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What does the fiduciary need to provide to the beneficiary?

The fiduciary must provide a U.S. Schedule K-1 to each beneficiary. The fiduciary must also provide notice of Michigan adjustments to each beneficiary. The notice may be noted on a copy of the U.S. Schedule K-1 or a separate letter to each beneficiary. If a letter is used, it must include the name and federal identification number of the estate or trust.

Each beneficiary must be advised of his or her share of the following:

  • Michigan adjustments from resident estates or trusts.
  • Michigan income from nonresident estates or trusts.
  • Capital gains/losses available for adjustment under Section 271 of the Michigan Income Tax Act.