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make adjustments in Form 1 or 1-NR/PY, Schedule E, Part II; or

centage in Schedule E, line 5. This income is not taxed by the U.S.

Form 2, to reflect the correct Massachusetts amount. Each share-

government, but is taxable in Massachusetts.

holder should enclose a statement with the shareholder’s Mass-

Each shareholder should include the line 9 total in Form 1, 1-

achusetts tax return and explain.

NR/PY, or 2, Schedule B, line 3.

Line 7

Line 11

Enter the shareholder’s share of the S corporation’s interest on U.S.

Enter the shareholder’s share of the S corporation’s royalty income

debt obligations from Schedule S, line 29. For a nonresident share-

from Schedule S, line 33. For a nonresident shareholder eligible to

holder eligible to apportion, enter the shareholder’s share without

apportion, enter the shareholder’s distributive share of the S corpo-

apportionment. This income is taxable by the U.S. government, but

ration royalty income from Schedule S, line 33, multiplied by the ap-

tax-exempt in Massachusetts. Each shareholder should include the

portionment percentage in Schedule E, line 5.

line 7 total in Form 1 or 1-NR/PY, Schedule B; or Form 2, Schedule B.

The correct Massachusetts amount of the shareholder’s share of

Line 8

royalty income may differ from the comparable U.S. total reported

Enter the shareholder’s share of the S corporation’s 5.25% interest

on the shareholder’s Form 1, or 1-NR/PY, Schedule E, Part I, line 1;

from Massachusetts banks from Schedule S, line 30. For a nonresi-

or Form 2, Schedule E, line 1.

dent eligible to apportion, enter the shareholder’s share of the S

Each shareholder should make adjustments to reflect the correct

corporation’s 5.25% interest from Massachusetts banks multiplied by

Massachusetts amount in Form 1, or 1-NR/PY, Schedule E, Part I,

the apportionment percentage in Schedule E, line 5.

line 2; or Form 2, Schedule E.

Each shareholder should include the line 8 total in Form 1, line 5, or

Each shareholder should enclose a statement to the shareholder’s

1-NR/PY, line 7; or Form 2.

Massachusetts tax return and explain any adjustments.

Each nonresident shareholder whose income is apportioned should

Line 12

also receive from the S corporation the amount of the shareholder’s

Enter the shareholder’s share of the S corporation’s income from

pre-apportionment share of 5.25% interest from Massachusetts

Schedule S, line 34. For a nonresident shareholder eligible to ap-

banks.

portion, enter the shareholder’s distributive share of the S corpora-

Each nonresident individual whose income is apportioned should

tion’s other income from Schedule S, line 29 multiplied by the

include this amount in Form 1-NR/PY, Schedule B. This amount

apportionment percentage in Schedule E, line 5.

should be used instead of any amount from Form 1-NR/PY, line 7

The correct Massachusetts amount of the shareholder’s share of

because the shareholder’s full distributive share of such income is

other income may differ from the comparable U.S. total reported on

included in the U.S. amount reported in Form 1-NR/PY, Schedule B,

the shareholder’s Form 1, 1-NR/PY; or 2. Each partner should make

line 1. Each nonresident trust or estate whose income is apportioned

adjustments on the applicable lines of Form 1, 1-NR/PY, or 2 to reflect

should also receive from the S corporation the amount of sharehold-

the correct Massachusetts amount. If any income reported to the S

ers pre-apportionment share of 5.25% interest from Massachusetts

corporation from a Real Estate Mortgage Investment Conduit (REMIC)

banks and should include its pre-apportionment share of 5.25% in-

in which the S corporation is a residual interest holder is reported

terest from Massachusetts banks in Form 2, Schedule B, instead of

in line 12, then any such adjustment should be made on Form 1, or

any amount from Form 2, line 5.

1-NR/PY, Schedule E, Part I, line 2 or Form 2, Schedule E.

Line 9

Each shareholder should attach a statement to the shareholder’s

Enter the shareholder’s share of the S corporation’s interest (other

Massachusetts tax return and explain any adjustments.

than from Massachusetts banks) and dividend income from Sched-

ule S, line 31. For a nonresident shareholder eligible to apportion,

Line 13

enter the shareholder’s distributive share of the (other than from

Enter the shareholder’s share of the S corporation’s short-term cap-

Massachusetts banks) interest and dividend income from Schedule

ital gain from Schedule S, line 35.

S, line 26, multiplied by the apportionment percentage in Schedule

For a nonresident shareholder eligible to apportion, enter the share-

E, line 5.

holder’s share of the S corporation’s short-term capital gain or loss

The correct Massachusetts amount of the shareholder’s share of

multiplied by the apportionment percentage in Schedule E, line 5.

(other than from Massachusetts banks) interest and dividend in-

The correct Massachusetts amount of the shareholder’s share of

come may differ from the comparable U.S. total reported on the

short-term capital gain may differ from the comparable U.S. total re-

shareholder’s Form 1, 1-NR/PY, or 2, Schedule B, lines 1 and 2.

ported on the shareholder’s Form 1, or 1-NR/PY, Schedule B, line 8;

Each shareholder should make adjustments to reflect the correct

or Form 2, Schedule B.

Massachusetts amount in Form 1 and 1-NR/PY, Schedule B, line 6;

Each shareholder should make adjustments in Form 1, 1-NR/PY,

or Form 2, Schedule B. Each shareholder should enclose a state-

Schedule B, line 8 or Form 2, Schedule B, to reflect the correct

ment to the shareholder’s Massachusetts tax return and explain any

Massachusetts amount. Each shareholder should enclose a state-

adjustments.

ment with the shareholder’s Massachusetts tax return and explain

Line 10

any adjustments.

Enter the shareholder’s share of the S corporation’s non-Massachu-

Line 14

setts state and municipal bond interest from Schedule S, line 32.

Enter the shareholder’s share of the S corporation’s short-term cap-

For a nonresident shareholder eligible to apportion, enter the share-

ital losses from Schedule S, line 36. For a nonresident shareholder

holder’s distributive share of the S corporation’s non-Massachusetts

eligible to apportion, enter the shareholder’s share of the S corpora-

and municipal bond interest multiplied by the apportionment per-

Instructions For Form 63 Fi - Massachusetts Financial Institution Excise Tax Return - 2012 Page 9

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