Schedule K-1 - Benefi Ciary'S Share Of Income (Loss), Deductions, Credits, Etc - 2012 Page 2

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Benefi ciary’s Instructions for Montana Schedule K-1
Montana tax return to report the changes in income, gains, losses and
New! The 2012 Montana Schedule K-1 (FID-3) now includes Montana
deductions.
source income allocated to resident benefi ciaries in Part 4. Prior
years’ schedules only required fi duciaries to report amounts allocated
Montana Schedule K-1, Parts 3-5
to nonresident benefi ciaries in Part 4. Montana source income for
resident benefi ciaries is all income received from the estate or trust.
Part 3 – Montana Adjustments
General Instructions
A-B. Montana Additions and Deductions
The fi duciary of an estate or trust is required to provide a Montana
To compute Montana income taxable to benefi ciaries, certain items have
Schedule K-1 to all benefi ciaries. Montana Schedule K-1 shows
to be added to or deducted from income reported for federal income tax
information about a benefi ciary’s share of income, gains, losses,
purposes. Any amounts listed are the benefi ciary’s distributive share of
deductions, credits and other items from an estate or trust. A benefi ciary
Montana additions and deductions. A detailed schedule is required to be
may need this information to complete the appropriate Montana tax
included. The form shows a partial list.
return.
Part 4 – Benefi ciary’s Share of Montana Source Income (Loss)
Partnership or corporation benefi ciary. If you are a corporation,
If you are a resident, nonresident or part-year resident benefi ciary, you
partnership, or limited liability company treated like a corporation or
will need this information when you fi le your Montana tax return. If you
partnership, the Montana Schedule K-1 shows your share of Montana
are a corporation or pass-through entity, you may need this information
source income and Montana statutory adjustments from the estate or
to report your Montana source income. Your share of the estate’s or
trust that may affect the preparation of your Montana tax return.
trust’s distributed Montana source income, gains, losses and other
Resident individual, estate, or trust benefi ciary. If you are a Montana
additions to income that you need to report on your Montana tax return
resident individual, estate, or trust, your entire share of the estate’s
are shown in Part 4.
or trust’s income, gains, losses and deductions that is includable in
Part 5 – Supplemental Information
your federal taxable income is Montana source income. The Montana
Schedule K-1 shows your share of Montana source income and
Montana mineral royalty tax withheld. If the estate or trust received
Montana statutory adjustments from the estate or trust that may affect
royalty payments subject to withholding and distributed the mineral
the preparation of your Montana tax return.
royalty tax withheld to the benefi ciary, the amount distributed to the
benefi ciary is listed.
Nonresident or part-year resident individual, estate, or trust
benefi ciary. If you are a nonresident or part-year resident individual,
Other Information. Supplemental information which could result in
estate, or trust, the amount of your distributed share of the estate’s
adjustments to your Montana tax return are listed on this line. If all of
or trust’s income, gains, losses and deductions having their source in
the supplemental information could not be listed on this line, the estate
Montana is used to determine your Montana tax liability. Your share
or trust should provide you with a statement showing the additional
of Montana source income and Montana statutory adjustments are
information. Additional information includes income tax paid on behalf
reported to you on the Montana Schedule K-1. You will need your
of benefi ciaries and allocated items that you may be able to use to
Montana Schedule K-1 to determine your tax liability on your Montana
calculate a tax credit. An example of an item that can be used to
tax return.
calculate a tax credit is a contribution made by an estate or trust that
qualifi es for a qualifi ed endowment credit. A portion of a contribution
Amended Schedule K-1. If you received an amended Montana
that is not used to calculate a credit against the estate or trust’s liability
Schedule K-1 from the fi duciary, you may need to fi le an amended
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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