Form Mo-1040 - Missouri Individual Income Tax Return (Page 3 of 12) in pdf

Page 3

Line 27 — Subtotal

dent Missouri percentage on Line 34,multiply Line 32 by the percentage on Line 34 and

enter on Line 35.Note: You cannot be entitled to both a resident credit on Line

Subtract Line 26 from Line 15T.If less than zero, enter zero.Do not enter a negative

33 and a nonresident Missouri percentage on Line 34.

amount.

Line 36 — Tax on Lump Sum Distributions and Recapture Tax on

Line 28 — Allocation of Taxable Income

If you are filing a combined return,multiply the amount on Line 27 by the percentages

Missouri Low Income Housing Credits

on Lines 16Y and 16S. Enter the results on Lines 28Y and 28S. Add Lines 28Y and 28S

Lump Sum Distributions. If,during 1998,you received a portion of a lump sum distribu-

and enter the total on Line 28T.If you are not filing a combined return,enter on Line 28T

tion from an annuity or retirement, not otherwise included in Missouri adjusted gross

the amount entered on Line 27.Round all amounts to the nearest whole dollar.

income,this distribution may be subject to Missouri income tax.You are subject to the tax

if your state of legal residence was Missouri at the time you received the lump sum distri-

Line 29 — Enterprise Zone Income Modification

bution.The amount of the tax is equal to 10% of your federal tax liability on the distribu-

If you or your spouse has exempt income from a business facility located in an enter-

tion for the same year.

prise zone that has been approved by the Department of Economic Development,

Multiply the amount from Federal Form 1040, Line 40 (relating to Form 4972 only) by

enter one-half of the Missouri taxable income attributed to the new business facility in

10% (.10) and enter the result on Form MO-1040, Line 36. Please enclose a copy of

the enterprise zone (refer to Form 4354) on Line 29.Section 135.205,RSMo,defines the

Federal Form 4972 to your Missouri return.

criteria for a business facility to qualify for an enterprise zone income modification.You

Recapture Tax. If you are required to recapture a portion of any federal low income

may not claim the modification without notification of approval from the

housing credits taken on a low income housing project, you are also required to recap-

Department of Economic Development. For additional information, contact the

ture a portion of any state credits taken.The state recapture amount is the proportion of

Department of Economic Development, Tax Benefit Programs, P.O. Box 118, Jefferson

the state credit that equals the proportion the federal recapture amount bears to the

City,MO 65102-0118.

original federal low income housing credit amount.Please enclose a copy of Federal

Line 30 — Balance

Form 8611 and pages 1 and 2 of your federal return to your Missouri return.

Subtract Line 29 from Line 28 and enter the total on Line 30.

Line 37 — Total Tax

Add Lines 35 and 36.Enter the result on Line 37.If you are filing a combined return,add

Step 5

Lines 37Y to 37S and enter the total on Line 37T.

Figure Your Tax

Step 6

Line 31 — Balance Forward

Figure Your Credits and Payments

Enter the amount(s) from Lines 30Y,30S and/or 30T on Lines 31Y,31S and/or 31T.

Line 38 — Miscellaneous Tax Credits

Line 32 — Missouri Tax

You may be eligible for certain tax credits.The total amount of tax credit is computed by

If both you and your spouse have income, determine each of your taxes from the tax

completing Form MO-TC, Miscellaneous Income Tax Credits. Enter the total tax credit

table provided on Form MO-A,Page 1.Do not use the total income (31T) of you and your

amount from Form MO-TC,Line 26,on Form MO-1040,Line 38.Please enclose Form MO-TC

spouse to figure the amount of tax due on a combined return.Enter the results on Lines

to your Form MO-1040.The following is a list of available credits and the agency to contact

32Y and 32S and enter the total on Line 32T. If not filing a combined return, enter the

for information,forms,and approval to claim each credit.

tax amount on Line 32T.

• New or Expanded Business Facility Credit — contact the Tax Benefit Program,

Line 33 — Resident Credit for Income Taxes Paid to Other States

P.O.Box 118,Jefferson City,MO 65102-0118 or call (573) 526-5410

• Development Reserve Credit — contact the Missouri Development Finance

(Residents and Part-Year Residents Filing as Residents)

Board,P.O.Box 567,Jefferson City,MO 65102-0567 or call (573) 751-8479

If you were required to pay income tax to another state,you may be entitled to claim a

• Infrastructure Development Credit — contact the Missouri Development Finance

tax credit against your Missouri income tax liability for the tax paid to the other state.To

Board,P.O.Box 567,Jefferson City,MO 65102-0567 or call (573) 751-8479

determine your allowable tax credit, complete Form MO-CR, Credit for Income Taxes

• Export Finance Credit — contact the Missouri Development Finance Board, P.O.

Paid to Other States. If filing a combined return, Form MO-CR must be completed for

Box 567,Jefferson City,MO 65102-0567 or call (573) 751-8479

you and your spouse each if both are entitled to a credit for income taxes paid to

• Missouri Low Income Housing Credit — contact the Missouri Housing Development

another state.Note: Please enclose Form MO-CR and a copy of the other state’s

Commission,3435 Broadway,Kansas City,MO 64111 or call (816) 759-6662

income tax return to your Missouri return.

• Missouri Business Modernization and Technology (Seed Capital) Credit — contact

Nonresidents and Part-Year Residents Filing as Nonresidents — If you were

the Office of Business Finance, P.O. Box 118, Jefferson City, MO 65102-0118 or

a nonresident of Missouri or a part-year resident of Missouri filing as a

call (573) 751-0295

nonresident,see the instructions for Line 34.

• Neighborhood Assistance Credit — contact the Community Development Group,

P.O.Box 118,Jefferson City,MO 65102-0118 or call (573) 751-4849

Line 34 — Nonresident Missouri Percentage

• Affordable Housing Assistance Credit — contact the Missouri Housing Develop-

If you were a nonresident of Missouri or a part-year resident filing as a nonresident,you

ment Commission,3435 Broadway,Kansas City,MO 64111 or call (816) 759-6662

may be entitled to reduce your Missouri income tax liability.Form MO-NRI,Nonresident

• Special Needs Adoption Credit — contact the Missouri Division of Family

Income Percentage, must be completed to determine the percentage(s) that can be

Services,P.O.Box 88,Jefferson City,MO 65103-0088

applied to your tax on Line 32 to reduce your Missouri tax liability. Proceed to Form

• Enterprise Zone Credit — contact the Tax Benefit Program, P.O. Box 118,

MO-NRI.After determining the percentage(s),enter the percentage(s) on Lines 34Y and

Jefferson City,MO 65102-0118 or call (573) 751-5410

34S (if filing a combined return) or on Line 34T (if not filing combined return).

• Small Business Incubator Credit — contact the Office of Business Finance,P.O.Box

Check the appropriate box if you or your spouse is a professional entertainer or a

118,Jefferson City,MO 65102-0118 or call (573) 751-0295

member of a professional athletic team.

• Small Business Investment Credit — contact the Office of Business Finance,P.O.Box

118,Jefferson City,MO 65102-0118 or call (573) 751-0295

Note: Please enclose Form MO-NRI and a copy of your federal return (pages 1

• Community Bank Investment Credit — contact the Community Development

and 2) to your Missouri return.

Group,P.O.Box 118,Jefferson City,MO 65102-0118 or call (573) 751-9051

Line 35 — Balance

• Qualified Research Expense Credit — contact the Office of Business Finance,P.O.

If you are not entitled to either a credit for taxes paid to another state or a nonresident

Box 118,Jefferson City,MO 65102-0118 or call (573) 751-0295

percentage reduction of tax liability,enter the amount(s) from Line 32 on Line 35.If you

• Higher Education Scholarship Fund Credit — contact the Missouri Department

are entitled to a resident credit on Line 33 for income taxes paid to another state,

of Higher Education, P.O. Box 6730, Jefferson City, MO 65102 or call (573) 751-

subtract Line 33 from Line 32 and enter on Line 35.If you are entitled to use a nonresi-

3940 or (800) 473-6757

Form Mo-1040 - Missouri Individual Income Tax Return Page 3

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