Form Mi-1041es - Estimated Tax Computation Worksheet

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Michigan Department of Treasury (Rev. 10-07)
Issued under authority of the Income Tax Act
of 1967 and Revenue Act of 1941, as amended.
2007 Michigan Estimated Income Tax for Fiduciaries MI-1041ES
General Instructions
Who Must File Estimated Tax Payments
Where to Mail Payments
Fiduciaries of an estate or trust (resident or nonresident),
Make the check payable to "State of Michigan." Write
generally must pay estimated tax if the estate or trust is
the federal employer identification number of the estate
expected to owe more than $500 after subtracting withholding
or trust and “2007 MI-1041ES” on the front of the
and credits.
check. To ensure accurate processing of your return, send
one check for each return type. Mail your check with the
If the estate or trust owes more than $500, estimated
MI-1041ES form for that installment. Do not staple the
payments may not have to be made if the estate or trust
check to the form.
expects the 2007 withholding to be at least:
Send your check and voucher to:
• 90 percent of the total tax for 2007,
Michigan Department of Treasury
OR
P.O. Box 30774
• 100 percent of the total tax shown on the 2006 return
Lansing, MI 48909-8274
OR
Late Payments or Underpayments
• 110 percent of the total 2006 tax if the estate or trust's
If, as a fiduciary, you fail to make required estimated
taxable income for 2006 is more than $150,000. To
payments, pay late or underpay, Treasury will add a penalty
figure the estate or trust's Federal taxable income, see
of 5 percent of the tax due. After the second month,
the instructions for line 22 of the U.S. 1041.
penalty will increase by an additional 5 percent per month,
Financial institutions that act as fiduciary for 200 or more
or fraction thereof, up to a maximum of 25 percent of the
trusts shall submit Michigan estimated payments on magnetic
tax due. If you pay late, you must add penalty and interest
tape. Institutions acting as fiduciary for more than 49 and
to the amount due. The interest rate is 1 percent above the
fewer than 200 trusts may make an irrevocable agreement
prime rate and is computed daily. The rate is adjusted on
to file magnetically.
July 1 and January 1.
Exceptions:
When Income Changes During the Year
Generally, no estimated tax is due if the estate or trust is
If you are already making estimated payments for the
due a refund or has a balance due of $500 or less.
estate or trust, amend the estimate on the next installment
There is no estimated tax due on an estate or a trust that
voucher. Apply the increase or decrease equally over
had no tax liability for the full 12 months preceding the
the remaining installments. If you do not want to amend
tax year.
the fourth installment voucher, you may file the 2007
income tax return before January 31, 2008, instead. If
Estates do not have to pay estimated tax for the first
you decide to do this, you do not have to file the fourth
two years.
installment voucher (due January 15, 2008).
Payment Due Dates
If you are not already paying estimates for the estate or
Fiduciaries may pay in full with the first voucher, due
trust, use the chart below to see which period the tax is
April 17, 2007. Fiduciaries may also pay in equal
due. If a change occurs between September 1 and
installments due on or before April 17, 2007, June 15,
December 31 that requires estimated payments, you
2007, September 17, 2007, and January 15, 2008.
may file the 2007 annual return by January 31, 2008,
Generally, all fiduciaries of trusts must report on a
instead of filing an MI-1041ES.
calendar year. Report the same year that you report for
If the change occurs on
Pay on or before
federal estimated payments.
April 1 through May 31 ........... June 15, 2007
Fiscal-year returns must be adjusted so all dates
June 1 through Aug. 31 .......... Sept. 17, 2007
correspond with the fiscal year.
The first estimate
Sept. 1 through Dec. 31 ............ Jan. 15, 2008
payment is due on the 15th day of the fourth month
after the fiscal year ends.
You will not receive reminder notices; save this set
of forms for all 2007 payments.

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