Md. Code Regs. 03.04.07.04

Current through Register Vol. 51, No. 24, December 2, 2024

Section 03.04.07.04 - Statements to Members

A. Requirements. A pass-through entity shall provide each member with an income tax statement.

B. Form and Contents of Statement.

(1) Form. A pass-through entity may elect to use a:

(a) Maryland Form 510, Schedule K-1;

(b) Modified Federal Form K-1; or

(c) Statement prepared by the pass-through entity on its own form.

(2) Contents.

(a) Pass-through Entity Income Tax Statement. A pass-through entity that elects to use its own form as provided under §B(1)(b) of this regulation shall label the statement "Member Income Tax Statement", and the statement shall contain the following:

(i) Name and address of the pass-through entity;

(ii) Federal employer identification number of the pass-through entity;

(iii) Maryland central registration number of the pass-through entity, if one has been issued;

(iv) Name and address of the member;

(v) Social Security number or federal employer identification number of the member;

(vi) Amount of the member's distributive or pro rata share of income attributable to Maryland sources;

(vii) Description and amount of Maryland addition and subtraction modifications allocated to the member;

(viii) Amount of the Maryland tax paid on the member's shares of distributable or pro rata income; and

(ix) Description and amount of Maryland credits allocated to the member.

(b) Modified Form K-1. A pass-through entity that elects to use a modified Form K-1, in addition to the information provided for federal purposes, shall include the amount of the:

(i) Member's share of income attributable to Maryland sources;

(ii) Description and amount of addition and subtraction modifications allocated to the member;

(iii) Tax paid on the member's shares; and

(iv) Description and amount of credits allocated to the member.

Md. Code Regs. 03.04.07.04

Regulation .04B amended effective December 22, 2003 (30:25 Md. R. 1845)
Regulation .04B amended effective March 21, 2011 (38:6 Md. R. 393); amended effective 49:9 Md. R. 529, eff. 5/2/2022