MEDIA-CLAIM: MEDIA Credit Claim Form (Form MEDIA-CLAIM) (2024)
Montana · Montana DOR · Used for tax years 2024
Montana Form MEDIA-CLAIM reports media credits you can claim against your income tax liability and calculates any carryover amounts. It also includes schedules for allocating credits to pass-through entity owners or beneficiaries and providing supplemental Montana Schedule K-1 in
Who files this form
You must file Form MEDIA-CLAIM every year if you own a media credit that you can claim for that tax year, even if you have no tax liability.
You are a credit owner if:
- You are a certified media production or postproduction company and received a Department of Revenue validation letter stating your credit amount and unique credit registration number (UCRN).
- You purchased a credit and received a Department of Revenue transfer validation letter stating the transferred amount and UCRN.
You are no longer the owner of a credit you have transferred.
Pass-through entities, estates, and trusts allocating media credits to owners or beneficiaries must also complete Form MEDIA-CLAIM.
What you'll need
Have these records and details ready:
- Your name as shown on your Montana tax return and your Social Security number or federal employer identification number.
- Your validation letter or transfer validation letter, showing the credit amount and UCRN.
- The Department of Commerce certification number and the first and last tax years for each credit.
- Your Montana income tax return figures for tax liability and other nonrefundable credits.
- Records of credit amounts initially received, previously claimed, and remaining. The form says you will need any amounts in Column E to complete next year's return.
If you are allocating credits, you will also need each owner's or beneficiary's name, SSN or FEIN, and allocated credit information for the Montana Schedule K-1 supplemental information.
How to file
If you are claiming the credit
C corporations, individuals, estates, and trusts complete the Taxpayer Schedule and include Form MEDIA-CLAIM with their Montana income tax return.
- Enter your tax liability on line 1 and other nonrefundable credits, excluding media credits, on line 2. Subtract line 2 from line 1.
- List your available credits on lines 4 through 8, starting with those with the shortest remaining carryover period.
- Mark whether each credit was purchased or received from a pass-through entity. Leave both boxes unchecked if neither applies.
- Total Column C on line 9 and report it on your return:
- Individuals: Form 2, Schedule III, line 11.
- Estates and trusts: Form FID-3, page 3, line 15.
- C corporations: Form CIT, Schedule C, Column B, line 20. Subtract the total of Column E from that amount and report the result in Schedule C, Column C, line 20.
If you are allocating the credit
Complete the Pass-through Entity Schedule and file Form MEDIA-CLAIM with Form PTE or FID-3. Complete the supplemental information on page 2 for each owner or beneficiary receiving a credit, and include it with their Montana Schedule K-1.
The text does not provide a mailing address or e-filing instructions.
Common mistakes
- Skipping the form because no tax is owed. Credit owners must file annually when they have a credit they can claim, even with no tax liability.
- Using a credit outside its UCRN period. You cannot claim it before filing the return for the tax year beginning in the UCRN's starting year, or carry excess credit past the tax year beginning in its ending year. Allocations must also fall within the UCRN's covered years.
- Overlooking a missing transfer validation letter. Contact the Department of Revenue if you have not received it within 30 days of recording the transfer.
- Failing to keep carryover records. Keep a copy of the form. You will need any Column E figures for next year's return.
Questions people ask
What does Form MEDIA-CLAIM do?
It reports media credits you can claim against your income tax liability and calculates any carryover amounts.
What is a UCRN?
A UCRN is a unique credit registration number issued by the Department of Revenue when a credit is validated or transferred. It includes the starting and ending years for the carryover period.
How do I allocate credits to owners or beneficiaries?
Unless your partnership agreement or trust instrument requires a special allocation, allocate credits based on each owner's or beneficiary's percentage of items of income, loss, and credit.
Where can I get help?
Call (406) 444-6900, or use Montana Relay at 711 for the hearing impaired.