Schedule 1040c-Me - Worksheet For Composite Filing Of Maine Income Tax For Nonresident Owners - 2012 Page 2

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Schedule 1040C-ME Instructions (continued)
Line 29. If total payments are more than net tax, enter the amount
Line Instructions.
of overpayment on this line. Skip to line 33.
Line 1. Calculate the composite income by entering the sum
Line 30. If net tax is greater than total payments, enter the amount
of positive amounts of Partner/Shareholder Maine Income for
of underpayment on this line. Skip to line 35.
each partner/shareholder participating in the composite return.
Do not include losses (negative amounts) when calculating
Line 33.
Enter the amount from line 29.
composite income. See Form 941P-ME for more information
Lines 34a-b. Enter the amount to be carried forward on line 34a.
on how to calculate the Maine income for each partner/
Enter any amount to be refunded on line 34b.
shareholder.
Lines 35a-c. Enter the amount from line 30 on line 35a. Enter
Line 2. Multiply the income reported on line 1 by 8.5% (0.085).
on line 35b any underpayment penalty (attach Form
Enter this amount on line 2 and on the composite return, Form
2210ME). Be sure to check the box if you used the
1040ME, line 20. No Maine income modifi cations are allowed.
annualized income installment method of calculating the
For further guidance, see MRS Rule 805.
underpayment of estimated tax penalty. Enter the total of
lines 35a and 35b on line 35c.
Complete Form 1040ME as follows:
Enclose with the composite return (Form 1040ME) a copy of
For Tax Period. If other than the calendar year, enter begin
federal Form 1120S, pages 1-4 or federal Form 1065, pages 1-5
and end dates for the year.
and a copy of the Maine Worksheet for Composite Filing (Schedule
Your Social Security Number. Enter the entity EIN in a social
1040C-ME).
security number format. Enter the entity name under
Does a pass-through entity fi ling a composite return have to
Your Last Name.
withhold or pay estimated tax?
Work Phone Number. Contact person phone number.
Pass-through entities doing business in Maine are generally
Mailing Address. Complete mailing address of the business
required to withhold income taxes from nonresident owners’
entity.
distributable income that is apportionable to Maine. However, the
Filing Status. Check Single and Composite Return.
withholding is not required for owners participating in a composite
fi ling, provided that the entity does the following:
Residency Status. Check nonresident.
•
Collects a Nonresident Member Affi davit and Agreement
Line 14. Enter composite income from Schedule 1040C-ME,
to Participate in a Composite Filing of Maine Income
line 1.
Tax (Form 941CF-ME) from each nonresident eligible
Line 19. Enter the same amount as entered on line 14.
person who wants to participate in the group fi ling. This
statement must be obtained prior to the withholding due
Line 20. Enter the amount from Schedule 1040C-ME, line 2.
date otherwise applicable to the member.
Line 23. Enter the same amount as entered on line 20.
•
Makes estimated payments (Form 1040ES-ME) on
Line 24. Use Maine Form 1040ME, Schedule A to calculate
behalf of the composite fi ling group as long as the
qualifying business credits that participating members
aggregate Maine income tax liability is greater than
may be eligible to claim. Credits that require an
$1,000.
All participants in the composite return are
income modifi cation, such as the Maine Capital
grouped together and treated as one fi ler for estimated
Investment Credit, and non-business credits, such as
tax purposes. If the tax liability of the composite group
the Child Care Credit, do not qualify. The Credit for
is anticipated to exceed $1,000, the entity must make
Contributions to a Family Development Account also
four equal estimate payments in order to avoid the
does not qualify. The amounts allocated to participating
penalty for the understatement of estimated tax; and
members may be claimed in their entirety, subject to
•
Files Form 941P-ME with Schedule 3P completed.
limitations and carryover provisions. Attach a copy of
Schedule A to the return. See MRS Rule 805, Section
•
Files a composite return.
5, for more information.
An entity meeting all of the requirements above, should not have
Line 26. Subtract line 24 from line 23 and enter net tax amount.
withheld from the members participating in the composite fi ling.
However, if the entity inadvertently withheld amounts from the
Line 27. Enter amount from line 26.
participating members, it may claim a withholding credit for the
Lines 28a-e. If participating eligible persons have 1099s with
amount withheld. To do so, the entity must attach member copies
Maine withholding, then enter the withheld amount
of Form 1099ME to the composite return.
on line 28a (copies of the 1099s must be attached
to the return). Enter the total amount of estimated
For more information, see the instructions to Form 941P-ME,
tax payments, credit carried forward from the prior
available on the MRS web site at
tax year, payment made with extension and any
Real Estate Withholding tax payments allocated to
participating eligible persons on line 28b. On line
28c, enter the refundable portion of the rehabilitation
of Historic Properties Tax Credit related to the
nonresident members participating in the composite
fi ling. Leave line 28d blank. Enter the sum of lines a
through c on line 28e.

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