Instructions For Form Mo-1041 - Fiduciary Income Tax Return (Page 2 of 8) in pdf

Americans with Disabilities Act (ADA)

Line 3 — Other Federal Income Tax

Enter the total of Lines 2a and 5 from Federal Form 1041, Schedule G.

The state of Missouri offers a Dual Party Relay Service (DPRS) for

speech/hearing impaired individuals. This service was implemented in

Line 4 — Total Federal Deductions

accordance with the Americans with Disabilities Act (ADA). If you are

speech or hearing impaired, please call TDD (800) 735-2966 or fax (573)

Enter total of Line 2 plus Line 3.

526-1881.

Line 5 — Federal Deduction

Taxpayer Bill of Rights

The federal tax deduction is limited to $5,000. If the amount on Line 4 is

To obtain a copy of the Taxpayer Bill of Rights you can access our web

$5,000 or less, enter the amount from Line 4 on Line 5. If the amount on

site at or call (800) 877-6881.

Line 4 exceeds $5,000, enter $5,000 on Line 5.

Line 6 — Capital Gain Exclusion of Sale of Low

Income Housing

Form MO-1041

If during 2012 the taxpayer sold a federally subsidized (HUD) low income

housing project to a nonprofit or governmental organization, and at least

40 percent of the units are occupied by persons of families having income

of 60 percent or less of the median income, the taxpayer may exclude

Information to Complete

from Missouri tax 25 percent of the capital gain that is taxable at the fidu-

ciary level. However, the buyer of the property must agree to preserve

Form MO-1041

or increase the low-income occupancy of the project. To use this exclu-

sion, enter on Line 6 for residents or on Form MO-NRF, Page 2, Part 5,

Line 7 for nonresidents, 25 percent of the capital gain reported on your

Important: Complete your federal return first. If you are filing a fiscal

Federal Form 1041. Attach a copy of your Federal Form 1041, Federal

year return, indicate the beginning and ending dates on the line provided

Form 4797 and explanation. Failure to do so will result in the disallow-

near the top of the Missouri return. The filing dates on the Missouri return

ance of the deduction.

must match the filing dates on the federal return.

Line 7 — Healthcare Sharing Ministries Deduction

Name, Address, Etc.

If the estate/trust made contributions to a qualifying health care sharing

Print or type the name of the estate or trust, name and title of the fidu-

ministry, enter the amounts it paid in 2012. Do not include amounts

ciary, address, and federal identification number in the spaces provided.

excluded from the federal taxable income.

For estates, also provide the social security number of the decedent in the

space provided.

Line 8 — Estate or Trust’s Share of the Missouri

Estate or Trust Adjustment (Subtraction)

Information for Filing

If the taxpayer has negative adjustments to federal taxable income,

A — Check the appropriate box. This information may be found on

complete Form MO-1041, Parts 1 and 2. Enter the subtraction amount

Federal Form 1041, Page 1, Question A.

from Part 2, Column 6, Estate or Trust line, instructions are located on

B — If a trust, check the appropriate box.

pages 4 and 5.

C — Check the appropriate box to show if the estate or trust is a resident

Line 9 — Total Subtractions

or a nonresident.

Enter total of Line 5, 6, 7, and 8.

D–I — C heck the appropriate box to answer each of the questions.

Follow the instructions on the form for your answers.

Line 10 — Estate or Trust’s Share of the Missouri

J — If the estate or trust is a resident and the answers to questions G

Estate or Trust Adjustment (Addition)

through J are “NO”, do not complete the remainder of form. Do

If the taxpayer has positive adjustments to federal taxable income,

complete Form MO-NRF, Parts 1, 2, 4, and 6 for nonresident benefi-

complete Form MO-1041, Parts 1 and 2. Enter the addition amount from

ciaries, if a distribution of Missouri source income was made.

Part 2, Column 6, Estate or Trust line, instructions are located on pages 4

K — If the estate or trust is a nonresident, and has income from both

and 5.

Missouri and non-Missouri sources, check the box, omit Lines 1–12

and complete Form MO-NRF.

Line 11 — Balance

Enter total of Line 1 less Line 9 plus Line 10.

Line 1 — Federal Taxable Income

Enter the total amount of federal taxable income (not less than zero) from

Line 12 — Excess Federal Exemption

Federal Form 1041, Line 22. The line numbers for federal taxable income

The exemption is allowed only if Line 1 is equal to zero and Line 11 has

will differ on other federal forms. By federal definition, federal taxable

a positive figure. Enter the excess amount of the personal exemption not

income cannot be less than zero, therefore, per Section 143.431, RSMo,

used to reduce the federal taxable income to zero; after all other deduc-

Line 1 cannot be less than zero.

tions are subtracted. The exemption is not allowed on Final Returns.

Example 1: From Federal Form 1041, Line 17 equals $1,000, Line 18

Line 2 — Federal Income Tax

equals $1,000 and Line 20 equals $100. On Form MO-1041, Line 1

Enter amount from Federal Form 1041, Schedule G, Line 4.

equals $0 and Line 11 equals $200. The allowable exemption would be

$100.

Instructions For Form Mo-1041 - Fiduciary Income Tax Return Page 2

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