Printable Form Instructions 1120-S (Schedule K-1) Maine 2024-2025

Printable Form Instructions 1120-S (Schedule K-1) Maine: What You Should Know

Total Maine-source income items. If the items are not all of Maine-sourced income, such as business income or partnership income, treat Maine income as Maine source income. (see New Hampshire Corporate Tax Schedule H) Total Massachusetts-source income items. Subtract from line 11. The state apportionment factor applicable to Maine's apportionment of income. If the item is not all of Maine-sourced income, such as partnership income, treat Massachusetts as Maine's source income. (see New Hampshire Corporate Tax Schedule H) Tax in Maine. If the item is income from Maine-sourced sources, enter the amount and the state the partnership derived the investment income from. If the partnership created a partnership, enter it here. Maine's income is the excess of the partner's Maine-source total income over the partner's Maine-source income. For each state, use only Maine taxable income. For all state income, subtract the state apportionment factor applicable to Maine income from the partner's state apportionment factor applicable to it. Subtract the partner's state or local income tax (as applicable) from the partner's state or local income, or the partner's partnership total income less the partner's Maine income. Subtract the partner's total taxable income for the state or locality from the partner's total taxable income for Maine. STATE INCOME, CCD 2, 2014 Source state income: New Hampshire State income tax: (6.0%) Maine Partnership Income (line 16): 3.3% STATE INCOME, CCD 2, 2014 Source state income: New Hampshire State income tax: (11.0%) Maine Partnership Income (line 15): 10.1% STATE INCOME, CCD 2, 2014 Source state income: New Hampshire State income tax: (13.5%) Maine Partnership Income (line 14): 4.4% STATE INCOME, CCD 2, 2014 New Hampshire corporate tax is calculated on the same basis as Maine. STATE INCOME, CCD 3, 2019 Source state income: New Hampshire Business income includes, at a minimum, gross receipts from the sale of property, but does not include income generated or realized from the manufacture, production, distribution of products or services, or storage, use, or other consumption of petroleum, natural gas, electricity, or water that are not sold or used in the course of the business carried on by the partnership.

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