Schedule CR-5: Schedule of Taxes and Allocations to Each Agreement (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Schedule CR-5 lists property taxes and allocates the tax credit to each agreement for 2024. It records agreement details, taxable value, ownership information, and each agreement’s share of total taxes and credit, and is included with Form MI-1040.
What you'll need
To complete the 2024 schedule, have the following information available:
- Your name and full Social Security number, plus your spouse’s if filing a joint return.
- Each agreement’s county code, contract number, and expiration date.
- The 2023 or 2024 taxable value and whether the 2024 property taxes are paid.
- The type of ownership and percent of income or ownership.
- The allocated total tax for each agreement.
- The credit amount from MI-1040CR-5, line 15 or 20.
How to file
Include Schedule CR-5 with Form MI-1040. Type or print in blue or black ink.
Complete columns A through H. Enter totals for columns F through H on line 3. Column G must total 100%. Carry the total from column F to MI-1040CR-5, line 4.
If you use additional pages, check the additional-pages box and enter their totals.
Common mistakes
- Leaving columns A through H incomplete. The form instructs you to complete all eight columns.
- Letting column G total something other than 100%.
- Forgetting to carry the column F total to MI-1040CR-5, line 4.
- Omitting the additional-pages checkbox or totals when using extra pages.
- Using ink other than blue or black when completing the form by hand.
Questions people ask
What date format should I use for an agreement’s expiration date?
Use MM-DD-YYYY.
How do I calculate the percentage in column G?
Divide each amount in column F by the total on line 3, column F. The total of column G must equal 100%.
How do I calculate the allocated credit in column H?
Multiply the credit from MI-1040CR-5, line 15 or 20, by the percentage computed in column G.
What if I use additional pages?
Check the box indicating that additional pages were used and enter the totals from those pages.
Where does the total tax amount go?
Carry the total from column F to MI-1040CR-5, line 4.