Form 807 - Michigan Composite Individual Income Tax Return - 2014 Page 9
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92014 807, Page 9
Participants’ Total Income Worksheet
Column A refers to Distributive Income categories from Schedule K form(s). Columns B and C refer to lines
Line 38: Enter
income
or
loss
on the U.S. Form 1065 Schedule K and U.S. Form 1120S Schedule K. Column D is the list of amounts that
from other fiduciaries or other FTEs
are added to arrive at participants’ total income that is reported on Form 807, line 43.
attributable to Michigan that have not
D
A
B
C
been reported on another composite
Participants’
U.S. Form 1065
U.S. Form 1120S
Distribute Income
return. Attach a schedule showing the
Distributive Income Categories
Schedule K
Schedule K
Amounts
amount of income or loss attributable to
Ordinary income (loss) from trade or business
each.
1
1
activity
Line 39: Enter
gains/losses
from
Net income (loss) from rental real estate activity
2
2
the sale of real or personal property
Net income (loss) from other rental activity
3c
3c
located in Michigan not subject to
Portfolio income (loss):
apportionment.
Interest income
5
4
Line 40: Enter any other income (loss)
Dividend income
6a
5a
allocated to Michigan. Include any
Michigan net operating loss deduction
Royalty income
7
6
(NOLD). Attach schedules.
Net short-term capital gain (loss)
8
7
Net long-term capital gain (loss)
9a
8a
The NOLD may be taken only to the
extent that it is attributable to the same
Guaranteed payments
4
participating members from the loss
Net gain (loss) under section 1231
10
9
year, and in the same proportions of
Other income (loss)
11
10
ownership.
TOTAL INCOME
Add all amounts in Column D and carry total to Form 807, line 43.
Also
include
any
Michigan
standard
deduction
as
a
negative
Line 47: For each member included on Schedule A, Schedule of
number. The standard deduction of $20,000 against taxable
Participants include the lesser of:
income before personal exemptions is only available to a
• The amount on line 45, or
taxpayer who was born during the period January 1, 1946,
• That member’s Distributed Share of Michigan Income from
through January 1, 1948, and reached age 67 on or before
Column 1 of the Schedule A, Schedule of Participants.
December 31, 2014 (see “Pension and Retirement Benefits” at
). A taxpayer eligible for the Michigan
Enter on line 47 the sum of the result above for all participants.
standard deduction may increase the $20,000 deduction to
The amount entered on line 47 may not exceed the product of
$35,000 if the taxpayer received retirement or pension benefits
lines 45 and 46.
from employment with a governmental agency that was not
SEP, SIMPLE or Qualified Plan Subtractions
covered by the federal social security act.
(PARTNERS ONLY)
If the taxable share of Michigan income of a participant eligible
Line 48: Figure the portions of Simplified Employee Pensions
for the standard deduction is less than the allowable standard
deduction, the excess standard deduction cannot be used to
(SEP), Savings Incentive Match Plan for Employees (SIMPLE),
or qualified plan deductions which are attributable to the
offset other members’ taxable income. Attach a schedule
identifying each member taking a standard deduction. Include
participants. Attach a schedule showing calculations.
their date of birth and the amount of standard deduction taken.
For More Information
Exemption Allowance
For more information, visit Treasury’s Web site at
Michigan’s personal exemption allowance is prorated for all
nonresident participants based on Michigan income to total
Michigan tax forms are available at
income.
Line 43: Enter the participants’ total income as determined
using the Participants’ Total Income Worksheet above.
Line 44: Compute the percentage of participants’ income that
is attributable to Michigan by dividing Michigan income (line
42) by total income (line 43). This figure may not exceed 100
percent.
Line 45: Multiply the percent of Michigan income to total
income as determined on line 44 by $4,000. The result is the
maximum exemption allowance a participant may be eligible to
claim.
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