Montana Schedule K-1 (Form Fid-3) - Beneficiary'S Share Of Income (Loss), Deductions, Credits, Etc. Page 2

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Benefi ciary’s Instructions for Montana Schedule K-1
General Instructions
Montana Schedule K-1, Parts 3-5
A fi duciary of an estate or trust is required to provide a Montana
Part 3 – Montana Adjustments
Schedule K-1 to all benefi ciaries. Montana Schedule K-1 shows
A-B. Montana Additions and Deductions
information about a benefi ciary’s share of income, gains, losses,
deductions, credits and other items from an estate or trust. A benefi ciary
To compute Montana income taxable to benefi ciaries, certain items have
may need this information to complete the appropriate Montana tax
to be added to or deducted from income reported for federal income tax
return.
purposes. Any amounts listed are the benefi ciary’s distributive share of
Montana additions and deductions. A detailed schedule is required to be
Partnership or corporation benefi ciary. If you are a corporation,
included. The form shows a partial list.
partnership, or limited liability company, the Montana Schedule K-1
shows your share of Montana source income and Montana statutory
Part 4 – Benefi ciary’s Share of Montana Source Income (Loss)
adjustments from the estate or trust that may affect the preparation of
If you are a resident, nonresident or part-year resident benefi ciary,
your Montana tax return.
you will need this information to fi le a Montana tax return. If you are a
Resident individual, estate, or trust benefi ciary. If you are a Montana
corporation or pass-through entity, you may need this information to
resident individual, estate, or trust, your entire share of the estate’s or
report your Montana source income. Your share of the estate’s or trust’s
trust’s income, gains, losses and deductions that is includable in your
distributed Montana source income, gains, losses and other additions to
federal taxable income is Montana source income. Montana Schedule
income that you need to report on your Montana tax return are shown in
K-1 shows your share of Montana source income and Montana statutory
Part 4.
adjustments from the estate or trust that may affect the preparation of
Part 5 – Supplemental Information
your Montana tax return.
Montana mineral royalty tax withheld. If the estate or trust received
Nonresident or part-year resident individual, estate, or trust
royalty payments subject to withholding and distributed the mineral
benefi ciary. If you are a nonresident or part-year resident individual,
royalty tax withheld to the benefi ciary, the amount distributed to the
estate, or trust, the amount of your share of the estate’s or trust’s
benefi ciary is listed.
income, gains, losses and deductions having their source in Montana
is used to determine your Montana tax liability. Your share of Montana
Other Information. Supplemental information which could result in
source income and Montana statutory adjustments are reported on the
adjustments to your Montana tax return are listed on this line. If all of
Montana Schedule K-1. You will need a Montana Schedule K-1 to fi le a
the supplemental information could not be listed on this line, the estate
Montana tax return.
or trust should provide you with a statement showing the additional
information. Additional information includes income tax paid on behalf
Amended Schedule K-1. If you received an amended Montana
of benefi ciaries and allocated items that you may be able to use to
Schedule K-1 from the fi duciary, you may need to fi le an amended
calculate a tax credit. An example of an item that can be used to
Montana tax return to report the changes in income, gains, losses and
calculate a tax credit is a contribution made by an estate or trust that
deductions.
qualifi es for a qualifi ed endowment credit. A portion of a contribution
that is not used to calculate a credit against the estate or trust’s liability
may be allocated to you. If you receive a portion of this contribution, the
amount will be reported on this line.

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