Michigan Corporate Income Tax Annual Return For Financial Institutions - 2012 Page 16
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30Return for Michigan Taxes (Form 160) or via Electronic Funds
portion of the late period.
Transfer (EFT). Include all payments made toward the current
Combine these interest subtotals and carry the total to Form
filing period.
4908, line 31.
Line 25: Enter the total withholding payments made on your
PART 3: REFUND OR CREDIT FORWARD
behalf by Flow-Through Withholding entities. Include all
Line 33: If the amount of the overpayment, less any penalty
withholding payments made on returns that apply to the tax
and interest due on lines 29, 30 and 31 is less than zero, enter
year included in this return. Included on this line would be
the difference (as a positive number) on line 32.
Flow-Through Withholding payments made by flow-through
entities whose tax years ending with or within the tax year
NOTE: If an overpayment exists, a taxpayer must elect a
included in this return. For example a calendar year filer would
refund of all or a portion of the amount and/or designate all or
include Flow-Through Withholding payments made by a flow-
a portion of the overpayment to be used as an estimate for the
through entity whose tax year ended on or after January 1,
next CIT tax year. Complete lines 34 and 35 as applicable.
2012, and on or before December 31, 2012. Any FTE that has
Line 34: If the taxpayer anticipates a CIT liability in the
withheld on behalf of the taxpayer should have provided the
filing period subsequent to this return, some or all of any
taxpayer with the amount for its records.
overpayment from line 33 may be credited forward to the next
If an amount is entered on this line, complete the CIT Schedule
tax year as an estimated payment. Enter the desired amount to
of Flow-Through Withholding (Form 4911) to account for the
use as an estimate for the next CIT tax year.
flow-through withholding payments received. The amount
Line 35: Enter the amount of refund requested.
entered on this line must equal the sum of the combined
Reminder: Taxpayers must sign and date returns. Tax
amount from Form 4911, column E. Attach Form 4911.
preparers must provide a Preparer Taxpayer Identification
Line 26: Enter tax paid with the Application for Extension of
Number (PTIN), FEIN or Social Security number (SSN), a
Time to File Michigan Tax Returns (Form 4).
business name, and a business address and phone number.
Line 29: If penalty and interest are owed for not filing
Other Supporting Forms and Schedules
estimated returns or for underestimating tax, complete the CIT
Penalty and Interest Computation for Underpaid Estimated
Federal Forms: Attach copies of these forms to the return.
Tax (Form 4899) to compute penalty and interest due. If a
• Corporations: U.S. Form 1120 (pages 1 through 4),
taxpayer chooses not to file this form, Treasury will compute
Schedule D, Form 851, Form 4562, and Form 4797. If filing
penalty and interest and bill for payment. (Form 4899 is
available on the Web at )
as part of a consolidated federal return, attach a pro forma or
consolidated schedule.
Line 30: Refer to the “Computing Penalty and Interest”
• S Corporations: U.S. Form 1120-S (pages 1 through 4)*,
section in Form 4907 to determine the annual return penalty
Schedule D, Form 851, Form 4562, Form 4797, and Form 8825.
rate and use the following Overdue Tax Penalty worksheet.
• Fiduciaries: U.S. Form 1041 (pages 1 through 4), Schedule
D, and Form 4797.
WORKSHEET – OVERDUE TAX PENALTY
• Partnerships: U.S. Form 1065, (pages 1 through 5)*,
00
A. Tax due from Form 4908, line 28 ........
Schedule D, Form 4797, and Form 8825.
B. Late/extension or insufficient
• Limited
Liability
Companies:
%
payment penalty percentage ................
Attach
appropriate
00
C. Multiply line A by line B .....................
schedules shown above based on federal return filed.
Carry amount from line C to Form 4908, line 30.
* Do not send copies of K-1s. Treasury will request them if
necessary.
Line 31: Use the following worksheet to calculate Overdue Tax
Interest.
WORKSHEET – OVERDUE TAX INTEREST
00
A. Tax due from Form 4908, line 28 ........
B. Applicable daily interest percentage ....
%
C. Number of days return was past due ...
D. Multiply line B by line C ....................
00
E. Multiply line A by line D ....................
Carry amount from line E to Form 4908, line 31.
NOTE: If the late period spans more than one interest rate
period, divide the late period into the number of days in each
of the interest rate periods identified in the “Computing Penalty
and Interest” section in Form 4907, and apply the calculations
in the Overdue Tax Interest worksheet separately to each
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