Get Mo Form 5677 2022

Completing the MO Form 5677 online can streamline the process of filing a composite return for nonresident partners or shareholders. This guide provides a step-by-step approach to ensure accurate and efficient completion of the form.

Follow the steps to fill out the MO Form 5677 online effectively.

1. Press the ‘Get Form’ button to access the MO Form 5677 and open it in the editor.
2. Locate the composite return box at the top of the form and check it to indicate that you are filing a composite return.
3. Enter the federal identification number of the corporation or partnership in the 'Social Security Number' field.
4. Provide the name of the corporation or partnership in the 'Name (First)' field.
5. Attach a schedule listing all partners or shareholders that are included in this composite return in the format specified: taxpayer identification number, tax year, ending month, name (last, first, middle initial, Jr., Sr., II), address, city, state, zip, and Missouri source income.
6. Record the total Missouri source income from the attached schedule on Line 1Y of the form.
7. Calculate the Missouri tax by multiplying the amount on Line 1Y by 5.3 percent and then enter this amount on Line 37.
8. Input any estimated tax payments on Line 39 and any extension payments on Line 42. Then, calculate the total payments and enter this on Line 45.
9. If the amount on Line 45 or amended return Line 48 exceeds Line 37, note the difference (overpayment) on Line 49. Indicate the amount to be applied to next year’s taxes on Line 50 and the refund amount on Line 53.
10. If Line 37 exceeds Line 45 or amended return Line 48, record the difference (underpayment) on Line 54.
11. Should the balance due on Line 54 exceed $500, review if an underpayment of estimated tax penalty applies by referring to form MO-2210. If applicable, enter this amount on Line 55.
12. If there is a balance due, combine Lines 54 and Line 55 and write the total amount due on Line 56.
13. Finally, save your changes, and download, print, or share the completed form as needed.

Start filling out your MO Form 5677 online today for a smooth filing experience.