Maryland Form 504 (Schedule K-1) - Fiduciary Modified Schedule K-1 Beneficiary'S Information - 2013 Page 3

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2013
FIDUCIARY MODIFIED SCHEDULE K-1
MARYLAND
FORM
BENEFICIARY'S INFORMATION INSTRUCTIONS
504
Schedule K-1
general Instructions
credit on Form 504, you may pass this credit on to
the beneficiary. If you are passing this credit on to the
Use Form 504 Schedule K-1 to report the share of the estate's
beneficiary, enter the dollar amount of this credit, the
or trust's additions and subtractions that are passed on to each
FEIN and the name of the PTE in the space provided in
beneficiary. Use this form to report each nonresident beneficiary's
box 5.
share of Maryland source income. Finally, use this form to report
the taxes paid by a pass-through entity on behalf of the trust, if
Note: For the beneficiary to claim this credit, you
you are not claiming the credit on Maryland Form 504.
also must furnish each beneficiary with a copy of the
Maryland Form 510 Schedule K-1 received by you to
Specific Instructions
substantiate your entitlement to this credit.
Enter the fiscal year used by the estate or trust in the header of
6.
Enter the beneficiary’s share of tax credits from
this form, if you are not using a calendar year.
Fiduciary Business Income Tax Credits Form 504CR,
or Sustainable Communities Tax Credit Form 502S, in
INFORMATION ABOUT THE ESTATE OR TRUST
Box 6. In the column to the left, enter the name of
the credit; and on the right enter the dollar amount.
Enter the name of the estate or trust, Federal Employer
Do not complete this information for the One Maryland
Identification Number (FEIN), name and title of fiduciary and
Credit. Use Box 7 if you have been certified to claim
fiduciary's address in the four boxes under the subtitle.
this credit and you are passing this credit on to the
beneficiary.
INFORMATION ABOUT THE BENEFICIARY
7.
If you have been certified to claim a One Maryland
A.
Enter the name of the beneficiary.
Economic Development tax credit from Maryland Form
B.
Enter the beneficiary's Social Security Number or FEIN.
504CR, complete Box 7 if you are passing this credit to
your beneficiaries. They will need this information to
C.
Enter the beneficiary's address.
claim their share of the credit on their tax return.
D.
Enter the beneficiary's percentage of distribution as of the
Attach a copy of each Form 504 Schedule K-1 to the original
year end of the estate or trust.
Form 504 that you submit to the Comptroller of Maryland. Also,
E.
Check the box identifying the type of entity describing the
provide each beneficiary with a copy of this schedule.
beneficiary.
F.
If the beneficiary is an individual or a fiduciary of another
Instructions for Beneficiary
estate or trust, check the box identifying the resident
Use Form 504 Schedule K-1 to report your share of the estate's or
status of the beneficiary.
trust's additions and subtractions that are passed on to you. You
G.
If the beneficiary is a nonresident, indicate the state of
also will use this schedule to determine your share of Maryland
domicile; otherwise, leave the box empty.
source income if you are a nonresident.
DISTRIBUTED
NET
TAXABLE
INCOME,
MARYLAND
Finally, you will use this form to claim a credit for taxes paid by
MODIFICATIONS AND NONRESIDENT TAX PAID BY PASS-
a pass-through entity on behalf of a trust if the trust's fiduciary
THROUgH ENTITY (PTE)
is not claiming the credit on the Maryland Form 504. See Form
1.
Enter the dollar amount of the beneficiary's share of the
502CR Instructions on how to claim this credit on your individual
net taxable income that actually was distributed to the
return.
beneficiary by the estate or trust.
If you have received this Maryland Form 504 Schedule K-1 and
2.
If the beneficiary is a nonresident individual, a
you wish to claim a credit that is shown, you must attach a copy
nonresident fiduciary or a nonresident entity, enter the
of it to Form 502CR along with a copy of the Maryland Form
amount reported in box 1 that represents Maryland-
510 Schedule K-1 received by the fiduciary. You also will use
source income.
this Maryland Form 504 Schedule K-1 to determine your share of
Maryland source income if you are a nonresident.
3.
Enter the beneficiary's share of Maryland addition
modifications applicable to the estate or trust income.
If the fiduciary has sent you this schedule and indicated that the
Required additions appear in the instruction booklets
estate or trust is using a fiscal year instead of a calendar year,
based on the type of beneficiary: Resident, Nonresident,
this schedule applies to your tax year in which the ending date
Corporation or Fiduciary. See
of the fiduciary's fiscal year occurred.
com.
4.
Enter the beneficiary's share of Maryland subtraction
modifications applicable to the estate or trust income.
Allowable
subtractions
appear
in
the
instruction
booklets based on the type of beneficiary: Resident,
Nonresident, Corporation or Fiduciary. See www.
.
5.
If you are a member of a PTE, AND the PTE has paid
a nonresident tax on behalf of you, AND you are
a fiduciary of a trust, AND you are not claiming this

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