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The document is the 2024 Michigan Fiduciary Income Tax Return (MI-1041), which provides a structured form for estates and trusts to report their income, deductions, and tax liabilities. It includes sections for identifying the estate or trust, reporting income and adjustments, calculating taxes due or refunds, and detailing beneficiary information. The form must be completed accurately to avoid penalties and is due by April 15, 2025.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does a fiduciary have to file a tax return?

As a trustee or administrator, you are the fiduciary of the trust or estate. This means that you are the person responsible for overseeing the estate or trustwhich includes filing all necessary tax returns.

Is Michigan accepting tax returns in 2025?

E-file for a Fee E-filing and choosing Direct Deposit is the fastest way to receive your Michigan refund. Michigan and City of Detroit tax returns for 2022, 2023, and 2024 tax returns will be accepted during the 2025 processing year.

Who must file IL 1041?

Trusts and Estates must complete Form IL-1041. Computer generated forms from an IDOR-approved software developer are acceptable. 2024 Form IL-1041 is for tax year ending on or after December 31, 2024, and ending before December 31, 2025.

Who has to file a 1041 tax return?

The fiduciary of a domestic decedents estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust.

What is the Michigan state income tax rate for 2024?

On January 1, 2024, the income tax rate in Michigan will return to 4.25%.

What is the threshold for fiduciary income tax return?

Decedents Estate. The fiduciary (or one of the fiduciaries) must file Form 541 for a decedents estate if any of the following apply: Gross income for the taxable year of more than $10,000 (regardless of the amount of net income) Net income for the taxable year of more than $1,000. An alternative minimum tax liability.

How do I know if I need to file a 1041?

If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes. See Form 1041 instructions for information on when to file quarterly estimated taxes.

When to file a fiduciary tax return?

Thats typically due on the fifteenth day of the fourth month following the close of the trust or estates taxable year. And in most calendar year trusts that will be April 15 of the year following in which the trust had it its prior year ended.

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