Fillable Form Mo-1041 - Fiduciary Income Tax Return

Line 24 — Interest

Line 7 —

Enter positive adjustments (additions) reported

from partnerships, fiduciaries, and S corporations.

The

Simple interest is charged on all delinquent taxes.

The

partnership, fiduciary, or S corporation must notify you of

rate will be updated annually and can be found on the

the amount of any such adjustment (addition) to which

Department’s website at

you are entitled.

Check the appropriate box. If other

Line 25 — Additions to Tax

box is checked, enter the description on the line

For timely filed returns, an addition to tax of 5 percent (of the

provided. Attach a copy of the information for verification of

unpaid tax) is added if the tax is not paid by the return’s due

the addition.

date.

Line 8 — Food Pantry Contributions —

If the estate

For returns not filed by the due date, an addition to tax

or trust is claiming the Food Pantry Tax Credit,

(Form

of 5 percent per month (of the unpaid tax) is added for each

MO-FPT) and the donations are included as an itemized

month the return is not filed. The addition to tax cannot

deduction on the Federal Schedule A, report the amount of

exceed 25 percent.

An extension of time to file does

the donations, as noted on Line 8a of Form MO-FPT.

not extend the time for payment of the tax.

Line 9 — Nonresident Property Tax —

If the estate

Line 26 — Total Due

or trust is a nonresident and includes property tax paid to

another state or political subdivision on its federal return,

Enter the sum of Lines 23, 24, and 25. Attach a check or

enter the total nonresident property taxes included on

money order (U.S. funds only) for the total amount due,

Federal Form 1041, Line 11.

payable to: Missouri Director of Revenue. Write the Federal

Identification Number and a daytime telephone number on

Line 10 —

Enter the sum of Lines 3, 6, 7, 8, and 9.

the check or money order. Do not send cash. Please do not

Line 11 —

postdate checks; they will be cashed upon receipt. Please

Interest from direct obligations of the U.S.

mail your return and payment to: Missouri Department of

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

Revenue, P.O. Box 3815, Jefferson City, MO 65105-3815.

bills, bonds and notes is exempt from state taxation under

the laws of the United States. Attach a detailed list or all

Authorization

Federal Form 1099(s). Fiduciaries who claim exclusion for

If the taxpayer wishes to authorize the Director of Revenue

interest for direct U.S. obligations must identify the specific

or a delegate to release information pertaining to their tax

securities owned, (e.g., U.S. savings bond.)

A general

account to their preparer or to any member of his or her firm,

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

indicate “yes” by checking the appropriate box.

Government securities” is not acceptable. (See 12 CSR

10-2.150 for the taxability of various U.S. Government-

Sign the Return

related obligations.) Failure to identify the security will result

The fiduciary must sign the Form MO-1041,

Missouri

in the disallowance of the deduction.

Fiduciary Income Tax Return. The return is not considered

valid unless signed.

A federally taxed distribution received from a mutual fund

investing exclusively in direct U.S. Government obliga-

What to Attach to the Missouri Return Before Mailing

tions is exempt. If the mutual fund invests in both exempt

Please attach a list of all beneficiaries, including their home

(direct) and nonexempt (indirect) federal obligations, the

address (required to verify residency), a copy of the federal

deduction allowed is the distribution received from the mutual

return and supporting schedules, a copy of Form MO-60 (if

fund attributable to the direct U.S. Government obligations,

filed) or federal extension, any information requested in the

as determined by the mutual fund.

Attach a copy of the

instructions for verification of line amounts and a payment

year-end statement received from the mutual fund showing

for amount due on Line 26, (if applicable).

either the amount of monies received or the percentage of

funds received from direct U.S. Government obligations, or

Part 1:

a summary statement received from the mutual fund which

Missouri Fiduciary Adjustment

clearly identifies the exempt and non-exempt portions of the

U.S. Government obligation interest.

The statement does

Line 1 —

not need to list each obligation separately. Failure to attach

Enter the amount of state and local income taxes

the requested document will result in the disallowance of the

deducted on Federal Form 1041, Line 11. The line numbers

deduction.

for taxes used as a deduction will differ on other federal

forms.

Line 12 —

To determine the amount of related expenses

Line 2 —

Enter the amount of any Kansas City or St Louis

for Line 11, the taxpayer may use actual expenses or a

earnings taxes included in Line 1.

reasonable estimate.

In general, the taxpayer should

use the same or similar method used to compute related

Line 3 —

Enter total of Line 1 less Line 2.

expenses for federal income tax purposes, provided that the

Line 4 —

If the estate or trust received income from an

method reasonably reflects related expenses for Missouri-

obligation of a state or political subdivision of a state other

exempt income.

than Missouri, enter the amount of that income.

If a fiduciary fails to compute reasonable related expenses,

Line 5 —

Enter the amount of related expenses incurred on

the Director of Revenue will make an adjustment based

Line 4 (management fees, trustee fees, interest, etc.) if the

on the information available.

If sufficient information is

expenses are over $500. If expenses exceed amount on

not made available, the Director of Revenue will use the

Line 4, then enter figure from Line 4.

following formula to compute related expenses.

Line 6 —

Enter the total of Line 4 less Line 5. This line

cannot be less than zero.

Exempt Income

Reduction to

X Expense Items =

Total Income

Exempt Income

Form Mo-1041 - Fiduciary Income Tax Return - 2014 Page 7

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