Instructions For Form Mo-1041 - Fiduciary Income Tax Return (Page 4 of 8) in pdf

Line 21 — Total Credits and Payments

Line 4 — If the estate or trust received income from an obligation of a

state or political subdivision of a state other than Missouri, enter the

Enter the total of Line 19 plus Line 20.

amount of that income.

Line 22 — Overpayment

Line 5 — Enter the amount of related expenses incurred on Line 4

(management fees, trustee fees, interest, etc.) if the expenses are over

If Line 21 is greater than Line 18, enter the amount overpaid.

$500. If expenses exceed amount on Line 4, then enter figure from Line 4.

Line 23 — Tax Due

Line 6 — Enter the total of Line 4 less Line 5. This line cannot be less

than zero.

If Line 18 is greater than Line 21, enter the amount due.

Line 7 — Enter positive adjustments (addition) reported from partner-

Line 24 — Interest

ship, fiduciaries, S corporations, and depreciation adjustment.

The

Simple interest is charged on all delinquent taxes. The rate will be

partnership, fiduciary, or S corporation must notify you of the amount

updated annually and can be found on the Department’s web site at www.

of any such adjustment (addition) to which you are entitled. Check the

dor.mo.gov/intrates.php.

appropriate box. If other box is checked, enter the description on the line

provided. Attach a copy of the information for verification of the addition.

Line 25 — Additions to Tax

For timely filed returns, an addition to tax of 5 percent (of the unpaid tax)

Line 8 — Food Pantry Contributions — If the estate/trust is claiming the

is added if the tax is not paid by the return’s due date.

Food Pantry Tax Credit, (Form MO-FPT) and the donations are included

as a deduction on the Federal Schedule A, report the amount of the dona-

For returns not filed by the due date, an addition to tax of 5 percent

tions, as noted on Line 8a of Form MO-FPT.

per month (of the unpaid tax) is added for each month the return is not

filed. The addition to tax cannot exceed 25 percent.. An extension

Line 9 — Nonresident Property Tax — If the estate/trust is a nonresi-

of time to file does not extend the time for payment of the tax.

dent and it included property tax paid to another state or political

subdivision on its federal return, enter the total nonresident property taxes

Line 26 — Total Due

included on Line 11 of Federal Form 1041.

Enter the sum of Lines 23, 24, and 25. Attach a check or money order

Line 10 — Enter the sum of Lines 3, 6, 7, 8, and 9.

(U.S. funds only) for the total amount due, payable to: Missouri Director

Line 11 — Interest from direct obligations of the U.S. Government, such

of Revenue. Write the Federal Identification Number and a daytime

as U.S. savings bond, U.S. treasury bills, bonds and notes is exempt from

telephone number on the check or money order. Do not send cash.

state taxation under the laws of the United States. Attach a detailed list

Please do not postdate checks; they will be cashed upon receipt. Please

or all Federal Form 1099(s). Fiduciaries who claim exclusion for interest

mail your return and payment to: Missouri Department of Revenue,

for direct U.S. obligations must identify the specific securities owned,

P.O. Box 3815, Jefferson City, MO 65105-3815.

(e.g., U.S. savings bond.) A general description such as “interest on

U.S. obligation or “U.S. government securities” is not acceptable. (See

Authorization

12 CSR 10-2.150) for the taxability of various U.S. government-related

If the taxpayer wishes to authorize the Director of Revenue or his delegate

obligations. Failure to identify the security will result in the disallowance of

to release information pertaining to their tax account to their preparer or

the deduction.

to any member of his/her firm, indicate “yes” by checking the appropriate

box.

A federally taxed distribution received from a mutual fund investing

exclusively in direct U.S. government obligations is exempt. If the

Sign the Return

mutual fund invests in both exempt (direct) and nonexempt (indirect)

federal obligations, the deduction allowed is the distribution received

The fiduciary must sign the Form MO-1041. Form MO-1041, Missouri

from the mutual fund attributable to the direct U.S. government obliga-

Fiduciary Income Tax Return, is not considered valid unless signed.

tions, as determined by the mutual fund. Attach a copy of the year-end

statement received from the mutual fund showing either the amount of

What to Attach to the Missouri Return Before Mailing

monies received or the percentage of funds received from direct U.S.

Please attach a list of all beneficiaries, including their home address

government obligations, or a summary statement received from the

(required to verify residency), a copy of the federal return and supporting

mutual fund which clearly identifies the exempt and non-exempt portions

schedules, a copy of the Form MO-60 (if filed) or federal extension, any

of the U.S. government obligation interest. The statement does not

information requested in the instructions for verification of line amounts

need to list each obligation separately. Failure to attach the requested

and a payment for amount due on Line 26, (if applicable).

document will result in the disallowance of the deduction.

Line 12 — To determine the amount of related expenses for Line 11, the

taxpayer may use actual expenses or a reasonable estimate. In general,

the taxpayer should use the same or similar method used to compute

related expenses for federal income tax purposes, provided that the

PART 1:

method reasonably reflects related expenses for Missouri-exempt income.

MISSOURI FIDUCIARY ADJUSTMENT

If a fiduciary fails to compute reasonable related expense, the Director of

Revenue will make an adjustment based on the information available. If

sufficient information is not made available the Director of Revenue will

Line 1 — Enter the amount of state and local income taxes deducted on

use the following formula to compute related expenses.

the Federal Form 1041, Line 11. The line numbers for taxes used as a

Exempt income x Expense items = Reduction to exempt income

deduction will differ on other federal forms.

Total Income

Line 2 — Enter the amount of any Kansas City or St Louis earnings taxes

The principal expense item in this formula is interest expense; however,

included in Line 1.

the Director of Revenue may include other expense items because of

Line 3 — Enter total of Line 1 less Line 2.

Instructions For Form Mo-1041 - Fiduciary Income Tax Return Page 4

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