Fiduciary Frequently Asked Questions

Frequently Asked Questions

• How do I determine if I have a resident or nonresident estate or trust?
• Can I e-file a fiduciary return?
• How do I remit payment(s) for a fiduciary return (MI-1041)?
• Is there penalty and interest due on a late filed return?
• Are estimated tax payments necessary for estates or trusts?
• Can a financial institution submit estimated tax payments on magnetic tapes?
• Can I file an extension for a fiduciary return?
• What credits can an estate or trust claim?
• Can I claim a Farmland Preservation Tax Credit on a fiduciary return?
• What adjustments are made for capital gains and losses?
• How do I amend my fiduciary return?
• What does the fiduciary need to provide to the beneficiary?
• What is the filing obligation of the beneficiary?
• Can a beneficiary claim estimated tax payments made on behalf of the estate or trust?
• Can a beneficiary claim withholding paid on behalf of the estate or trust?
• What needs to be done to close an estate?
• How does the beneficiary report the excess deductions from the termination of the estate or trust?
• How does the beneficiary report the net operating loss (NOL) deduction from the termination of the estate or trust?
• Where can I find additional guidance regarding an estate or trust?
• Can I claim a Flow-Through Entity (FTE) Tax Credit on a fiduciary return?