Are you familiar with Michigan’s Form 777? This tax document is often overlooked by the average taxpayer, yet it can provide valuable information about your financial situation that could prove invaluable when making important decisions. In this blog post, we will take a close look at Form 777 and explain why understanding this form is essential to ensuring accurate taxes and being able to make sound financial decisions in the future.
| Question | Answer |
|---|---|
| Form Name | Michigan Form 777 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | 777rcf_2751_7 michigan tax form 777 2012 |
Michigan Department of Treasury, ITD
777 (Rev.
RESIDENT CREDIT FOR TAX IMPOSED |
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BY A CANADIAN PROVINCE |
For Tax Year |
Issued under P.A. 281 of 1967. Filing is voluntary. |
2000 |
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Name(s) as shown on your |
Social Security Number |
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Address, City, State and ZIP |
Spouse's Social Security Number |
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PART 1
CONVERSION OF CANADIAN WAGES AND TAXES TO UNITED STATES CURRENCY
1. |
Canadian income taxed by Michigan |
1. |
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2. |
Fringe benefits included in Box 14 of the |
2. |
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3. |
Subtract line 2 from line 1 |
3. |
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4. |
Multiply line 3 by the annualized conversion rate of 67.40% (.6740) (see inst.) |
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5. |
Total Canadian income from line 150 of your Canadian income tax return |
5. |
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6.Multiply line 5 by the conversion rate of 67.40% (.6740)
7.Divide line 4 by line 6 (percentage of Canadian income taxed by Michigan to total Canadian income)
8.Multiply the Canadian federal tax (line 420 of Canadian return)
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$__________________by the conversion rate of 67.40% (.6740) |
8. |
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9. |
Multiply line 8 by line 7 |
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10. |
Multiply the provincial tax (line 428 of Canadian return) |
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$_____________ by the conversion rate of 67.40% (.6740) |
10. |
11. |
Multiply line 10 by line 7 |
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12. |
Contribution to Canadian Pension Plan from |
12. |
13. |
Multiply line 12 by the conversion rate of 67.40% (.6740) |
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4.
6.
7.%
11.
13.
PART 2 COMPUTATION OF MICHIGAN TAX
14.Adjusted gross income from
15.Canadian income taxed by Michigan from line 4, above
16.U.S. adjustments to Canadian wages (from U.S. 1040 lines 23
17.Subtract line 16 from line 15
18.Subtract line 17 from line 14 for Michigan source income
19.Additions from
20.Add lines 17, 18 and 19
21.Subtractions from
22.Subtract line 21 from line 20 for income subject to tax
23.Divide line 17 by line 22 for percentage of Canadian income to
total income subject to tax
24.Exemption allowance from
25.Subtract line 24 from line 22 for taxable income
26.Multiply line 25 by the Michigan tax rate of 4.2% (.042)
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.%
24.
25.
26.
PART 3 ALLOWABLE CREDIT FOR TAX PAID CANADIAN PROVINCE
27. |
Multiply line 26 by line 23 for Michigan tax on Canadian province income |
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28. |
Add lines 9, 11 and 13 for total tax paid in Canada |
28. |
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29. |
Adjustments to credit claimed on U.S. 1040: |
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29a. |
Canadian portion of credit claimed on U.S. 1040, line 43 |
29a. |
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29b. |
Canadian income taxed by Michigan from all U.S. 1116 forms |
29b. |
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29c. |
Gross Canadian income from all U.S. 1116 forms |
29c. |
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29d. |
Divide line 29b by line 29c and enter percentage |
29d. |
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29e. |
Multiply line 29a by line 29d for adjusted |
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amount claimed on U.S. 1040 |
29e. |
30.Subtract line 29e from line 28 for amount available for credit on
31.Canadian provincial tax from line 11. Enter here and on form
32.Credit for tax paid Canadian province (lesser of lines 27, 30 or 31). Enter here and on form
27.
%
30.
31.
32.
ATTACH THIS FORM TO YOUR