Form Mi-1041es - Michigan Estimated Income Tax For Fiduciaries

Late payments or underpayments

installment voucher, you may file the 1999 income tax

return before January 31, 2000 instead. If you decide to do

If, as a fiduciary, you fail to make required estimate

this, you do not have to file the fourth installment voucher

payments, pay late or underpay, Treasury may charge

(due January 18, 2000).

penalty and interest. Penalty is 25 percent of the tax due

If you are not already paying estimates for the estate or

for failing to file estimated payments, or 10 percent for

trust, use the chart below to see which period the tax is

underpayment of estimates. Interest is 1 percent above the

due. If a change occurs between September 1 and

prime rate and is computed monthly. The rate is adjusted

December 31 that requires estimate payments, you may

on July 1 and January 1.

file the 1998 annual return by January 31, 1999 instead of

When income changes during the year

filing an MI-1041ES.

If the change occurs on:

Pay on or before:

If you are already paying estimates for the estate or

trust, amend the estimate on the next installment voucher.

April 1 through May 31

June 15, 1999

Apply the increase or decrease equally over the remaining

June 1 through Aug. 31

Sept. 15, 1999

installments. If you do not want to amend the fourth

Sept. 1 through Dec. 31

Jan. 18, 2000

WORKSHEET INSTRUCTIONS

You will need the 1998 Michigan and U.S. fiduciary

If you review the worksheet and still don’t know if

income tax returns for the estate or trust for reference

estimates are required, or if you aren’t sure how much to

(even if you haven’t completed them yet).

pay, call Taxpayer Assistance toll-free at 1-800-487-7000,

weekdays between 8 a.m. and 5 p.m. Deaf, hearing or

Estimate the estate's or trust's 1999 income. Michigan

speech impaired persons using a Telecommunications

uses federal taxable income of the fiduciary to figure tax.

Device for the Deaf (TTY) should call 517-373-9419. This

See form MI-1041 for allowable additions and

number is reserved for persons using a TTY. Other persons

subtractions. Enter the estimated taxable income on line 1.

calling this number will be directed to call the toll-free

Once you have completed lines 1 and 2, finish the

phone number.

worksheet by following the instructions on each line. If

you have questions, refer to the corresponding sections in

Web Site

the tax instruction booklets.

Visit our Treasury web site on the Internet at:

ESTIMATED TAX COMPUTATION WORKSHEET

Keep for Your Records

Estimated 1999 income subject to tax (from U.S. 1041) ..................................................................................

Tax. Multiply line 1 by 4.4% (.044) ..................................................................................................................

All estimated credits ....................................................................................................

Tax you expect will be withheld from earnings ..........................................................

Total deductions. Add lines 3 and 4 ..................................................................................................................

Estimated tax due. Subtract line 5 from line 2 ..................................................................................................

Estimated payment due. Divide the amount on line 6 by 4, or by the number of estimated

vouchers to be filed (see instructions). Enter here and on each voucher ......................................................... .

Note: Apply the 1998 overpayment to the first voucher. Any unused credit must then be applied to your

second voucher and subsequent vouchers, until the entire credit is used.

PAYMENT RECORD

2nd Installment

1st Installment

3rd Installment

4th Installment

Tax Paid

Date