Does Montana Schedule K-1 have to be issued if there are no nonresident individual beneficiaries and no modifications or credits passed through to the beneficiaries?
No. Montana Schedule K-1 is a supplemental schedule intended to give beneficiaries needed information for them to complete their Montana income tax returns. So, if there are no modifications (additions or deductions) or tax credits or tax credit recaptures or mineral royalty withholding distributed to the beneficiary, the estate or trust does not need to issue the Montana Schedule K-1 to the individual beneficiaries who are Montana residents. Nonresident beneficiaries will need the information from the Montana Schedule K-1 to complete their income tax return. 5. How do I notify the beneficiaries of any adjustments they must make on their Montana individual returns? Provide each beneficiary with a completed Montana Schedule K-1. If there are no modifications, there is no need to issue the schedule to Montana beneficiaries. However, nonresident beneficiaries will need the schedule to determine their Montana taxable income.
Related Questions
- Does Schedule KPI have to be issued if there are no nonresident individual partners and no modifications or credits passed through to the partners?
- Does Schedule KS have to be issued if there are no nonresident shareholders and no modifications or credits passed through to the shareholders?
- How do I notify the beneficiaries of any adjustments they must make on their Montana individual returns?
