CIT: Montana Corporate Income Tax Return (Form CIT) (2024)
Montana · Montana DOR · Used for tax years 2024
Form CIT is the 2024 Montana Corporate Income Tax Return. It reports a corporation’s income, Montana additions and reductions, income apportioned or allocated to Montana, net operating loss carryover, and Montana tax liability.
What you'll need
Include a copy of your signed federal Form 1120 as filed with the IRS.
Depending on your answers and the amounts you report, also include:
- Group and affiliate information: Schedule M when required by Part I or Part III. If you answer Yes to Part I, question 2 or 3, include pages 1 through 5 of the parent’s consolidated federal Form 1120.
- Filing-method schedules: Schedule K if you claim Public Law 86-272 protection, Schedule WE for a Water’s Edge filing, and a statement for a limited combination filing. Combined filers with more than one entity with Montana activity must use Schedule K-Combined for page 3, lines 5 through 10.
- Income adjustments: The schedules and detailed breakdowns requested for your additions, reductions, and income allocated directly to Montana. Use Schedule NOL to calculate a net operating loss carryover.
- Withholding records: Forms 1099 for Montana mineral royalty tax withheld and Montana Schedules K-1 for tax withheld from pass-through entities.
- Credits: Schedule C and the applicable credit forms or other required information.
- Special transactions: Complete copies of federal Form 8886 and Schedule UTP if you filed them with the IRS.
- Amended or final returns: The reports, amended federal return, schedules, or explanatory statements requested for your situation. A final return requires a detailed statement.
How to file
The form includes a Paper-Filed Return checkbox and asks paper filers to enter total gross receipts. It also says No Staples. The supplied text does not give a mailing address or e-file instructions.
Complete the applicable parts and schedules, answer every question in Part III, and include the required attachments. The officer must sign and date the return and provide a printed name and phone number. Complete the paid-preparer fields if applicable.
For payment, visit MTRevenue.gov for electronic payment options, or include a remittance payable to Montana Department of Revenue.
Common mistakes
- Leaving general questions unanswered: Part III says all questions must be answered.
- Only changing part of an amended return: Complete the entire form using corrected amounts.
- Skipping Schedule K when claiming Public Law 86-272 protection: Include Schedule K and skip Part I, questions 2 through 5.
- Selecting Water’s Edge without the required election and schedule: You must have a valid election and include Schedule WE.
- Leaving the loss carryback choice blank: If page 3, line 7 is a loss and neither box is marked, the form says the loss must be carried back first.
- Substituting federal Form 851 for Schedule M, section 1: The form explicitly says this is not acceptable.
- Including overpayments to 2025 in previously issued refunds: Do not include them on line 12g.
- Stapling the return: The form says not to use staples.
Questions people ask
What tax rate does the 2024 form show?
Page 3, line 10 uses 6.75% of Montana taxable income, or 7% with a valid Water’s Edge election. It states that the tax liability cannot be less than $50.
Can I apply an overpayment to next year’s estimated tax?
Yes. On the 2024 return, line 15 lets you enter the overpayment amount you want applied to your 2025 estimated tax.
Can I receive my refund by direct deposit?
Yes. Provide your routing number and account number, select checking or savings, and mark the box if the refund is going to an account outside the United States or its territories.
How do I let the Department of Revenue discuss my return with my tax preparer?
Mark the authorization checkbox in the tax preparer section.
Where can I get help with the form?
Call (406) 444-6900, or use Montana Relay at 711 for the hearing impaired.