Form 355 print requirements
To print Form 355, Massachusetts Excise for Taxpayers Subject to Combined Reporting:
- Go toTax Forms,States,Massachusetts, then theSelected Optionsfolder.
- In theMassachusetts Return Typesection,C corporationneeds to have anX.Financial InstitutionandSecurity corporationshould not contain anX.
- In theMassachusetts Entity Typesection,Top consolidationshould not contain anX.
- Then go toOrganizer,States,Massachusetts, then theCombined Return Informationfolder.
- In theCombined Report Options, clear theFiling combined Forms 355Ucheckbox and theMember has a different tax year than the combined groupcheckbox.
- Do a full recompute, then print.
Schedule F Line 4
Line 4 on Massachusetts Schedule F Income Apportionment isn't populating on a 1120 return.
Schedule F, Line 4 populates only when the sales factor doesn't apply.
Per Massachusetts Form 355 instructions, entering an amount at applies the sales factor. As a result, Line 4 doesn't populate.
- Go to Section.
- Enter the Apportionment percentage amount.
- Do a full recompute, then print.
note
Refer to the instructions. Corporations other than section 38 manufacturers or mutual fund service corporations are required to apportion their net income as follows: sales factor equals 50%, property factor equals 25%, payroll factor equals 25%. If any of the apportionment totals for “Worldwide” (lines 1c, 2a or 3f) are less than 3.33% of Schedule E, line 19, don’t include that factor in your Massachusetts apportionment percentage. If the factors are less than 3.33% of Schedule E, line 19 therefore they wouldn’t be considered significant. They should review their apportionment data.
