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What is Included in Massachusetts Other Interest and Dividends Calculations?

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Question
What is Included in Massachusetts Other Interest and Dividends Calculations?

Answer

Enter the following amounts and their sources (enclose additional statement if more space is necessary):

-Interest from obligations of other states and their political subdivisions (including your share, if any, from a partnership, an S corporation and a grantor-type trust or non-Massachusetts trust). Do not include exempt interest already included in Schedule B, line 1;

-Taxable distributions from Massachusetts S corporations not reported in Schedule B, line 2. Distributions in excess of the Massachusetts accumulated adjustments account are dividends to the extent of the corporation’s Massachusetts accumulated earnings and profits. For more information, see 830 CMR 62.17A.1;

-Interest and dividends from a partnership, S corporation, grantor-type trust, or non-Massachusetts estate or trust from Massachusetts Schedule E. Generally, portfolio interest and dividend income from partnerships and S corporations should already be included in Schedule B, line 1 and line 2 amounts;

-Interest from a trade or business that is reported on Massachusetts Schedule C; or

-Interest or dividends from a mutual fund, if such distributions are not included in Schedule B, line 1 or line 2. See Schedule B, line 6a.


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Article Details
Views: 1522 Created on: Jun 15, 2013
Date updated: Jan 06, 2022
Posted in: States, Massachusetts

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