Instructions For Form 5462 Draft - City Of Detroit Income Tax - Estates And Trusts (Page 3 of 3) in pdf

payment Due or overpayment

These instructions are interpretations of the Detroit

Income Tax Ordinance. The Ordinance will prevail in

Line 24: If a payment is due, send payment, along with a

any disagreement between forms or instructions and

completed Form 5462, to the address detailed in the “Due

the Ordinance.

Date” section earlier in these instructions.

Line 25: If an overpayment exists, a taxpayer may elect a

refund of all or a portion of the amount and/or designate all or

a portion of the overpayment to be applied to next year’s tax

liability. Complete lines 25, 26 and 27 as applicable.

Line 26: Enter on this line the desired amount to use as an

estimated payment for the next tax year.

Line 27: Enter the amount of refund requested.

Reminder: Taxpayers must sign and date returns. Preparers

must provide a Preparer Taxpayer Identification Number

(PTIN), FEIN or Social Security number (SSN), a well as a

business name, business address and phone number.

Schedule G — Complete for Resident Beneficiaries

only

NOTE: Schedule G must be completed if any income is

distributed. Otherwise, it is not necessary.

Line 1 through 15: Enter in the appropriate column the name,

Social Security number or Federal Employer Identification

Number (FEIN) of each beneficiary of the estate or trust and

the amount distributable to that beneficiary. Carry the total

distributable income from Schedule G, line 16, to Form 5462,

line 14.

If additional space is needed, attach a schedule similar to

Schedule G identifying additional beneficiaries by consecutive

numbers. Carry the total for all beneficiaries to Form 5462, line

14.

other Supporting Forms

Federal Forms: Include a copy of the U.S. Form 1041.

Detroit Renaissance Zone: Include a copy of the City of

Detroit Renaissance Zone Approval Letter or Certificate if

claiming a Renaissance Zone deduction.

Resident Beneficiaries

A Detroit resident beneficiary must report their distributable

income from an estate or trust on their City of Detroit Resident

Income Tax Return (Form 5118) in the same manner and same

amounts they report the income on their federal return.

Beneficiaries should attach copies of the following items to

their Form 5118:

• U.S. Schedule K-1.

• The letter received from the fiduciary notifying him or her

of City of Detroit adjustments or City of Detroit income.

Assistance

Tax forms and instructions are available online at www.

michigan.gov/citytax. For assistance, call 517-636-5829.

Instructions For Form 5462 Draft - City Of Detroit Income Tax - Estates And Trusts Page 3

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