Form Mi 1041D – Fill Out and Use This PDF

Form Mi 1041D PDF Details

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Form Mi 1041D – Fill Out and Use This PDF

The MI-1041D form, issued by the Michigan Department of Treasury, is designated for the Adjustment of Capital Gains and Losses for the 2014 tax year or other specified taxable periods. This form is a critical document for estates or trusts, helping to reconcile federal and Michigan state capital gains and losses, and is a mandatory attachment to the fiduciary income tax return MI-1041. Understanding how to correctly fill out and attach this form can significantly impact your estate or trust's tax responsibilities in Michigan. For detailed guidance on completing this form, click the button below.

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Form Mi 1041D PDF Details

Every year, fiduciaries tasked with filing tax returns for estates or trusts encounter a variety of forms, each serving a unique purpose in the realm of tax reporting and compliance. Among these, the MI-1041D form is a critical document for those managing fiduciary accounts in Michigan. Revised in December 2014 by the Michigan Department of Treasury, this form plays a pivotal role in adjusting capital gains and losses for fiduciary income tax returns. Specifically designed for the 2014 tax year, it demands careful attention to detail, requiring the report of both short-term and long-term capital gains and losses. These distinctions are crucial for accurately reporting assets held for different durations and have direct implications on the fiduciary income tax return MI-1041. The form further distinguishes between federal and Michigan gains or losses, acknowledging that not all financial activities impact state and federal tax liabilities equally. Detailed instructions guide fiduciaries through calculations involving losses that are carried over, with specific sections dedicated to capital loss limitations and adjustments that may affect resident or nonresident estates and trusts differently. Additionally, it addresses adjustments for gains from properties located outside of Michigan or from periods before October 1, 1967, under Section 271, and gains or losses from the sale or exchange of U.S. obligations not taxable by Michigan. Ensuring accurate completions of the MI-1041D is more than a procedural task; it is essential for aligning with Michigan's tax laws, potentially influencing the financial outcomes for estates or trusts.

Question	Answer
Form Name	Form Mi 1041D
Form Length	4 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min
Other names	MI 1041D_478954_7 michigan 1040d form

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	Michigan Department of Treasury (Rev. 12-14), Page 1 of 4	MI-1041D
	2014 MICHIGAN Adjustment of Capital Gains and Losses	MI-1041D
	2014 MICHIGAN Adjustment of Capital Gains and Losses
	Issued under authority of Public Act 281 of 1967.

Attach this form to the iduciary income tax return MI-1041. Type or print in blue or black ink.

For 2014 or taxable year beginning ______________, 2014 and ending _______________, _______.

Name of Estate or Trust

Federal Employer Identiication Number (FEIN)

PART 1: SHORT-TERM CAPITAL GAINS AND LOSSES			D			E
	(ASSETS HELD ONE YEAR OR LESS)		Federal Gain (Loss)			Michigan Gain (Loss)
	(ASSETS HELD ONE YEAR OR LESS)
1.	Short-term totals, if any, from MI-8949, line 2 and U.S. Form 1041
	SCHEDULE D, line 1a	1.

			Federal Gain (Loss)			Gain (Loss)
			from Column h of			from Column D subject to
			U.S. 1041 Schedule D			Michigan income tax
2.	Short-term capital gain or (loss) from Forms 4684, 6252, 6781, and
	8824	2.
3.	Enter net short-term gain/loss from partnerships, S corporations and
	other estates or trusts	3.
4.	Short-term capital loss carryover	4.	(	)	(	)
5.	Net short-term gain/loss. Combine lines 1 through 4. Enter here and
	on line 14, column A	5.
PART 2: LONG-TERM CAPITAL GAINS AND LOSSES
PART 2: LONG-TERM CAPITAL GAINS AND LOSSES			D			E
	(ASSETS HELD MORE THAN ONE YEAR)		Federal Gain (Loss)			Michigan Gain (Loss)
	(ASSETS HELD MORE THAN ONE YEAR)
6.	Long-term totals, if any, from MI-8949, line 4 and U.S. Form 1041
	SCHEDULE D line 8a	6.

			Federal Gain (Loss) from			Gain (Loss) from Column D
			Column h of U.S. 1041			Gain (Loss) from Column D
			Column h of U.S. 1041		subject to Michigan income tax
			Schedule D		subject to Michigan income tax
			Schedule D
7.	Long-term capital gain or (loss) from Forms 2439, 4684, 6252, 6781,
	and 8824	7.
8.	Enter net long-term gain/loss from partnerships, S corporations and
	other estates or trusts	8.
9.	Capital gain distributions	9.
10.	Enter gain, if applicable, from U.S. Form 4797	10.
11.	Net gain/loss. Combine lines 6 through 10	11.
12.	Long-term capital loss carryover	12.	(	)	(	)
13.	Net long-term gain/loss. Combine lines 11 and 12.
	Enter here and on line 15, column A	13.

PART 3: SUMMARY OF PARTS 1 AND 2

14.Net short-term gain/loss from line 5.........................................

15.Net long-term gain/loss from line 13......................................

16.Total net gain/loss.

Combine lines 14 and 15..........

If line 16, column A is a net gain, for resident estates and trusts complete Part 5. If line 16, column A is a net loss, (1) for resident estates and trusts complete Part 5; or (2) for nonresident estates and trusts carry line 16, column B, Michigan column to Form MI-1041,

Schedule 4, line 67 and then complete Part 4.

Continued on Page 2.

2014 MI-1041D, Page 2 of 4

PART 4: COMPUTATION OF CAPITAL LOSS LIMITATION

17.If line 16 column A, shows a net loss, enter the smaller of:

(a)the iduciary’s share of net loss on line 16, column B; or

(b) $3,000

17.

Federal

Michigan

Note: When iguring whether 17a or 17b is smaller, treat both numbers as if they were positive.

For resident estates and trusts complete Part 5. For nonresident estates and trusts carry line 17, Michigan column, to Form

MI-1041, Schedule 4, line 70.

If the net loss on line 16, column A, is more than $3,000, or if the taxable income on U.S. Form 1041, page 1, line 22, is zero or less, complete Part 6 to determine the loss carryover.

PART 5: COMPUTATION OF CAPITAL ADJUSTMENT - FOR RESIDENT ESTATES OR TRUSTS

Gains

18.Enter the iduciary’s share of net gain from line 16, column B, federal column, as

a negative number. If no gain shows or there is a loss, enter zero “0”

18. (

)

19.Enter the iduciary’s share of net gain from line 16, column B, Michigan column,

as a positive number. If no gain shows or there is a loss, enter zero “0”

19.

Losses

20.	Enter loss from line 17, federal column, as a positive number.
	If no loss shows, enter zero “0”	20.
21.	Enter loss from line 17, Michigan column, as a negative number.
	If no loss shows, enter “0”	21.

Adjustment

22.Combine lines 18 through 21. Enter the total here and on MI-1041 page 1,

line 11

22.

PART 6: COMPUTATION OF CAPITAL LOSS CARRYOVERS FROM 2014 TO 2015

Section A. Carryover Limit

23.Enter taxable income/loss from 2014 U.S. Form 1041, line 22, or U.S. Form 990-T,

	line 34	23.
24.	Enter the loss from line 17 as a positive amount	24.
25.	Enter the amount from U.S. Form 1041, line 20, or U.S. Form 990-T, line 33	25.

26.Adjusted taxable income. Combine lines 23, 24 and 25. If less than zero,

	enter “0”	26.
27.	Enter the smaller of line 24 or 26	27.
Section B. Short-Term Capital Loss Carryover
Complete this section only if there is a loss shown on line 5 and line 16, column A.
28.	Enter the loss shown on Part 1, line 5 as a positive amount	28.
29.	Enter the gain, if any, from line 13. If that line is blank or shows a loss,
	enter “0”	29.
30.	Enter the amount from line 27, above	30.
31.	Add lines 29 and 30	31.
32.	Subtract line 31 from line 28. If less than zero, enter “0”	32.
	This is the iduciary’s short-term capital loss carryover from 2014 to 2015.
Section C. Long-Term Capital Loss Carryover
Complete this section only if there is a loss shown on line 13 and line 16, column A.
33.	Enter the loss shown on Part 2, line 13 as a positive amount	33.
34.	Enter the gain, if any, from line 5. If that line is blank or shows a loss,
	enter “0”	34.
35.	Enter the amount from line 27	35.
36.	Enter the amount, if any, shown on line 28	36.
37.	Subract line 36 from line 35. If less than zero, enter “0”	37.
38.	Add lines 34 and 37	38.
39.	Subtract line 38 from line 33. If less than zero, enter “0”	39.

Federal

Michigan

2014 MI-1041D, Page 3 of 4

Instructions for Form MI-1041D

Adjustments of Capital Gains and Losses

When To File

Use this form to adjust Michigan taxable income if the estate or trust has capital gains or losses that are attributable to:

1.Gains or losses from certain types of property located outside of Michigan or from business property subject to allocation and/or apportionment.

2.Periods before October 1, 1967 (Section 271 adjustment). If U.S. Forms 1041 Schedule D or 4797 were iled, and

an election to adjust under Section 271 of the Michigan

Income Tax Act was made, ile the equivalent Michigan forms (MI-1041D or MI-4797). All items of gain or loss realized during the tax year must be included.

3.Gains or losses from the sale or exchange of U.S. obligations that cannot be taxed by Michigan.

Form MI-1041D must be attached to the Michigan Fiduciary Income Tax Return (MI-1041).

General Information

Page 1 of Form MI-1041D follows the pattern of page 1 of the U.S. Form 1041 Schedule D and all the information necessary for completing it should be taken from the U.S. Form 1041 Schedule D.

Rounding Off

Round down amounts of 49 cents or less. Round up amounts of 50 cents or more. If cents are entered on the form, they will be treated as whole dollar amounts.

Identiication

Enter the name of the estate or trust and the Federal Employer

Identiication Number (FEIN) at the top of the MI-1041D.

Parts 1 and 2: U.S. Information

If U.S. Form 8949 Sales and Other Dispositions of Capital

Assets was iled, complete Form MI-8949 in the same manner. Transfer the information to MI-1041D, following the instructions on Form MI-1041D. If the U.S. Form 8949

discloses capital assets reported under Sections 1245 and

1250, these assets must be reported on MI-8949. Also, if capital assets are allocated to another state, they are excluded

from the portion subject to Michigan income tax. A capital loss carryover from preceding years is entered as a short-term

loss on line 4 or as a long-term loss on line 12.

Federal Information

Line 1. Combine the amount from MI-8949, line 2, and the amount from U.S. Form 1041 Schedule D line 1a.

For lines 2, 3, 4, 5, 7, 8, 9, 10, 12 and 13 column D, enter the amounts from U.S. Form 1041 Schedule D, for the corresponding line numbers listed on the top of the next column.

Corresponding lines on MI-1041D and

U.S 1041 Schedule D

MI-1041D	2	3	4	5	7	8	9	10	12	13
U.S. 1041	4	5	6	7	11	12	13	14	15	16
Schedule D	4	5	6	7	11	12	13	14	15	16

Line 6. Combine the amount from MI-8949, line 4, and the amount from U.S. Form 1041 Schedule D, line 8a.

Michigan Gain or Loss

Enter the portion of federal gain and loss subject to

Michigan income tax on lines 2, 3, 4, 5, 7, 8, 9, 10, 11, 12 and 13 column E.

Michigan Gain or Loss

Section 271. To apportion under Section 271, multiply the gain

(loss) in column E by the number of months the property was held after September 30, 1967. Divide the result by the total

number of months held. Enter the result in Michigan column E.

For the purpose of this computation, the irst month is excluded if acquisition took place after the 15th, and the last month is

excluded if disposal took place on or before the 15th.

Gains from installment sales made before October 1, 1967, must show the federal gain in federal column D and zero in Michigan column E. Gains or losses from installment sales made after October 1, 1967, are subject to Michigan tax but may be apportioned under Section 271.

Distributions from employee’s pension, stock bonus or proit-

sharing trust plans that are considered to be long-term capital gains (under Section 402 of the Internal Revenue Code) and

capital gains distributions are not eligible for Section 271 treatment. Enter the total gain in both the federal and state columns.

U.S. Obligations. Gains from the sale or exchange of some U.S. obligations are not subject to tax and losses are not deductible. Enter a zero in the Michigan column for gains or losses realized from the sale of these non-taxable U.S. obligations.

Note: Any interest expense and other expenses incurred in the production of income from U.S. obligations should be entered on MI-1041, line 31. (See MI-1041 instruction booklet for line 31 on page 4.)

Capital gains or losses from the sale or exchange of municipal bonds are taxable for Michigan residents.

Out-of-State Property. Gains from the sale of property located in another state are not subject to Michigan tax, and losses are not deductible. Enter in the Michigan column the gain or loss from the sale or exchange of (1) real property located in Michigan, or (2) tangible personal property located in Michigan at the time of the sale or if the taxpayer was a Michigan resident estate or trust, or (3) intangible personal property sold by a Michigan resident estate or trust.

2014 MI-1041D, Page 4 of 4

Part 3: Lines 14, 15, and 16

Column A. Enter the corresponding net short-term or long- term gain (loss) from column D (federal) and column E (Michigan) in the appropriate boxes. Combine lines 14 and 15 and enter the result on line 16.

Column B. Enter the share of short-term and long-term gains and losses retained by the iduciary. Follow the instructions

on the form for resident and nonresident estates and trusts.

Column C. Enter the share of short-term and long-term gains

(losses) distributed to the beneiciaries. Totals on line 16 should equal the totals on Form MI-1041, Schedule 5, line 73.

Part 6

If the net loss on line 16, column A, is more than $3,000, or if the taxable income on U.S. Form 1041, page 1, line 22 or U.S. Form 990-T, Unrelated Business Taxable Income is

zero or less, complete this section to determine the capital loss carryover.

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This PDF form will involve specific details; in order to guarantee accuracy and reliability, don't hesitate to take note of the following tips:

1. To begin with, when filling in the Form Mi 1041D, start with the page that includes the following fields:

Stage number 1 in completing Form Mi 1041D

2. Once the previous part is done, go to type in the applicable information in all these: Schedule D, subject to Michigan income tax, Longterm capital gain or loss, and, Enter net longterm gainloss from, Capital gain distributions, Enter gain if applicable from US, Net gainloss Combine lines, Longterm capital loss carryover, Net longterm gainloss Combine, Enter here and on line column A, PART SUMMARY OF PARTS AND, A GainLoss, B Fiduciary, and C Beneiciary.

Guidelines on how to prepare Form Mi 1041D stage 2

As to Longterm capital loss carryover and Capital gain distributions, be certain that you do everything properly here. These could be the key fields in the form.

3. This next section is mostly about line, Total net gainloss, Combine lines and, If line column A is a net gain, and Continued on Page - complete each one of these blanks.

Form Mi 1041D writing process described (part 3)

4. The form's fourth subsection comes with the following blank fields to focus on: If line column A shows a net loss, PART COMPUTATION OF CAPITAL, a negative number If no gain shows, Federal, Michigan, Enter the iduciarys share of net, as a positive number If no gain, Losses Enter loss from line, If no loss shows enter zero, Enter loss from line Michigan, If no loss shows enter, Adjustment Combine lines through, line, PART COMPUTATION OF CAPITAL LOSS, and line Enter the loss from line.

5. Lastly, this last subsection is what you will need to finish prior to closing the document. The blank fields you're looking at include the following: line Enter the loss from line, enter Enter the smaller of, Section B ShortTerm Capital Loss, Enter the loss shown on Part, Enter the gain if any from line, enter Enter the amount from, This is the iduciarys shortterm, Section C LongTerm Capital Loss, Enter the loss shown on Part, Enter the gain if any from line, and enter Enter the amount from.

Step 3: Before moving on, make certain that form fields are filled in the proper way. Once you think it's all good, click on “Done." Download the Form Mi 1041D the instant you subscribe to a free trial. Conveniently get access to the form inside your FormsPal account, with any modifications and changes conveniently saved! We do not share or sell the details that you type in whenever working with forms at FormsPal.

B. Fiduciary

C. Beneiciary