Massachusetts Form 2G PDF Details

Navigating tax obligations can be complex, particularly when dealings with specialized financial arrangements like grantor-type trusts are involved. In Massachusetts, one pivotal document catering to this niche but significant area is the Form 2G. This form, titled "Grantor’s or Other Owner’s Share of Income, Deductions, Credits, Etc. of a Grantor-type Trust," serves as a crucial conduit for reporting the financial activities associated with these trusts. Instituted by the Massachusetts Department of Revenue for the tax year 1999, it underscores the state's adherence to federal tax codes while integrating specific state-level requirements. The form meticulously details various income types, from dividends and interest to capital gains and losses, directing how these should be integrated into an individual's Massachusetts tax return. Besides individual income reporting, Form 2G touches upon fiduciary obligations, estimated tax payments by trustees, nonresident withholding, and provisions for pooled income or charitable trusts. Moreover, it outlines protocols for extensions, consolidated filings, and underscores the legal ramifications of willful tax evasion. Designed to navigate the complex interplay between federal guidelines and state-specific mandates, Form 2G ensures Massachusetts residents comply with their tax obligations in a structured, transparent manner.

QuestionAnswer
Form NameMassachusetts Form 2G
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesGrantors, Massachusetts, MGL, PY

Form Preview Example

Form 2G

Grantor’s or Other Owner’s Share of Income, Deductions, Credits, Etc. of a Grantor-type Trust

1999

Massachusetts

Department of

Revenue

To be reported on Massachusetts Individual Income Tax Return.

 

 

Name of entity

 

Grantor-type trust

 

 

 

 

Pooled Income Fund

Grantor’s/Beneficiary’s Identification number

Entity’s Employer Identification number

 

 

 

 

Charitable Remainder Annuity Trust

 

 

Charitable Remainder Unitrust

Legal Domicile

 

 

 

 

 

 

Other ______________________

 

 

 

 

Grantor’s/Beneficiary’s Name

Address

State

Zip

 

 

 

 

¨1 Fiduciary’s name

Address

State

Zip

 

 

 

 

 

 

 

 

c. Include* on Massachusetts Form 1

 

 

 

 

 

 

 

 

(or Form 1-NR/PY) the column b

a. Allocable share item

 

b. Amount

 

 

 

 

amounts as indicated below

 

 

 

 

 

 

 

 

 

2

Dividends

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

Interest: (a) Corporate bonds, notes

3a

 

 

 

 

 

Massachusetts Schedule B,

 

 

 

 

 

 

(b) Non-Massachusetts municipal bonds

3b

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

line 1 and/or 3

 

(c) Other interest (including Massachusetts bank interest —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

see line 13 below)

3c

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Total interest

3d

 

 

 

 

 

Massachusetts Schedule B, line 6

 

 

 

 

 

 

4

Exempt U.S. interest

4

 

 

 

 

 

 

 

 

5

Short-term capital gains

5

 

 

 

 

 

Massachusetts Schedule B, line 8

 

 

 

6

Short-term capital (losses)

6

(

 

)

 

 

Massachusetts Schedule B, line 14

 

7Gain on the sale, exchange or involuntary conversion of property

 

used in a trade or business and held for one year or less

7

 

 

 

Massachusetts Schedule B, line 10

 

 

 

 

8

(Loss) on the sale, exchange or involuntary conversion of property

 

 

 

 

 

 

used in a trade or business and held for one year or less

8

(

 

)

Massachusetts Schedule B, line 15

 

 

9

Long-term gain or (loss)**

9

 

 

 

Massachusetts Schedule D

 

 

 

10Massachusetts long-term capital gain or (loss) included in

 

U.S. Form 4797, Part II (not included in line 9)**

10

 

 

 

 

 

Massachusetts Schedule D, line 6

 

 

 

 

11

Long-term gains on collectibles and pre-1996 installment sales**

11

 

 

 

 

 

Massachusetts Sch. D, line 11 and Sch. B, line 9

 

 

 

12

Capital gain or (loss) differences: a) Short-term

12a

 

 

 

 

 

Massachusetts Schedule B

 

 

 

 

b) Long-term**

12b

 

 

 

 

 

Massachusetts Schedule D, line 9

 

 

 

 

13

Massachusetts bank interest

13

 

 

 

 

 

Form 1, line 5a (or Form 1-NR/PY, line 7a)

 

 

 

 

 

 

 

 

and Massachusetts Schedule B, line 5

14

. . . . . . . . . . . . . . . . . . . . . . . . .Net rental and royalty income or (loss)

14

 

 

 

 

 

 

15

Profit or (loss) from business/farm

 

 

 

 

 

 

Massachusetts Schedule E, Part III

 

(attach Massachusetts and U.S. Schedule C or U.S. Schedule F)

15

 

 

 

 

 

 

 

 

 

 

 

 

16

Partnership or S corporation income or (loss)

16

 

 

 

 

 

 

 

 

 

 

 

 

17

Other income __________________________________

17

 

 

 

 

 

 

 

 

 

 

 

 

18

Short-term carryover (losses)

18

(

 

)

 

 

Massachusetts Schedule B, line 16

 

19

Other adjustments ______________________________

19

 

 

 

 

 

Form 1, line 31 or 1-NR/PY, line 36.

 

 

 

 

 

20

1999 Massachusetts estimated tax paid by trustee***

20

 

 

 

 

 

 

 

 

 

 

Enter trust’s ID number to the left of line 31 or 36

 

 

 

 

 

 

 

 

*Some amounts are included automatically on the Massachusetts return as a result of being carried over by you from your U.S. Form 1040. Do not report any dividends or interest on Mass. Schedule E. Also, see Form 1 or Form 1-NR/PY instructions.

**The trustee may provide each grantor or beneficiary with a breakdown of long-term capital gains and (losses) by the applicable holding period(s). If the trustee does not do so, all long-term capital gains and (losses) are to be reported as being held for more than one year but not more than two years, and excluding long-term gains on collectibles taxed at 5%.

***Estimated tax payments are required from resident grantors or other owners of a grantor-type trust. Nonresidents see the back of this form.

Grantor/Beneficiary: Enclose this form with your Massachusetts Individual Income Tax Return.

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief it is true, correct and complete. Declaration of preparer is based on all information of which he/she has any knowledge.

Fiduciary’s signature

Date

Paid preparer’s signature and SSN or PTIN

Date

Firm name (or yours, if self-employed) and address

Employer Identification number

Check if self-employed

Warning: Willful tax evasion — including underreporting income, overstating deductions or exemptions, or failing to file and otherwise evade taxes — is a felony. Conviction can result in a jail term of up to five years and/or a fine of up to $100,000.

Form 2G Instructions

Massachusetts has adopted the Internal Revenue Code (IRC) grantor-type trust rules as contained in IRC Sections 671 through 678, Massachusetts General Laws (MGL), Ch. 62, sec.10, as amended by 1976 Acts, c. 510. The trustee of a grantor-type trust is required to file Form 2G and send a copy of it to the grantor/owner who is required to report the income, deductions and credits on his/her Massachusetts individual income tax re- turn. A resident grantor or other owner must include grantor-type trust income in calculating his/her estimated tax.

Generally, a grantor-type trust exists when one of the following is present:

the trust income is distributable to/or accumulated for the ben- efit of the grantor or the grantor’s spouse;

the grantor holds a reversionary interest in the trust which is not postponed beyond a 10-year period;

the grantor has the power to revoke the trust in his/her favor;

the grantor has the power to control the beneficial enjoyment of the trust corpus or income;

the grantor has retained certain administrative powers with re- spect to the trust; and

a person, other than the grantor, has the power to obtain the trust corpus or income.

Fiduciary expenses and compensation are not deductible.

All supporting details, i.e., Schedule D, if you have long-term capital gains or (losses), must be attached. Massachusetts has not adopted IRC Regulation 1.671-4(b) regarding consolidated filing of grantor-type trusts.

Long-term Capital Gains

The trustee may provide each grantor or beneficiary with a break- down of long-term capital gains and (losses) by the applicable hold- ing period(s). If the trustee does not do so, all long-term capital gains and (losses) are to be reported as being held for more than one year but not more than two years, and excluding long-term gains on collectibles taxed at 5%.

Nonresident Withholding

A trustee is required to deduct and withhold from any income sub- ject to taxation (Massachusetts source income — MGL, Ch. 62, sec. 5A) at the applicable rates when the grantor or other owner is a nonresident. Form 2-ES, Estimated Income Tax Payment Vouch- ers, and the quarterly payment system is used for this provision. The trustee enters the amount of payments in line 20, and the non- resident grantor or other owner claims such amount paid over by the trustee on his/her return.

Pooled Income Fund/Charitable Remainder Annuity or Unitrust Withholding

A Massachusetts trustee of a pooled income fund (IRC Sec, 642(c)(5)), charitable remainder annuity trust or a charitable re- mainder unitrust (IRC Sec, 664(d)), who makes payment to a Mass- achusetts beneficiary of taxable income is required to deduct and withhold tax on that income at the applicable rates. Form 2-ES, Esti- mated Income Tax Payment Vouchers, and the quarterly payment system is used for this provision. The trustee enters the amount of payments in line 20, and the beneficiary claims such amount paid over by the trustee on his/her return.

Extension of Time to File

To receive an extension of time to file, you must file an Application for Extension of Time to File Fiduciary, Partnership or Corporate Trust Return, Form M-8736, and pay the amount of any applicable tax you expect to owe on or before the due date for filing Form 2G.

Check the box for “Other” in the “Type of return filed” section on Form M-8736, and insert “2G” on the line provided. The filing and approval of this form will extend the due date for six months. No ex- tension will be granted in excess of six months for taxpayers within the United States.

Consolidated 2G Filing

If you are required to file more than one Form 2G, you can file on a “consolidated” basis. Use Form 2 as the cover for the return and complete line 1, Filing Status, in full — making sure to check the “Consolidated Form 2G” box. The signature sec- tion must also be completed and signed. Each Form 2G, or pre- approved substitute, can then be attached to the “consolidated” Form 2 without the requirement of each Form 2G being signed. Should you wish to complete lines 2–32 on the Consolidated Form 2G, as a summary or reconciliation, you may do so. You may also enter the total amount of estimated tax payments in line 46 to reconcile with each Form 2G, line 20. Mail the Consol- idated Form 2G to the same address as for a Form 2G.

Due Date of Return

Form 2G is generally due on or before April 18, 2000. If filing on a fiscal year basis, the return is due on or before the 15th day of the fourth month after the close of the fiscal year.

Mail Form 2G to:

Massachusetts Department of Revenue

PO Box 7017

Boston, MA 02204

Direct fiduciary inquiries, not returns, to:

Massachusetts Department of Revenue

Customer Service Bureau

PO Box 7010

Boston, MA 02204

Telephone: (617) 887-MDOR

How to Edit Massachusetts Form 2G Online for Free

MGL can be filled in online without any problem. Just make use of FormsPal PDF editing tool to complete the task fast. Our expert team is constantly endeavoring to expand the editor and enable it to be even easier for clients with its cutting-edge features. Enjoy an ever-improving experience today! Getting underway is effortless! Everything you need to do is take the next easy steps down below:

Step 1: Simply hit the "Get Form Button" at the top of this webpage to see our form editor. This way, you'll find all that is required to fill out your file.

Step 2: This editor lets you modify PDF forms in many different ways. Enhance it by including your own text, adjust original content, and place in a signature - all when you need it!

So as to fill out this PDF form, be sure to type in the necessary details in every single blank field:

1. Begin filling out the MGL with a number of essential blanks. Gather all the required information and ensure nothing is overlooked!

Stage number 1 for filling out Grantors

2. After finishing the previous step, go to the next stage and fill in all required particulars in these fields - Fiduciarys signature, Date, Paid preparers signature and SSN, Date, Firm name or yours if selfemployed, Employer Identification number, Check if selfemployed, and Warning Willful tax evasion.

Filling in part 2 of Grantors

When it comes to Warning Willful tax evasion and Paid preparers signature and SSN, make sure that you don't make any mistakes in this section. These two are the key fields in this form.

Step 3: Right after looking through the filled out blanks, press "Done" and you're done and dusted! Create a free trial option with us and acquire immediate access to MGL - downloadable, emailable, and editable from your personal account page. Here at FormsPal.com, we do our utmost to be certain that all of your details are maintained protected.