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Michigan Free Printable 777, 2018 Michigan Resident Credit for Tax Imposed by a Canadian Province for 2020 Michigan Michigan Resident Credit for Tax Imposed by a Canadian Province (OBSOLETE)

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Michigan Resident Credit for Tax Imposed by a Canadian Province (OBSOLETE)
777, 2018 Michigan Resident Credit for Tax Imposed by a Canadian Province

Reset Form Michigan Department of Treasury 777 (Rev. 01-19) 2018 MICHIGAN Resident Credit for Tax Imposed by a Canadian Province Issued under authority of Public Act 281 of 1967, as amended. Include with MI-1040. Type or print in blue or black ink. Filer’s Name(s) as shown on your MI-1040 (First, Middle Initial, Last) Filer’s Full Social Security Number Home Address (Street, City, State, ZIP Code) Spouse’s Full Social Security Number PART 1: CONVERSION OF CANADIAN WAGES AND TAXES TO UNITED STATES CURRENCY 1. 2. 3. 4. 5. 6. Canadian income taxed by Michigan............................................................ 1. 00 Fringe benefits included in Box 14 of the T-4, not taxable in U.S.................. 2. 00 Subtract line 2 from line 1.............................................................................. 3. 00 Multiply line 3 by the conversion rate of 77.18% (0.7718) (see inst.)...................................................... Total Canadian income from line 150 of your Canadian income tax return.. 5. 00 Multiply line 5 by the conversion rate of 77.18% (0.7718) ....................................................................... Divide line 4 by line 6 (percentage of Canadian income taxed by Michigan to total Canadian income)........................................................................................................................ Multiply the Canadian federal tax (line 420 of Canadian return) $__________________by the conversion rate of 77.18% (0.7718) ............ 8. 00 Multiply line 8 by line 7............................................................................................................................. Multiply the provincial tax (line 428 of Canadian return) $_____________ by the conversion rate of 77.18% (0.7718) ..................... 10. 00 Multiply line 10 by line 7........................................................................................................................... Contribution to Canadian Pension Plan from Form T-4, Boxes 16 and 17... 12. 00 Multiply line 12 by the conversion rate of 77.18% (0.7718) ..................................................................... 4. 00 6. 00 7. % 9. 00 11. 00 13. 00 14. Adjusted gross income from MI-1040, line 10.......................................................................................... 15. Canadian income taxed by Michigan from line 4, above............................... 15. 00 16. U.S. adjustments to Canadian wages (from U.S. Form 1040, Schedule 1, lines 23-35).................................................................................................... 16. 00 17. Subtract line 16 from line 15..................................................................................................................... 18. Subtract line 17 from line 14 for Michigan sourced income...................................................................... 19. Additions from MI-1040, line 11................................................................................................................ 20. Add lines 17, 18 and 19............................................................................................................................ 21. Subtractions from MI-1040, line 13.......................................................................................................... 22. Subtract line 21 from line 20 for income subject to tax............................................................................. 23. Divide line 17 by line 22 for percentage of Canadian income to total income subject to tax............................................................................. 23. % 24. Exemption allowance from MI-1040, line 15............................................................................................ 25. Subtract line 24 from line 22 for taxable income...................................................................................... 26. Multiply line 25 by the Michigan tax rate of 4.25% (0.0425)..................................................................... 14. 00 17. 18. 19. 20. 21. 22. 00 00 00 00 00 00 24. 25. 26. 00 00 00 27. Multiply line 26 by line 23 for Michigan tax on Canadian province income.............................................. 28. Add lines 9, 11 and 13 for total tax paid in Canada....................................... 28. 00 29. Adjustments to credit claimed on U.S. Form 1040: 29a. Canadian portion of credit, excluding carryovers, claimed on U.S. Form 1040, Schedule 3, line 48 (see instructions)...................... 29a. 00 29b. Canadian income taxed by Michigan from all U.S. 1116 forms........... 29b. 00 29c. Gross Canadian income from all U.S. 1116 forms............................... 29c. 00 29d. Divide line 29b by line 29c and enter percentage............................... 29d. % 29e. Multiply line 29a by line 29d for adjusted amount claimed on U.S. Form 1040.................................................... 29e. 00 30. Subtract line 29e from line 28 for amount available for credit on MI-1040............................................... 31. Canadian provincial tax from line 11. Enter here and on MI-1040, line 18a............................................. 32. Credit for tax paid to Canadian province (lesser of lines 27, 30 or 31). Enter here and on MI-1040, line 18b........................................................................................................ 27. 00 30. 31. 00 00 32. 00 7. 8. 9. 10. 11. 12. 13. PART 2: COMPUTATION OF MICHIGAN TAX PART 3: ALLOWABLE CREDIT FOR TAX PAID TO CANADIAN PROVINCE(S) INCLUDE THIS FORM WITH YOUR MI-1040 RETURN 2018 Form 777, Page 2 Instructions for Form 777 Resident Credit for Tax Imposed by a Canadian Province You will need your U.S. Form 1040, all U.S. 1116 forms, Canadian Federal Individual Income Tax Return and Canadian Form T-4 to complete your Michigan Form 777. Include copies of all of these forms with your Form MI1040 return. Who May Claim This Credit To qualify for a credit using this form, you must: • • Be a resident or part-year resident of Michigan, Have income that was subject to income tax by both Michigan and a Canadian province, and • File a Canadian return which shows provincial tax paid. NOTE: The surtax for individuals who are not residents of Canada may not be used to compute a Michigan tax credit. If your Canadian return submitted with your MI-1040 return does not show provincial tax, you do not qualify for a Michigan tax credit. Credit Computation The maximum credit for tax imposed by a Canadian province is the smaller of: • Michigan tax due on the Canadian income, or • The provincial tax you did not claim for credit on your U.S. Form 1040. Credit is not allowed for: • Canadian provincial tax unused in prior years but carried over to your 2018 U.S. Form 1116. • Canadian provincial tax unused in 2018 and claimed as a carryover deduction to future years. • Taxes paid on income subtracted on line 13 of your MI‑1040 (e.g., rental or business income from another state or Canada, part-year resident wages). • Canadian federal tax, contributions to Canadian Pension Plan, or taxes paid to any other foreign country or subdivision of a foreign country, other than a province of Canada. NOTE: If you reduce your U.S. income tax by a carryover of provincial tax, you must amend your prior year Michigan income tax return to reduce the credit computed on that year’s return. Conversion Rate The conversion rate used on this form for the 2018 tax year is the conversion rate of 77.18% (0.7718). If you used a conversion rate on your 2018 U.S. Form 1116 other than 77.18%, replace the rate in Part 1 of this form with the rate used on your 2018 U.S. Form 1116. Line-by-Line Instructions Lines not listed are explained on the form. Line 1: Enter your Canadian income taxable by Michigan. This includes, but is not limited to, salaries, wages, commissions and other employment income. Part-year residents: Compensation reported on this line may include only the portion earned while a Michigan resident. Line 2: If box 14 of Canadian Form T-4 includes fringe benefits reported in your U.S. adjusted gross income (AGI), reduce the amount in box 14 by the fringe benefits amount included in AGI on your U.S. Form 1040. Note: This reduction must be accompanied by verification from your employer. Line 12: Enter contributions to a Canadian Pension Plan from boxes 16 and 17 on the Canadian Form T-4 (maximum of $2,593.80) or from line 421 of the Canadian return. Part-year residents must prorate the amount on this line. Divide Canadian salaries and wages earned as a Michigan resident by total Canadian salaries and wages earned. Then multiply the total contribution from boxes 16 and 17 by the resulting percentage. Line 13: Multiply line 12 by 77.18% (0.7718) and enter the result. Line 15: Enter your Canadian income from line 4. Note: Interest and dividends from Canada received by a Michigan resident are taxable by Michigan as Michigan sourced income. Line 29a: Enter the portion of the U.S. foreign tax credit reported on U.S. Form 1040, Schedule 3, line 48 that is based on Canadian federal tax, Canadian provincial tax, and contributions to Canadian Pension Plan paid or accrued in 2018. The amount entered must not include the portion of the U.S. credit attributable to carryover of prior year tax and must not include Canadian taxes carried over to a year after 2018. In computing the U.S. credit, it is presumed the Canadian federal income tax is claimed first.
Extracted from PDF file 2019-michigan-form-777.pdf, last modified January 2015

More about the Michigan Form 777 Corporate Income Tax Tax Credit TY 2019

*No Longer In Use

We last updated the Michigan Resident Credit for Tax Imposed by a Canadian Province (OBSOLETE) in April 2020, so this is the latest version of Form 777, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 777 directly from TaxFormFinder. You can print other Michigan tax forms here.

Other Michigan Corporate Income Tax Forms:

TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form MI W-4P Withholding Certificate for Michigan Pension or Annuity Payments
Form 4884 Pension Schedule
Form 4567 Business Tax Annual Return
Form 4884 Worksheet Form 4884 Section D Worksheet
Form 4642 Voluntary Contributions Schedule

Download all MI tax forms View all 98 Michigan Income Tax Forms


Form Sources:

Michigan usually releases forms for the current tax year between January and April. We last updated Michigan Form 777 from the Department of Treasury in April 2020.

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Form 777 is a Michigan Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Michigan Form 777

We have a total of seven past-year versions of Form 777 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 777

777, 2018 Michigan Resident Credit for Tax Imposed by a Canadian Province

2018 Form 777

777, 2018 Michigan Resident Credit for Tax Imposed by a Canadian Province

2017 Form 777

777, 2017 Michigan Resident Credit for Tax Imposed by a Canadian Province

2016 Form 777

777, 2016 Michigan Resident Credit for Tax Imposed by a Canadian Province

2015 Form 777

777, 2015 Michigan Resident Credit for Tax Imposed by a Canadian Province

777, 2014 Michigan Resident Credit for Tax Imposed by a Canadian Province 2014 Form 777

777, 2014 Michigan Resident Credit for Tax Imposed by a Canadian Province

PDF Form Pack generated by formuPack 2012 Form 777

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