Instructions For Form Mo-1041 - Fiduciary Income Tax Return (Page 3 of 8) in pdf

Example 2: From Federal Form 1041, Line 17 equals $1,000, Line 18

Tax on Lump Sum Distribution:

If during 2012 the taxpayer received

equals $950 and Line 20 equals $100. On Form MO-1041, Line 1 equals

a portion of any lump sum distribution from an annuity or retirement, not

$0.00 and Line 11 equals $200. The allowable exemption would be $50.

otherwise included in federal taxable income, this distribution may be

subject to Missouri tax. The amount of the tax is equal to 10 percent of

Example 3: From Federal Form 1041, Line 17 equals $1,000, Line 18

your federal tax liability on the distribution for the same year. To calculate

equals $0.00 and Line 20 equals $100. On Form MO-1041, Line 1 equals

the Missouri tax on a lump sum distribution, multiply that portion of

$1,000 and Line 11 equals $800. The allowable exemption would be

Federal Form 1041, Schedule G, Line 1b that is attributable to a lump sum

$0.00.

distribution by 10 percent (.10) and enter the result on Form MO-1041,

Line 17. A copy of Federal Form 1041 and Federal Form 4972 must be

Line 13 — Missouri Taxable Income

attached to the Missouri return.

Enter total of Line 11 less Line 12. For nonresident estates or trusts,

enter amount from Form MO-NRF, Part 5, Line 9.

Recapture Taxes:

If the taxpayer is required to recapture a portion of

any federal low income housing credits taken on a low-income project,

Line 14 — Missouri Income Tax

the taxpayer is also required to recapture a portion of any state credits

Determine amount of tax from tax table provided on page 7.

taken. The state recapture amount is equal to the proportion of the state

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

Line 15 — Credit for Income Tax Paid to Another State

original federal low-income housing credit amount. Enter the recapture

If the taxpayer was required to pay income tax to another state, the

tax on Form MO-1041, Line 17. Attach a copy of Federal Form 8611 to

taxpayer may be entitled to claim a tax credit against the Missouri income

your Missouri return.

tax liability for the tax paid to the other state. To determine the allowable

Line 18 — Total Tax

tax credit, complete Form MO-CR, Credit for Income Taxes Paid to Other

Enter total of Line 16 plus Line 17.

States or Political Subdivisions. Note: Please enclose Form MO-CR

and a copy of the other state’s tax return with your Missouri return.

Line 19 — Credits

The credit for income taxes paid to other state, will not be allowed if

Complete a Form MO-TC to claim any credits. See Form MO-TC for

the other state’s tax return is not enclosed.

instructions, or visit our website at Enter the amount

from Line 13 of the Form MO-TC, on Form MO-1041, Line 19.

Instructions for Completing

Form MO-CR

Credits:

Fiduciaries and beneficiaries may be entitled to claim any of the

following credits: New or Expanded Business Facility Credit, Development

The taxpayer must complete the Missouri return, Lines 1

Reserve Credit, Distressed Area Land Assemblage and Alternative

through 14 before beginning Form MO-CR

Fuel Infrastructure Development Credit, Export Finance Credit, Missouri

Line 1 — Enter amount from Line 13 of Form MO-1041

Low Income Housing Credit, Missouri Business Modernization and

Technology (Seed Capital) Credit, Neighborhood Assistance Credit

Line 2 — Enter amount from Line 14 of Form MO-1041

(including Homeless Assistance Credit), Affordable Housing Assistance

Line 7 — Enter the Taxable Income or Net Income on which

Credit, Special Needs Adoption Credit, Enterprise Zone Credit, Small

you were required to pay a state income tax to another state

Business Incubator Credit, Small Business Investment (capital) Credit,

and which is also subject to Missouri income tax.

Community Bank Investment Credit, Qualified Research Expense Credit,

Brownfield “Jobs and Investment” Credit, Demolition Credit, Youth

Line 8 — Divide Line 7 by Line 1. If greater than 100%, enter

Op por tuni ties Credit, Processed Wood Energy Credit, Missouri

100%. (Round to whole percent such as 91% instead of 90.5%

Business Use Incentives for Large-Scale Development (BUILD)

and 90% instead of 90.4%. However, if percentage is less than

Credit, Maternity Home Credit, Shelter for Victims of Domestic

0.5%, use the exact percentage.) Enter percentage on Line 8.

Violence Credit, Historic Pres er va tion Credit, Charcoal Pro ducers

Line 9 — Multiply Line 2 by percentage on Line 8 and enter

Credit, Film Production Credit, Wine and Grape Production Credit,

amount on Line 9.

Rebuilding Communities Credit, Transportation Development Credit,

Dry Fire Hydrant Credit, Agricultural Product Utilization Contributor

Line 10 — Enter the income tax that was actually paid to the

Credit, New Generation Cooperative Incentive Credit, Bank Tax

other state. The income tax must be reduced by all credits

Credit for S Corporation Shareholders, Family Development

allowed, such as: exemptions, sales tax credits, homestead

Account Credit, New Enterprise Creation Credit, Remediation Credit,

credit, etc.

Rebuilding Communities and Neighborhood Preservation Act Credit,

Line 11 — Enter the smaller amount of Line 9 or Line 10. Your

Disabled Access Credit, Bond Enhancement Credit, Missouri Quality

credit cannot exceed the tax paid to the other state or the

Jobs Credit, New Enhanced Enterprise Zone Tax Credit, Children in

percent of tax due Missouri on that part of the income. If you

Crisis Credit, Family Farms Act Credit, Pregnancy Resource Credit,

have credits from another state, add the credits from your other

and Residential Treatment Agency Credit, Development Tax

Form MO-CRs and enter the total credit on Form MO-1041,

Credit, New Market Tax Credit, Small Business Guaranty Fees

Line 15.

Credit, Bank Franchise Tax Credit, Food Pantry Tax Credit,

Self-Employed Health Insurance Credit, Health Care Access Credit,

Line 16 — Balance

Shared Care Credit, and Qualified Beef Credit.

Enter total of Line 14 less Line 15.

Line 20 — Payments

Line 17 — Other Taxes

Enter total amount of all extension payments and attach a copy of the

Form MO-60, Application for Extension of Time to File, to the return.

Mark appropriate box and enter the amount. If both boxes apply, mark

For amended returns, enter previously paid amounts less any refunds

each box and put the total of the lump sum distribution and recapture

received. If estimated payments were made, attach a copy of the form

taxes. Attach a schedule showing the breakdown of the taxes.

used when making the payments.

Instructions For Form Mo-1041 - Fiduciary Income Tax Return Page 3

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