63-FI: Financial Institution Excise Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 63-FI is the 2024 Financial Institution Excise Return. It reports income taxable in Massachusetts, calculates excise tax and credits, and determines the refund or balance due after payments. The return must be filed electronically; paper returns are not accepte
What you'll need
Include these federal documents with your return:
- An exact copy of every page of your U.S. Form 1120, 1120S, 1120-REIT or other federal return, plus supporting schedules and forms that substantiate the Massachusetts excise.
- A completed pro forma U.S. Form 1120 if you file U.S. Form 1120S.
- A detailed explanation of any changes or amendments to U.S. amounts.
Depending on the entries you report, also include:
- The Credit Recapture Schedule for credit recapture and the Credit Manager Schedule for credits.
- Schedules supporting other adjustments on Schedule A, line 10, and exceptions to interest or intangible expense add-backs on Schedule A, line 14.
- A schedule for the dividends deduction showing payers, amounts and the percentage of voting stock owned by class of stock.
Have records of estimated tax payments, extension payments and any prior-year overpayment applied to this year available to complete the payment lines.
How to file
File electronically. Massachusetts will not accept a paper Form 63-FI.
For electronic filing questions, call 617-887-6367. The form directs filers to the DOR electronic filing and payment requirements page and TIRs 16-9 and 21-9 for more information.
Complete the declaration and signature information for the appropriate officer, and include the required federal return copies and supporting documents.
Common mistakes
- Sending a paper return. The form is e-file only. Paper returns will not be accepted.
- Leaving out federal return information. A return without the required federal information is incomplete and subject to assessment penalties. Filers of U.S. Form 1120S must also include a pro forma U.S. Form 1120.
- Counting a prior-year overpayment twice. Do not include the amount from line 14 in estimated tax payments on line 15.
- Using line 17 on an original return. This line is only for reporting payment with the original return when filing an amended return.
- Prorating the minimum excise. The form says it cannot be prorated.
- Using an alternative rented-property valuation method without approval. Schedule E requires prior written approval from the Commissioner of Revenue.
Questions people ask
Can I mail Form 63-FI?
No. The form must be filed electronically, and paper returns will not be accepted.
What tax rate does the form use for financial institutions that are not S corporations?
For tax year 2024, line 2 applies a 9% rate to income taxable in Massachusetts from line 1. The form then accounts for items such as credit recapture, credits and minimum excise.
Do S corporation filers need an additional federal form?
Yes. If you file U.S. Form 1120S, you must also complete and include a pro forma U.S. Form 1120.
When should I complete Schedule C?
Complete Schedule C only if the corporation has income from business activities that is taxable both in Massachusetts and in one or more other states.
Can an overpayment be applied to next year?
Yes. Enter the amount to be credited to next year on line 22. Line 23 shows the amount to be refunded, calculated by subtracting line 22 from the total overpayment on line 21.