63-29A: Ocean Marine Profits Tax Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 63-29A is the Ocean Marine Profits Tax Return for calendar year 2024. It reports marine insurance underwriting profits and calculates Massachusetts excise, credits, payments, and any balance due or overpayment. This return must be filed electronically; paper re
What you'll need
Gather these records to complete the 2024 return:
- Company details, including federal identification number, mailing address, phone number, treasurer’s name, where the company was organized, and employee counts for Massachusetts and worldwide.
- Marine insurance records for premiums, reinsurance, unearned premiums, losses, expenses, and dividends paid or credited to policyholders.
- Net underwriting profit figures for 2024, 2023, and 2022, plus marine net premiums written in the United States and Massachusetts for those years.
- The Insurance Expense Exhibit and page 14 of the annual statement for the Supplementary Schedule comparisons and reconciliation.
- Records of estimated tax payments, extension payments, prior-year overpayments applied to this year, and any applicable withholding or credits.
Enclose a copy of federal Form 1120PC. State the underwriting gain and investment income that make up taxable income on line 30 of that return. If it has not yet been filed, identify the federal tax amount on line 6 as estimated and submit the copy when available, with a recomputation of lines 6 through 8 if necessary.
Use the Credit Manager Schedule for credits. If reporting credit recapture, enclose the Credit Recapture Schedule.
How to file
File electronically. Massachusetts will not accept a paper Form 63-29A.
For electronic filing questions, call 617-887-6367. The form points to the DOR electronic filing and payment requirements and TIRs 16-9 and 21-9 for more information.
The return includes a declaration for an appropriate corporate officer to sign and date, along with a signature area for a paid preparer.
Common mistakes
- Sending a paper return: The form is e-file only. Paper returns will not be accepted.
- Counting a prior-year overpayment twice: Do not include the amount from line 28 in estimated tax payments on line 29.
- Using line 31 on an original return: The payment-with-original-return line is only for amended returns.
- Leaving estimated federal tax unexplained: If the federal return has not been filed, state that line 6 of the Federal Income Tax Deduction Schedule is estimated. Submit the federal return copy when available and recompute lines 6 through 8 if necessary.
- Not matching expense records: Column a of the ocean marine expenses section should agree with the corresponding lines in the Insurance Expense Exhibit.
Questions people ask
What tax rate does the 2024 form use?
Line 21 applies a 5.7% tax rate to the taxable amount on line 20.
Why does the return ask for figures from three years?
The excise calculation averages net underwriting profit for 2024, 2023, and 2022. The Apportionment Schedule also averages marine net premiums for those years, separately for Massachusetts and the United States, to calculate the Massachusetts apportionment percentage.
What if my federal income tax return is not filed yet?
State that line 6 of the Federal Income Tax Deduction Schedule is estimated. Submit a copy of Form 1120PC when available and a recomputation of lines 6 through 8 if necessary.
Can an overpayment be refunded or applied to next year?
Yes. Line 36 records the amount to credit to next year. Line 37 records the refund amount, calculated by subtracting line 36 from the total overpayment on line 35.