5680: Fiduciary Income Tax Beneficiary Information Continuation Schedule (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Form 5680 is a continuation of Schedules 2, 3 and 4 of the 2024 Michigan Fiduciary Income Tax Return (Form MI-1041). It reports additional beneficiaries’ identification information, allocations of the net Michigan adjustment for resident estates or trusts, and capital gains or lo
Who files this form
Complete 2024 Form 5680 if your estate or trust has more than four beneficiaries. It continues Schedules 2, 3 and 4 of the Michigan Fiduciary Income Tax Return (Form MI-1041).
What you'll need
Have the following information available to complete the schedule:
- The estate or trust's name and Federal Employer Identification Number (FEIN).
- Each additional beneficiary's name, residency status, address, and Social Security number or FEIN.
- For Schedule 3, federal distributable net income details, including income type, location, amount and percentage, plus the amount from Form MI-1041, line 40.
- For Schedule 4, when Form MI-1041D is filed, the federal and Michigan capital gain or loss distributed to each beneficiary.
How to file
Submit Form 5680 with your fiduciary return. If Schedule 4 does not apply, submit only page 1 of Form 5680.
The form does not provide a mailing address or e-filing instructions.
Common mistakes
- Do not submit page 2 if Schedule 4 does not apply. The form directs you to submit only page 1 with your fiduciary return in that case.
Questions people ask
What does Form 5680 continue?
It continues Schedules 2, 3 and 4 of Form MI-1041 for estates or trusts with more than four beneficiaries.
How do I mark a beneficiary's residency status?
In Schedule 2, use R for resident and NR for nonresident.
How is the net Michigan adjustment allocated in Schedule 3?
Schedule 3 is for resident estates or trusts. For Column C, multiply the amount on Form MI-1041, line 40, by the percentage in Column B.
When does Schedule 4 apply?
Schedule 4 reports capital gain or loss distributed to beneficiaries when Form MI-1041D is filed. It has separate columns for federal and Michigan gain or loss. If Schedule 4 does not apply, submit only page 1 of Form 5680 with your fiduciary return.