Fillable Form Mo-1041 - Fiduciary Income Tax Return

the amounts on Line 11 from each Form MO-CR.)

Example 1:

From Federal Form 1041, Line 17 equals

Your total credit cannot exceed the tax paid to the

$1,000, Line 18 equals $1,000 and Line 20 equals $100. On

other state(s) or the percent of tax due to Missouri

Form MO-1041, Line 1 equals $0 and Line 11 equals $200.

on that part of your income.

The allowable exemption would be $100.

Example 2:

Line 16 — Balance

From Federal Form 1041, Line 17 equals

$1,000, Line 18 equals $950 and Line 20 equals $100. On

Enter total of Line 14 less Line 15.

Form MO-1041, Line 1 equals $0 and Line 11 equals $200.

Line 17 — Other Taxes

The allowable exemption would be $50.

Mark appropriate box and enter the amount. If both boxes

Example 3:

From Federal Form 1041, Line 17 equals

apply, mark each box and put the total of the lump sum

$1,000, Line 18 equals $0 and Line 20 equals $100. On

distribution and recapture taxes. Attach a schedule showing

Form MO-1041, Line 1 equals $1,000 and Line 11 equals

the breakdown of the taxes.

$800. The allowable exemption would be $0.

Tax on Lump Sum Distribution:

If during 2014 the

Line 13 — Missouri Taxable Income

taxpayer received a lump sum, not otherwise included in the

Enter total of Line 11 less Line 12. For nonresident estates

federal taxable income, the taxpayer may be required to file

or trusts, enter amount from Form MO-NRF, Part 5, Line 9.

Federal Form 4972. Because this income is not included in

the federal taxable income, a separate calculation must be

Line 14 — Missouri Income Tax

made to compute the Missouri tax on this distribution. The

Determine amount of tax from tax chart provided on page 8.

estate or trust is subject to the tax if it was a resident estate

or trust of Missouri. To calculate the Missouri tax on a lump

Line 15 — Credit for Income Tax Paid to Another

sum distribution, multiply the amount on Federal Form 1041,

State

Schedule G, Line 1b by 10 percent (.10) and enter the result

If the taxpayer was required to pay income tax to another

on Form MO-1041, Line 17. Attach a copy of Federal Form

state, the taxpayer may be entitled to claim a tax credit

1041 and Federal Form 4972.

against the Missouri income tax liability for the tax paid to

Recapture Taxes:

If the taxpayer is required to recapture

the other state.

To determine the allowable tax credit,

a portion of any federal low income housing credits taken

complete Form MO-CR, Credit for Income Taxes Paid to

on a low-income project, the taxpayer is also required to

Other States or Political Subdivisions. Note: Please enclose

recapture a portion of any state credits taken. The state

Form MO-CR and a copy of the other state’s tax return with

recapture amount is equal to the proportion of the state credit

your Missouri return. The credit for income taxes paid to

that equals the proportion the federal recapture amount bears

other state, will not be allowed if the other state’s tax return

to the original federal low-income housing credit amount.

is not enclosed.

Enter the recapture tax on Form MO-1041, Line 17. Attach

Instructions for Completing

a copy of Federal Form 8611 to your Missouri return.

Form MO-CR

Line 18 — Total Tax

The taxpayer must complete the Missouri return,

Enter total of Line 16 plus Line 17.

Lines 1 through 14 before beginning Form MO-CR

Line 19 — Credits

Line 1 —

Enter amount from Line 13 of Form

You may be eligible for certain tax credits. The total

MO-1041

amount of tax credit is computed by completing Form

Line 2 —

Enter amount from Line 14 of Form

MO-TC, Miscellaneous Income Tax Credits. Enter the total

MO-1041

tax credit amount from Form MO-TC, Line 13 on Form

MO-1041, Line 19. Attach Form MO-TC, along with any

Line 7 —

Enter the Taxable Income or Net Income

applicable schedules, certificates, and federal forms.

on which you were required to pay a state income

You can find a list of available credits and the agency

tax to another state and which is also subject to

to contact for information, forms, and approval to claim

Missouri income tax.

each credit on the Form MO-TC. To obtain a Form

Line 8 —

Divide Line 7 by Line 1.

If greater

MO-TC, go to our website at

than 100%, enter 100%. (Round to whole percent

such as 91% instead of 90.5% and 90% instead of

Line 20 — Payments

90.4%. However, if percentage is less than 0.5%,

Enter total amount of all extension payments and attach

use the exact percentage.) Enter percentage on

a copy of Form MO-60, Application for Extension of

Line 8.

Time to File, to the return.

For amended returns, enter

previously paid amounts less any refunds received.

Line 9 —

Multiply Line 2 by percentage on Line 8

estimated payments were made, attach a copy of the form

and enter amount on Line 9.

used when making the payments.

Line 10 —

Enter the income tax that was actu-

Line 21 — Total Credits and Payments

ally paid to the other state. The income tax must

be reduced by all credits allowed, such as: exemp-

Enter the total of Line 19 plus Line 20.

tions, sales tax credits, homestead credit, etc.

Line 22 — Overpayment

Line 11 —

Enter the smaller amount from Form

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

MO-CR, Line 9 and Line 10. This is your Missouri

Line 23 — Tax Due

resident credit. Enter this amount on Form

MO-1041, Line 15. (If you have multiple credits, add

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

Form Mo-1041 - Fiduciary Income Tax Return - 2014 Page 6

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