MI-1041ES: 2024 MI-1041ES Michigan Estimated Income Tax for Fiduciary and Composite Filers (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Form MI-1041ES is Michigan’s 2024 estimated income tax payment voucher for fiduciary and composite filers. It identifies the estate, trust or composite filer and the payment amount, and includes an estimated tax computation worksheet for estates and trusts.
Who files this form
Estates and trusts
Fiduciaries of resident or nonresident estates and trusts generally must make estimated payments if they expect to owe more than $500 after withholding and credits.
Estimated payments may not be required if expected 2024 withholding is at least:
- 90% of the total 2024 tax, or
- 100% of the total tax shown on the 2023 return, or
- 110% of the total 2023 tax if the estate's or trust's 2023 taxable income was more than $150,000.
Generally, no estimated tax is due if the estate or trust expects a refund or a balance due of $500 or less. No estimated tax is due if it had no tax liability for the full 12 months before the tax year. A decedent's estate does not need to make estimated payments for a tax year ending before the date that is two years after the decedent's death.
Composite filers
Flow-through entities filing a Michigan Composite Individual Income Tax Return (Form 807) must make estimated payments for participants whose share of annual income tax liability is expected to exceed $500 after personal exemption and credits. Combine all participants' quarterly estimated payments on one MI-1041ES.
When it's due
For tax year 2024, calendar-year fiduciary and composite filers may pay in full by April 15, 2024, or pay equal installments on or before:
- April 15, 2024
- June 17, 2024
- September 16, 2024
- January 15, 2025
If income changes and no estimated payments have been made, the form gives these payment dates for 2024:
| When the change occurs | Pay on or before |
| --- | --- |
| January 1 through March 31 | April 15, 2024 |
| April 1 through May 31 | June 17, 2024 |
| June 1 through August 31 | September 16, 2024 |
| September 1 through December 31 | January 15, 2025 |
To avoid amending the fourth installment voucher, the form allows you to file the 2024 income tax return before February 1, 2025. With this option, the fourth installment voucher due January 15, 2025, is not necessary.
What you'll need
Have these forms and details available:
- The estate's or trust's 2023 Michigan and U.S. fiduciary income tax returns as references, even if they are not yet completed.
- Estimated 2024 taxable income, credits and tax expected to be withheld for the worksheet. The worksheet uses taxable income from U.S. Form 1041; see Michigan Form MI-1041 for allowable additions and subtractions.
- Any 2023 overpayment credit to apply to estimated payments.
- The filer's complete Federal Employer Identification Number (FEIN) and name and address information requested on the voucher.
- For a composite filer, each participant's estimated payment amount, combined into one quarterly payment, and the name and FEIN of the flow-through entity claiming the payments.
- A completed 2024 MI-1041ES voucher for the installment and a check if mailing payment.
Keep the Estimated Tax Computation Worksheet for your records.
How to file
Complete the voucher
Select fiduciary or composite filer, enter the full FEIN, provide the requested name and address information, and enter the payment amount. Composite filers must use the name and FEIN of the flow-through entity that will claim the payments on its composite return.
Mail your payment
- Make the check payable to State of Michigan.
- Write the estate's, trust's or composite filer's FEIN and 2024 MI-1041ES on the front of the check.
- Send one check for each return with the MI-1041ES voucher for that installment. Do not fold or staple the voucher or staple the check to it.
- Mail to:
Michigan Department of Treasury
P.O. Box 30774
Lansing, MI 48909
Certain financial institutions
A financial institution that submits estimated payments through the Federal Tax Deposit System on magnetic tape and acts as fiduciary for 200 or more trusts must submit Michigan estimated payments on magnetic tape. An institution acting as fiduciary for more than 49 but fewer than 200 trusts may make an irrevocable agreement to file magnetically.
Common mistakes
- Using the voucher for another payment. MI-1041ES must not be used for other payments to the State of Michigan.
- Using another entity's FEIN or leaving the FEIN incomplete. Do not use preprinted vouchers with another entity's FEIN. An incomplete FEIN causes processing delays.
- Including people who are not composite-return participants. Composite estimated payments should be sent only for participants in the composite return.
- Folding or stapling the voucher. Do not fold or staple it, or staple the check to the form. Send one check for each return.
- Missing payments, paying late or underpaying a quarter. Treasury may charge penalty and interest. If payment is late, add penalty and interest to the amount due.
- Applying a 2023 overpayment credit to the wrong quarter. Apply it to the first quarter, then carry any unused credit into following quarters until it is used up.
Questions people ask
How does an estate or trust calculate its estimated payment?
Use the worksheet to multiply estimated 2024 taxable income by 4.25%, then subtract estimated credits and expected withholding. Divide the estimated tax due by four, or by the number of estimated vouchers to be filed as directed by the form.
What if income changes after estimated payments have started?
Amend the estimate on the next installment voucher. Apply the increase or decrease equally over the remaining installments.
What penalties can apply to missed or insufficient payments?
The form lists a penalty of 25% of the tax due, with a $25 minimum, for failing to file estimated payments. For paying late or not paying enough, it lists a 10% penalty, with a $10 minimum. Interest is computed daily at 1% above the prime rate.
Does a composite filer need a separate voucher for each participant?
No. Compute the combined quarterly estimated payment for all participants and report it on one MI-1041ES using the flow-through entity's name and FEIN.
Where can I get help calculating required estimates?
After completing the worksheet, call 517-636-4486 if you need more assistance. TTY assistance is available through the Michigan Relay Service by calling 711.