owner’s Instructions for Montana Schedule K-1 (Forms CLT-4S and PR-1)
General Instructions
►Part 4 – Nonresident Partner/Shareholder Only—Montana
Source Income (Loss)
The Montana Schedule K-1 is required to be provided to all owners. Parts
1 and 2 are completed for all owners. Parts 3, 5 and 6 are completed
If you are a nonresident individual, estate, trust, or pass-through entity,
for all owners only if there is applicable information. Part 4 applies to
your share of the entity’s Montana source income, gains, losses and other
nonresident owners only. The federal Schedule K-1 cannot serve as a
additions to income are shown.
substitute for the Montana Schedule K-1.
4. Guaranteed payments. The guaranteed payments remain with the
Purpose of Montana Schedule K-1
partner receiving the payments as reflected on the federal Schedule K-1.
The portion of the guaranteed payments that represent Montana source
Montana Schedule K-1 shows information about your share of income,
income are reported on this line.
gains, losses, deductions, credits and other items from an S corporation,
►Part 5 – Supplemental Information
a partnership, or a limited liability company (LLC) that is treated as an S
corporation or partnership for income tax purposes. If applicable, your
Supplemental information which could result in adjustments to the
share of “Montana source income” is listed. You may need this information
Montana tax return is listed.
to complete the appropriate Montana tax return.
1. Montana composite income tax paid on behalf of partner/
Partnership or corporation partner/shareholder. If you are a
shareholder. If applicable, the amount shown on this line is the amount
corporation, partnership, or a limited liability company treated like a
of Montana composite income tax paid on your behalf by the entity. If
corporation or partnership, the Montana Schedule K-1 shows your share
you made this election, you are not required to file your own Montana tax
of the entity’s Montana statutory adjustments or tax credits that may affect
return. This is for your information only.
the preparation of your Montana tax return.
2. Montana income tax withheld on behalf of partner/shareholder. The
Resident individual, estate, or trust partner/shareholder. If you are a
entity was required to withhold Montana income tax for those nonresident
Montana resident individual, estate, or trust, you report to Montana your
owners who did not file a consent agreement (Form PT-AGR) or statement
entire share of the entity’s income, gains, losses, and deductions included
(Form PT-STM) and did not elect to participate in a composite return.
in your federal taxable income. The Montana Schedule K-1 shows your
3. Montana mineral royalty tax withheld. If mineral rights are held by
share of the entity’s Montana statutory adjustments or tax credits that may
a partnership or S corporation in which you have an ownership interest,
affect the preparation of your Montana tax return.
the royalty payments made to the owners may be subject to withholding
Nonresident individual, estate, or trust partner/shareholder. If you are
if certain thresholds are met. If the partnership or S corporation attributed
a nonresident individual, estate, or trust, the amount of your share of the
the withheld mineral royalty tax to you, the amount attributed is listed.
entity’s income, gains, losses, and deductions that are apportioned and
This withholding should not be confused with the amounts deducted from
allocated to Montana based on the entity’s activity in Montana is used to
royalty payments for production taxes.
determine your Montana tax liability. These items are shown in Part 4 of
4. Separately stated allocable nonbusiness items. All amounts that are
the Montana Schedule K-1. Unless you are a nonresident individual who
allocable to Montana from nonbusiness activities are reported on this line.
elected to participate in a composite return filed on your behalf by the
entity, you need to file a Montana tax return to determine your tax liability.
►Part 6 – Montana Tax Credits and Recapture (If Applicable)
Composite return election. If you are a nonresident individual, a foreign
Any credit claimed by a partnership or S corporation has to be attributable
C corporation, or a pass-through entity who elected to participate in a
to its owners generally using the same proportion that is used to report
composite return filed on your behalf by the entity, you are not required to
your share of that entity’s income or loss for Montana income tax
file a Montana tax return. If this applies to you, you received the Montana
purposes. The tax credits cannot be taken as a credit against composite
Schedule K-1 to show your share of tax items the entity reported and the
tax. The form includes the most common tax credits along with space to
composite tax paid on your behalf.
provide information about any other tax credit or recapture amount.
Amended Schedule K-1 (Forms CLT-4S and PR-1). If you received an
1-1a. Insure Montana small business health insurance credit. If
amended Montana Schedule K-1 from the entity, and you previously filed a
the entity received a tax credit for the Insure Montana small business
Montana tax return, you may need to file an amended Montana tax return
health insurance program, the amount entered on line 1a is the portion
to report the changes in income, gains, losses and deductions.
of the premiums paid for these policies which was reported on Montana
Schedule K-1 in Part 3 as an other addition to income on line 3.
Montana Schedule K-1, Parts 3-6
2. Contractor’s gross receipts tax credit. If the entity received a tax
►Part 3 – All Partners/Shareholders – Montana Adjustments
credit for contractor’s gross receipts, the CGR Account ID will be entered
A-B. Montana Additions and Deductions
into the space provided and the amount entered on line 2 is your portion
of the credit. If credit amounts from multiple CGR accounts are passing
To compute Montana income taxable to pass-through entity owners,
through to you, a schedule included with your K-1 will identify how much
certain items have to be added to income or deducted from income.
credit passes through to you from each CGR account.
The amounts listed are the owner’s share of Montana additions and
deductions from corresponding lines on the Schedules A and B filed with
4. Other credit/recapture information. Some tax credits have provisions
the business’s information tax return (PR-1 or CLT-4S).
requiring a recapture of the tax benefit you received in an earlier tax year
(if you do not meet certain requirements in subsequent tax years).
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