Montana Beneficiary's Share of Income (Loss), deductions and credits
Extracted from PDF file 2021-montana-schedule-k-1.pdf, last modified September 2019
Beneficiary's Share of Income (Loss), deductions and creditsMontana Schedule K-1 (FID-3) Clear Form Part 5 Part 4 Supplemental Beneficiary’s Share of Montana Information Source Income (Loss) Part 3 Montana Adjustments Part 2 Beneficiary Information Part 1 Estate or Trust Information Beneficiary’s Share of Income (Loss), Deductions, Credits, etc. For calendar year 2021 or tax year beginning M M D D 2 0 2 1 and ending M M D D Y Y Y Y Mark applicable boxes: Name of Estate or Trust Final Schedule K-1 Amended Schedule K-1 FEIN Fiduciary’s Name Mailing Address City State ZIP Code Beneficiary’s Name FEIN OR SSN Mailing Address City State What type of entity is this beneficiary? If beneficiary is an individual, estate, or trust, the beneficiary is a: ZIP Code Full-year resident Part-year resident A Montana additions to income. Adjustment for smaller federal estate and trust taxable distributions. A 00 Adjustment for larger federal estate and trust taxable distribution. B 00 Interest income Dividends Business income or (loss) Capital gain or (loss) Rents, royalties, partnerships, S corporations, other estates and trusts, etc. Net farm income or (loss) Ordinary gain or (loss) Other income. List type Montana source additions to income reported on Form FID-3, Schedule A. Include a list with types and amount. 1 2 3 4 5 6 7 8 00 00 00 00 00 00 00 00 and amount. 9 00 and amount. 1 2 3 00 00 00 B Montana deductions from income. 1 2 3 4 5 6 7 8 9 Nonresident 1 Montana mineral royalty tax withheld 2 Federal income tax paid or incurred allocated to beneficiary. (See instructions) 3 Other information. List type *21DT0801* *21DT0801* Beneficiary’s Instructions for Montana Schedule K-1 (Form FID-3) General Instructions Montana Schedule K-1, Parts 3-5 An estate or trust is required to provide a Montana Schedule K-1 to all beneficiaries. Montana Schedule K-1 shows information about a beneficiary’s share of income, gains, losses, deductions, credits and other items from an estate or trust. A beneficiary may need this information to complete the appropriate Montana tax return. Part 3–Montana Adjustments Partnership or corporation beneficiary. If you are a corporation, partnership, or limited liability company, the Montana Schedule K-1 shows your share of Montana source income and Montana statutory adjustments from the estate or trust that may affect the preparation of your Montana tax return. Resident individual, estate or trust beneficiary. If you are a Montana resident individual, estate, or trust, your entire share of the estate’s or trust’s income, gains, losses and deductions that is includable in your federal taxable income is Montana source income. Montana Schedule K-1 shows your share of Montana source income and Montana statutory adjustments from the estate or trust that may affect the preparation of your Montana tax return. Nonresident or part-year resident individual, estate, or trust beneficiary. If you are a nonresident or partyear resident individual, estate, or trust, the amount of your share of the estate’s or trust’s income, gains, losses and deductions having their source in Montana is used to determine your Montana tax liability. Your share of Montana source income and Montana statutory adjustments are reported on the Montana Schedule K-1. You will need a Montana Schedule K-1 to file a Montana tax return. Amended Schedule K-1. If you received an amended Montana Schedule K-1 from the estate or trust, you may need to file an amended Montana tax return to report the changes in income, gains, losses and deductions. A-B. Montana Additions and Deductions To compute Montana income taxable to beneficiaries, certain items must be added to or deducted from income reported for federal income tax purposes. Any amounts listed are the beneficiary’s distributive share of Montana additions and deductions. The beneficiary will receive a detailed statement along with the Montana Schedule K-1 from the estate or trust listing the additions or deductions. See the Form FID-3 instructions for descriptions of additions and deductions. Part 4–Beneficiary’s Share of Montana Source Income (Loss) If you are a resident, nonresident or part-year resident beneficiary, you will need this information to file a Montana tax return. If you are a corporation or pass-through entity, you may need this information to report your Montana source income. Your share of the estate’s or trust’s distributed Montana source income, gains, losses and other additions to income that you need to report on your Montana tax return are shown in Part 4. Part 5–Supplemental Information Montana mineral royalty tax withheld. If the estate or trust received royalty payments subject to withholding and distributed the mineral royalty tax withheld to the beneficiary, the amount distributed to the beneficiary is listed. The beneficiary will report this amount on the appropriate Montana tax return as a tax withheld on its behalf. Federal income tax paid or incurred allocated to beneficiary. The amount of federal income tax paid or incurred that the estate or trust cannot deduct on the Form FID-3 is reported here. If the beneficiary is an individual, he or she may claim this amount as an itemized deduction on the Form 2, Itemized Deductions Schedule. Other Information. Supplemental information that could result in adjustments to your Montana tax return is listed on this line. If all of the supplemental information could not be listed on this line, the estate or trust should provide you with a statement showing the additional information. Additional information includes income tax paid on behalf of beneficiaries and allocated items that you may be able to use to calculate a tax credit. An example of an item that can be used to calculate a tax credit is a contribution made by an estate or trust that qualifies for a qualified 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.
More about the Montana Schedule K-1 Corporate Income Tax Tax Credit TY 2021
We last updated the Beneficiary's Share of Income (Loss), deductions and credits in March 2022, so this is the latest version of Schedule K-1, fully updated for tax year 2021. You can download or print current or past-year PDFs of Schedule K-1 directly from TaxFormFinder. You can print other Montana tax forms here.
Other Montana Corporate Income Tax Forms:
|Form Code||Form Name|
|Form INA-CT||Affidavit of Inactivity for Corporations, Partnerships and Disregarded Entities (OBSOLETE)|
|Form CT||Corporate Income Tax Payment Voucher|
|Form MSA||Montana Medical Care Savings Account (DISCONTINUED)|
|Form NOL||Montana Net Operating Loss|
|CIT||Corporate Income Tax Return (formerly CLT-4)|
Montana usually releases forms for the current tax year between January and April. We last updated Montana Schedule K-1 from the Department of Revenue in March 2022.
Schedule K-1 is a Montana Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Montana Schedule K-1
We have a total of ten past-year versions of Schedule K-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Montana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.