Tax on a liquidating distribution
How does Special Session House Bill 1 of 2010 affect me? And, a ,200 exemption is available to disabled individuals who are unable to work, provided they have not reached their 65th birthday. The I&D Tax return, Form DP-10, is due on the 15th day of the 4th month following the end of the taxable period.
In addition, limited liability companies, partnerships, and associations with non-transferable shares whose gross interest and dividends income, from all sources, exceeds ,400 annually must also file and pay I&D Tax. A ,200 exemption is available for residents who are blind regardless of their age.
Are distributions from an organization that is a member of a combined group subject to the I&D Tax? if you can freely transfer your shares without causing a dissolution of the trust) the entire distribution received by a NH resident is taxable.
If the trust has non-transferable shares, the trust itself is subject to tax on the interest and dividends it receives (and distributions from the trust are not taxable to the recipients).
For taxable periods ending on or after December 31, 2013, interest and dividend income received by estates held by trustees treated as grantor trusts under section 671 of the United States Internal Revenue Code shall be included in the return of their grantor, to the extent that the grantor is an inhabitant or resident of New Hampshire.Income reported by, and taxed federally as interest or dividends to, a trust beneficiary who is an individual inhabitant or resident of New Hampshire with respect to distributions from a trust that is not treated as a grantor trust under section 671 of the United States Internal Revenue Code shall be included as interest or dividends in the return of such beneficiary and subject to taxation in accordance with the provisions of RSA Chp. Is interest and dividends from College Investment Savings Plans taxable to New Hampshire under the I&D Tax?