Get Mo Form 5677 2023-2026

Filling out the MO Form 5677 can seem complex, but with a clear understanding of each section, the process becomes manageable. This guide provides detailed, step-by-step instructions tailored for users who may have little legal experience, ensuring your composite income tax return is accurately completed.

Follow the steps to successfully complete the MO Form 5677 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Select the composite return box at the top of the Form MO-1040 to indicate you are filing a composite return.
3. Input the federal identification number of the corporation or partnership in the 'Social Security Number' field.
4. Enter the name of the corporation or partnership in the 'Name (First)' field.
5. Attach a schedule listing all partners or shareholders included in the composite return. Ensure the following format: taxpayer identification number, tax year, ending month, name (last, first, middle initial, Jr. Sr. II), address, city, state, zip, and Missouri source income.
6. If there are more than 100 partners or shareholders, submit the schedule electronically (CD, USB drive, etc.) in Excel format, and attach it with your composite return.
7. Enter the total Missouri source income from the attached schedule on Line 1Y.
8. Calculate the Missouri tax by multiplying Line 1Y by 4.95 percent and enter this amount on Line 36.
9. Record any estimated tax payments on Line 38 and any extension payments on Line 41. Add these to show total payments on Line 45.
10. If Line 45 (or amended return line 48) exceeds Line 36, note the difference as an overpayment on Line 49. Specify the amounts to apply to next year’s taxes on Line 50 and to be refunded on Line 53.
11. If Line 36 exceeds Line 45 or Line 48 if amended, note the difference as an underpayment on Line 54.
12. If the balance due on Line 54 is over $500, consider the possibility of an underpayment of estimated tax penalty. Refer to form MO-2210 for further instructions.
13. Add Lines 54 and Line 55 if applicable, and enter the total amount due on Line 56.
14. Once completed, save changes, download, print, or share the form as needed.

Complete your MO Form 5677 online today to ensure timely and accurate filing of your composite income tax return.