Form 504 (Schedule K-1) - Maryland Fiduciary Modified Schedule K-1 Beneficiary'S Information - 2011 Page 2
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Instructions for
MARYLAND FIDUCIARY MODIFIED SCHEDULE K-1
Form 504
Schedule K-1
BENEFICIARY'S INFORMATION
General Instructions
4. Enter the beneficiary's share of Maryland
subtraction modifications applicable to the
Use Form 504 (Schedule K-1) to report the share of the
estate or trust income. Instructions for allowable
estate's or trust's additions and subtractions, that are
subtractions appear in the instruction booklets
passed on to each beneficiary. Use this form to report
based upon the type of beneficiary (i.e.
each nonresident beneficiary's share of Maryland source
Resident Individual, Nonresident Individual,
income. Finally, use this form to report the taxes paid by
Corporation or Fiduciary instructions. See
a pass-through entity on behalf of the trust, if you are not
).
claiming the credit on Maryland Form 504.
5. If you are a member of a PTE, AND the PTE
Specific Instructions
has paid a nonresident tax on behalf of you.
AND you are a fiduciary of a trust, AND you are
Enter the fiscal year used by the estate or trust in the
not claiming this credit on Form 504, you may
header of this form, if you are not using a calendar year.
pass this credit on to the beneficiary. If you are
passing this credit on to the beneficiary, enter the
INFORMATION ABOUT THE ESTATE OR TRUST
dollar amount of this credit, the federal employer
Enter the name of the estate or trust, federal identification
identification number and the name of the PTE
number, name and title of fiduciary and fiduciary's
in the space provided in box 5. Note: in order
address in the four boxes under the subtitle.
for the beneficiary to claim this credit, you
must also furnish each beneficiary with a copy
INFORMATION ABOUT THE ESTATE OR TRUST
of the federal schedule K-1 (from Form 1065 or
A. Enter the name of the beneficiary.
1120S) received by you to substantiate your
B. Enter the beneficiary's Social Security number or
entitlement to this credit.
federal identification number.
Attach a copy of each Form 504 (Schedule K-1) to the
C. Enter the beneficiary's address information.
original Form 504 that you submit to the Comptroller of
Maryland. Also, provide each beneficiary with a copy of
D. Enter the beneficiary's percentage of distribution as
this schedule.
of the year end of the estate or trust.
Instructions for Beneficiary
E. Check the box identifying the type of entity
describing the beneficiary.
Use Form 504 (Schedule K-1) to report your share of the
F.
If the beneficiary is an individual or a fiduciary of
estate's or trust's additions, and subtractions, that are
another estate or trust, check the box identifying the
passed on to you. You will also use this schedule to
resident status of the beneficiary.
determine your share of Maryland source income if you
are a Maryland nonresident.
G. If the beneficiary is a nonresident, indicate the state
of domicile; otherwise, leave the box empty.
Finally you will use this form to claim a credit for taxes
paid by a pass-through entity on behalf of a trust, if the
DISTRIBUTED NET TAXABLE INCOME, MARYLAND
trust's fiduciary is not claiming the credit on the Maryland
MODIFICATIONS AND NONRESIDENT TAX PAID BY
Form 504. See instructions to Form 502CR on how you
PASS-THROUGH ENTITY (PTE)
may claim this credit.
1. Enter the dollar amount of the beneficiary's share
If you have received this schedule and you wish to claim
of the net taxable income that was actually
a credit that is shown, you must attach a copy of this
distributed to the beneficiary by the estate or
schedule to your tax return along with a copy of the
trust.
federal schedule K-1 from federal Form 1065 or 1120S
received by the fiduciary to your Form 502CR. You will
2. If the beneficiary is a nonresident individual,
also use this schedule to determine your share of Mary-
a nonresident fiduciary or a nonresident
entity, enter the amount reported in box 1 that
land source income if you are a Maryland nonresident.
represents Maryland-source income.
If the fiduciary has sent you this schedule and indicated
3. Enter the beneficiary's share of Maryland addition
that the estate or trust is using a fiscal year instead of
a calendar year, this schedule applies to your tax year
modifications applicable to the estate or trust
in which the ending date of the fiduciary's fiscal year
income. Instructions for required additions
occurred.
appear in the instruction booklets based upon
the type of beneficiary (i.e. Resident Individual,
Nonresident Individual, Corporation or Fiduciary
instruction. See ).
COM/RAD-320
11-49
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