Form Mo-1040 - Booklet Missouri Individual Income Tax Long Form

FORM MO-A

be added to your federal adjusted gross

A federally taxed distribution received from

income if the withdrawal from the account

a mutual fund investing exclusively in direct

was not for a qualified use.

U.S. Government obligations is exempt. If the

Information to Complete

mutual fund invests in both exempt (direct)

3 — n

Form MO-A

ine

onquAliFied

and non-exempt (indirect) federal obligations,

istRibution FRom A

uAliFied

the deduction allowed will be the distribution

PART 1

529 p

received from the mutual fund attributable to

lAn

the interest on the direct U.S. Government

Any distribution made by the Missouri

issouRi

odiFicAtions to

obligations, as determined by the mutual

Savings for Tuition Program (MOST), the 529

edeRAl

djusted

Ross

ncome

fund. Attach a copy of the year-end state-

plan administered by the Missouri Higher

ment received from the mutual fund showing

Form MO-A, Part 1, computes Missouri

Education Deposit Program, or any other

either the amount of money received or the

modifications to federal adjusted gross

qualified 529 plan, not used for qualified

percentage of funds received from direct U.S.

income. Modifications on Lines 1, 2, 3, 4

higher education expenses, must be added to

Government obligations, or a summary state-

and 5 include income that is exempt from

federal adjusted gross income of the taxpayer

ment received from the mutual fund which

federal tax, but taxable for state tax purposes.

who made contributions to the plan. The

clearly identifies the exempt and non-exempt

Modifications on Lines 7, 8, 9, 10, 11, 12 and

amount of the distribution that must be added

portions of the U.S. Government obligation

13 exclude income that is exempt from state

includes contributions previously exempt

interest. The statement does not need to list

tax, but taxable for federal tax purposes. If

from state tax and earnings generated from

each obligation separately. Failure to attach

after reviewing the instructions for Part 1,

the program (if the earnings are not already

the re quested document will result in the

you have no modifications, enter on Form

included in federal adjusted gross income).

dis al lowance of the deduction.

MO-1040, Lines 3 and 5, the same amount(s)

If the taxpayer who made the contribution

entered on Form MO-1040, Line 1.

To arrive at the amount of related expenses,

is de c eased, the beneficiary of the savings

you may use actual expenses or a reasonable

program must add the nonqualified taxable

1 — i

ine

nteRest on

tAte And

estimate. In general, you should use the same

distribution to federal adjusted gross income

ocAl

bligAtions

or similar method used to compute related

on the Missouri income tax return.

If you received income from an obligation

expenses for federal income tax purposes,

4 — F

ine

ood

AntRy

of a state or political subdivision other than

provided that the method reasonably reflects

Missouri, enter the amount of that in c ome,

ontRibutions included on

related expenses for Missouri-exempt income.

reduced by the related expenses in c ur r ed

chedule

If you fail to compute reasonable related

(management fees, trustee fees, interest, etc.)

expenses, the Director of Revenue will

If you are claiming the Food Pantry Tax

if the expenses are more than $500.

make an adjustment based on the best infor-

Credit, (Form MO-FPT) and you included

mation available. If sufficient information

2 — p

, F

your donations as an itemized deduction on

ine

ARtneRship

iduciARy

is not available or if your records do not

your Federal Schedule A, enter the amount of

s c

, o

oRpoRAtion

theR

provide sufficient information, the Director

your donations, as noted on Form MO-FPT.

Enter positive adjustments (additions re p orted

of Revenue will use the fol l ow i ng formula to

5 — n

ine

onResident

RopeRty

from partnerships, fiduciaries, S cor p or a t ions,

compute related expenses:

or other sources. The partnership, fidu-

If you are a nonresident or part-year resi-

Exempt income x Expense = Reduction to

ciary, or S corporation must notify you of the

dent and you reported property taxes paid

Total Income Items Exempt Income

amount of any such adjustment (addition)

to another state or political subdivision on

to which you are entitled. Check the boxes

The principal expense item in this formula

Line 9 of your Federal Schedule A, you

applicable on Line 2 and attach a copy of the

is interest expense; how e ver, the Direc t or of

must report that amount on Line 5 of Form

notification received.

Reve n ue may include other expense items

MO-A, unless that state or political subdi-

because of their direct re l a t ionship to the

Net Operating Loss - Carryback/Carry-

vision allows a subtraction to income

production of exempt in c ome. You may

forward: In the year of your net operating

for Missouri property taxes. For a list of

propose an alter n ative method pro v ided

loss (NOL), enter on Form MO-A, Part

states that allow a subtraction for Missouri

that it properly reflects the amount of related

1, Line 2 the amount of your eligible NOL

property taxes, visit

expenses.

to be carried back or carried forward from

faq/personal/nonresident.php.

the loss year. Enter the sum of the current

8 — s

ine

tAte

ncome

eFund

6 — t

ine

otAl

dditions

year’s NOL (as a positive number), plus

Enter the amount of any state income tax refund

any unused NOL from prior years. If your

Add Lines 1 through 5. Enter the totals on

NOL carries forward from the carryback

included in your federal adjusted gross income

Form MO-A, Part 1, Line 6 and on Form

year, enter the unused portion of your NOL

on Form MO-1040, Line 1 (from Federal Form

MO-1040, Line 2.

as computed on Federal Form 1045,

1040, Line 10). Attach a copy of Federal Form

7 — i

Schedule B, Line 10. Please attach Federal

ine

nteRest on

xempt

1040 (pages 1 and 2).

Form 1045, Schedules A and B, or the

edeRAl

bligAtions

9 — p

, F

calculation of your NOL carryback/carry-

ine

ARtneRship

iduciARy

Interest from direct obligations of the U.S.

s c

, R

forward. Amended returns only: If your

oRpoRAtion

AilRoAd

Government, such as U.S. savings bonds, U.S.

federal adjusted gross income includes

, o

etiRement

eneFits

theR

treasury bills, bonds, and notes is exempt from

an NOL (other than a farming loss) of

state taxation under the laws of the United

Enter subtractions, reported from partnerships,

more than two years, enter the loss amount

States. Attach a detailed list or all Federal

fiduciaries, and S corporations. The partner-

as a positive number.

Forms 1099. Taxpayers who claim exclusion

ship, fiduciary, and S corporation must notify

Non-medical Withdrawal from Individual

for interest from direct U.S. obligations must

you of the amount of any such subtraction

Medical Account (IMA): Any monies you

identify the specific securities owned, e.g.,

to which you are entitled. Check the boxes

withdraw from your Individual Medical

“U.S. savings bond”. A general description

applicable on Line 9 and attach a copy of the

Account (IMA) for non-medical purposes are

such as “interest on U.S. obligation” or “U.S.

notification received. Failure to attach a copy

taxable to Missouri. The interest earned on

Government securities” is not acceptable. (See

of the notification furnished to you will result

such monies is also taxable to Missouri. The

Regulation 12 CSR 10-2.150 for the taxability of

in the disallowance of the subtraction.

amount subject to tax is reported on a state-

various U.S. Government related obligations.)

Railroad Retirement Benefits Administered

ment provided by the administrator of the IMA.

Failure to identify the specific security will

by the Railroad Re tire ment Board, such

Non-qualified Withdrawal from Family

result in the disallowance of the deduction.

as all Tier I and Tier II benefits and any rail-

De vel op ment Account: The amount of

road retirement sick pay, disability, and

annual deposits previously subtracted must

Form Mo-1040 - Booklet Missouri Individual Income Tax Long Form - 2011 Page 11

Related Articles

Related forms

Related Categories