General Instructions-Credit Union Tax Return
ADVERTISEMENT
1
2GENERAL INSTRUCTIONS — CREDIT UNION TAX RETURN
Section 148.610 – 148.710, RSMo
This information is for guidance only and does not state the complete law.
This form must be completed and filed by April 15 of this year. The tax for
If any credit union operates more than one office or branch in Missouri,
each year is based upon the taxpayer’s net income for the previous year.
the credit union shall file one return. The credit union shall complete
An extension of time for filing this return may be granted by the Director of
Form 2331, Schedule B listing the address of each office or branch
Revenue. When an extension is granted, the taxpayer is required to pay,
and showing the total dollar amount of savings accounts, deposits,
as part of any tax due, interest thereon at the rate determined by Section
and/or repurchase agreements of each office or branch and the total
32.065, RSMo from the day when such return should have been filed,
for the credit union. If any credit union has an office or offices outside
if no such extension had been granted. The annual interest rate can be
Missouri, the total of the dollar amount of deposits and accounts at an
obtained from the Department’s web site at Pursuant
office or offices outside Missouri shall be excluded in determining the
to Regulation 12 CSR 10‑10.070, an extension of time may not exceed
total deposits and accounts of the taxpayer. Schedule B must be
180 days past the due date of April 15.
completed and submitted with the Credit Union Tax Return.
Review the state law prior to the completion of this tax return, since
All credit unions must complete this tax return reflecting their total
there are some restrictions in the accounting for various transactions.
business activities from all sources. Credit unions conducting business
A copy of your NASCUS/NCUA Call Report must be attached to
in multiple states should refer to the instructions for Line 13.
the Missouri Credit Union Tax Return.
County Code Enter your three digit county code of the principal place
of your institution from the list provided at the end of these instructions.
LINE-BY-LINE INSTRUCTIONS
PART I
Line 11. Add Lines 7 through 10 and enter the total.
Line 1. Enter the gross income amount that appears on the NASCUS/
NCUA Call Report.
Line 12. Subtract Line 11 from Line 6. This is the total taxable income.
Line 2. Enter the amount of recoveries of previously expensed bad
PART III
debts.
Line 13. Multiply the taxable income amount on Line 12 by 7 percent
Line 3. Enter the amount of Missouri Credit Union Tax (imposed by
and enter the result. If Line 6 includes income from business activity
Chapter 148, RSMo) deducted as an expense on your NASCUS/NCUA
both within and without Missouri from offices or branches located in
such states, the taxpayer may be eligible to apportion the tax. These
Call Report. Please advise under what expense item this amount
taxpayers must complete and attach to this return Form 2330, Financial
appears. If this amount is different than the amount paid in the previous
Institution Apportionment Schedule C.
year, please explain the difference.
Line 14. Enter the amount of tax credits that appear on Line 4 of this
Line 4. Enter the total of the Missouri taxes claimed as credits on
return.
Schedule A of this return. These taxes include all taxes paid directly to
the State of Missouri or any political subdivision thereof, except taxes
Line 15. Subtract Line 14 from Line 13 and enter the amount. If the
on tangible personal property owned by the taxpayer and held for lease
amount on Line 14 exceeds the amount on Line 13, enter “none”.
or rental to others, contributions paid pursuant to the unemployment
Line 16A. Enter the amount of tentative payment or amount previously
compensation law of Missouri, real estate taxes, social security taxes,
paid.
sales and use taxes imposed by this law.
Line 16B. Enter the amount of tax credits claimed from the list on
Line 5. Enter the deductions claimed on the Missouri credit union
the following page. Attach a schedule listing the amounts for
report which are not allowable on this return and income not included
each tax credit. A copy of the approved authorization must be
on the NASCUS/NCUA Call Report which is required to be included on
attached to the return.
this return. Attach a detailed schedule.
Line 16C. Enter the amount of approved Enterprise Zone Credit
Line 6. Add Lines 1 through 5 and enter the total here.
claimed. Attach a copy of the certificate of eligibility and
calculation of the credit claimed on this return.
PART II
Line 7. Enter the total expenses that appears on the NASCUS/NCUA
Line 17. Enter overpayment from previous year’s tax.
Call Report.
Line 18. Subtract the amounts, if any, appearing on Lines 16A, 16B,
16C, and 17 from Line 15.
Line 8. Enter the amount of dividends and interest paid on shares
deducted on the NASCUS/NCUA Call Report.
Line 19. Any tax due on this return not paid by April 15 is delinquent,
and interest will be charged on such amount at the annual interest rate.
Line 9. Enter the amount of actual bad debt charge offs.
The annual interest rate can be obtained from the Department’s web
Line 10. Enter the total amount, if any, of other deductions authorized
site at: Enter the interest on this line.
by law which were not included on the NASCUS/NCUA Call Report.
Line 20. Enter the total of Lines 18 and 19. If a balance due,
Complete detailed schedule on page 2.
submit this amount. Make check payable to “Missouri Department of
Revenue”.
DOR‑INT‑4_Instructions (10‑2012)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial