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Summary information Line 11. Schedule D (long-term capital gains and
Amounts entered on each line represent the total for all members elect- losses excluding collectibles)
ing to be included on the composite return. If any member has any entry, Enter in line 11 the amount from Schedule D, line 22, but not less than
regardless of amount, on Schedules B, D, or E, the entity should file the 0. To determine if you need to file Schedule D, refer to the Schedule D
relevant form; amounts entered on Schedules B, D, or E represent the instructions.
total for all members.
Line 17. Prior year overpayment applied to
Lines without specific instructions are considered to be self-explanatory.
current year estimated tax
Include the exact amount of any overpayment you applied to your esti-
5.0% income mated taxes. Do not include any prior year refund in this line.
Line 2. Massachusetts state lottery winnings
Enter in line 2 all winnings from the Massachusetts state lottery. Do not
enter less than 0. You may only deduct the price of your winning tick- Line 18. 2020 Massachusetts estimated tax
et. Lottery losses claimed as itemized deductions on U.S. Form 1040, payments
Schedule A are not allowed on the Massachusetts return. Enter in line 18 the total of all Massachusetts estimated tax payments,
but do not include the amount entered in line 17. Be sure to include any
Note: DOR routinely matches the amounts in line 2 with files from the last quarter (of 2020) payment made on or before January 15, 2021.
Lottery Commission.
Every filer expecting to pay more than $400 in Massachusetts income
Line 4. Interest from Massachusetts banks taxes on income which is not covered by Massachusetts withholding
To report interest taxable to a nonresident from banks located in Mas- must pay Massachusetts estimated taxes. Estimated tax payments must
sachusetts, enter in line 4 all amounts of interest received or credited to be made online using MassTaxConnect by visiting www. mass. gov/ mas-
these deposit accounts (term and time deposits, including certificates staxconnect.
of deposit, savings accounts, savings shares, and NOW accounts) from Generally, the first payment must be filed on or before April 15 of the
Schedule B, line 5. Composite filers may not claim an exemption amount taxable year. The estimated tax may be paid in four installments on or
for interest from Massachusetts banks. before April 15, June 15, September 15 of the current taxable year and
All other bank interest should be entered on Massachusetts Schedule B, January 15 of the following year.
line 38, and included with dividend income on line 6 of this form. You can verify estimated tax payments that have already been made
through your MassTaxConnect account. If you don’t have a MassTax-
Line 5. Subtotal Connect account, you can sign up at www.mass.gov/masstaxconnect
Enter in line 5a the sum of lines 1 through 4. If the result is a loss see
Schedule C-2 if applicable. If 80% of the tax listed on the return is not paid throughout the year
through estimated payments and prior year credits, a penalty may be
Enter in line 5b the amount in line 5a, but not less than 0. imposed.
Line 6. Interest and dividend income Line 19. Payments made with extension
If the filing entity is reporting any interest income (other than interest from If you made a payment with Massachusetts Form M-4868, for 2020 on
deposits in banks located in Massachusetts), any dividend income, cer- or before April 15, 2021, enter in line 19 the amount you paid with Form
tain capital gains or losses, or any adjustments to interest income (other M-4868.
than interest from Massachusetts banks), it must complete Schedule B.
Enter in line 6 the total amount from each member’s Schedule B, line 38. Line 20. Payment with Original Return
Use this line only if you are amending the original return. Enter in line 20
the amount of tax you paid with the original return from line 25, Tax Due.
Line 7. Total taxable 5.0% income If estimated tax payments were made on the original return, they should
Add lines 5b and 6.
be reflected on line 18, as on the original return. Select the appropriate
amended return oval on page 1. Complete the entire return, correct the
Line 8. Tax appropriate line with the new information and recompute the tax liability.
Multiply the amount in line 7 by 0.05 and enter the result in line 8.
Note: Personal income tax forms must provide an election to voluntarily Refund amount
pay tax at a rate of 5.85% on taxable income which would otherwise be Line 22. Overpayment
taxed at a rate of 5.0%. The election to pay tax at the rate of 5.85% does If line 16 is smaller than line 21, subtract line 16 from line 21 and enter
not apply to items of income taxed at 12% (short-term capital gains and the amount in line 22. This is the amount of your overpayment. If line 16
gains on collectibles). If choosing the optional 5.85% tax rate, multiply is larger than line 21, skip to line 25. If line 16 and line 21 are equal, enter
line 7 and Schedule D, line 21 by 0.0585 and fill in the oval. 0 in line 25.
12% income and tax Line 23. Amount of overpayment you want
Lines 9 and 10. 12% income and tax from applied to Massachusetts estimated taxes for
certain capital gains next year
Enter in line 9 the amount from Schedule B, line 39. Multiply this amount Enter the amount of your overpayment you wish to apply to next year’s
by 0.12 and enter the tax in line 10. To determine if you need to file Massachusetts estimated taxes. Once an election is made to apply your
Schedule B, refer to the Schedule B instructions. overpayment to next year’s estimated tax, it cannot be refunded later
or applied to any additional tax you may owe for this year. The amount
entered in this line can only be claimed as a credit on next year’s Mass-
achusetts return.
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