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Michigan Farmland Preservation Tax Credit Claim
Extracted from PDF file 2023-michigan-form-mi-1040cr-5.pdf, last modified November 2012Farmland Preservation Tax Credit Claim
Reset Form Michigan Department of Treasury (Rev. 02-23), Page 1 of 2 2023 MICHIGAN Farmland Preservation Tax Credit Claim MI-1040CR-5 Issued under authority of Public Act 281 of 1967, as amended. Include with Form MI-1040. Type or print in blue or black ink. Attachment 03 1. Filer’s First Name M.I. Last Name 2. Filer’s Full Social Security No. (Example: 123-45-6789) If a Joint Return, Spouse’s First Name M.I. Last Name 3. Spouse’s Full Social Security No. (Example: 123-45-6789) PART 1: COMPUTATION OF CREDIT — Complete a Schedule CR-5 before completing Part 1. 4. Total taxes for all agreements from Schedule CR-5, line 3, column F................................................ 4. 00 6. 00 7. 00 17. Total Property Tax Credits. Add lines 15 and 16 ............................................................................ 17. 00 5. Check this box if all of your taxes that qualify for a Homestead Property Tax Credit are included in line 4. 6. If you did not check the box on line 5, enter the taxes on your home and farmland that qualify for a property tax credit but are not under a Farmland Developmental Rights Agreement ........................ 7. Total. Add lines 4 and 6..................................................................................................................... 8. Total Household Resources from MI-1040CR, line 33, MI-1040CR-2, line 32 or MI-1040CR-7, line 37 ................................. 8. 00 9. Total Loss Adjustment from line 33, page 2 (must be less than zero) .................................................................... 9. 00 10. Total Household Income, combine lines 8 and 9 ............................... 10. 00 11. Depletion allowance claimed on your federal return.......................... 11. 00 12. Total. Add lines 10 and 11................................................................. 12. 13. Total taxes on land covered by Farmland Developmental Rights Agreement from line 4 ....................................................................... 13. 00 14. Multiply line 12 by 3.5% (0.035). If negative, enter “0” ...................... 14. 00 15. Subtract line 14 from line 13.............................................................. 15. 16. Homestead Property Tax Credit from MI-1040CR, line 44 or MI-1040CR-2, line 33. ...................................................................... 16. 00 00 00 IF LINE 17 IS LESS THAN LINE 7, CARRY THE AMOUNT FROM LINE 15 TO YOUR MI-1040, LINE 26, AND STOP HERE. 18. If line 17 is greater than 7, enter the amount from line 7 .................................................................... 18. 00 19. Enter the amount from line 16 ............................................................................................................ 19. 00 20. Subtract line 19 from line 18. Enter here and on Form MI-1040, line 26............................................ 20. 00 Continued on Page 2. + 0000 2023 17 01 27 7 2023 MI-1040CR-5, Page 2 of 2 Filer’s Full Social Security Number PART 2: NET BUSINESS/FARM LOSS Taxpayers that had a net loss from business or farm on MI-1040CR line 16, MI-1040CR-2 line 15, MI-1040CR-7 line 21. 21. Business income or (loss) from U.S. Form 1040................................................................................ 21. 00 22. Farm income or (loss) from U.S. Form 1040 ...................................................................................... 22. 00 23. Net business income/farm loss, combine lines 21 and 22 (must be less than zero) .......................... 23. 00 PART 3: NET ROYALTY/RENT LOSS Taxpayers that had a net loss from royalty or rent on MI-1040CR line 17, MI-1040CR-2 line 16, MI-1040CR-7 line 22. 24. Rental, Real Estate, Royalty Loss from U.S. Form 1040 (must be less than zero)............................ 24. 00 PART 4: NET OPERATING LOSS. If you do not have a federal NOL deduction, SKIP to line 33. 25. Federal NOL deduction. Enter as a positive number........................................................................... 25. 00 26. Reported 2023 AGI without current NOL deduction ............................................................................ 26. 00 27. Adjustments to AGI a. Taxable Social Security benefits and IRA deductions (see instructions) ....................................... 27a. 00 b. Capital losses in excess of capital gains ($3,000 maximum) ........................................................ 27b. 00 28. Modified federal AGI. Add lines 26, 27a and 27b. .............................................................................. 28. 00 29. Itemized Deductions or Standard Deduction. If you did not itemize, SKIP to line 29g. a. Medical and Dental Expenses ....................................................................................................... 29a. 00 b. Taxes You Paid ............................................................................................................................. 29b. 00 c. Interest You Paid........................................................................................................................... 29c. 00 d. Gifts to Charity.............................................................................................................................. 29d. 00 e. Casualty and Theft Losses ........................................................................................................... 29e. 00 f. Other Itemized Deductions ............................................................................................................. 29f. 00 g. If you did not itemize, enter the standard deduction...................................................................... 29g. Enter the total of lines 29a through 29f if you itemized, or the standard deduction from line 29g if 30. you did not itemize................................................................................................................................ 30. 00 31. FMTI. Subtract line 30 from line 28. If line 30 is greater than line 28, enter “0”.................................. 31. 32. Allowable Net Operating Loss Deduction. Enter the lesser of line 25 or line 31 as a negative number.................................................................................................................................................. 32. 00 33. Total Loss Adjustment. Combine lines 23, 24 and 32. Carry to line 9, page 1 (must be less than zero) ............................................................................................................................................. 33. + 0000 2023 17 02 27 5 00 00 00
2023 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
More about the Michigan Form MI-1040CR-5 Individual Income Tax Tax Credit TY 2023
We last updated the Farmland Preservation Tax Credit Claim in February 2024, so this is the latest version of Form MI-1040CR-5, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form MI-1040CR-5 directly from TaxFormFinder. You can print other Michigan tax forms here.
Related Michigan Individual Income Tax Forms:
TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Michigan Form MI-1040CR-5.
| Form Code | Form Name |
|---|---|
| Form MI-1040CR | Homestead Property Tax Credit Claim |
| Form MI-1040CR-7 | Home Heating Credit Claim |
| Form MI-1040CR-7 Instructions | Home Heating Credit Instruction Booklet |
| Form MI-1040CR-2 | Michigan Homestead Property Tax Credit Claim for Veterans and Blind People |
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 MI-1040CR-5 from the Department of Treasury in February 2024.
Form MI-1040CR-5 is a Michigan Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Michigan Form MI-1040CR-5
We have a total of thirteen past-year versions of Form MI-1040CR-5 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form MI-1040CR-5
2023 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2022 Form MI-1040CR-5
2022 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2020 Form MI-1040CR-5
4594, 2020 Michigan Farmland Preservation Tax Credit
2019 Form MI-1040CR-5
2019 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2018 Form MI-1040CR-5
2018 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2017 Form MI-1040CR-5
2017 Michigan Schedule of Taxes and Allocation to Each Agreement
2016 Form MI-1040CR-5
2016 Michigan Homestead Property Tax Credit Claim MI-1040CR
2015 Form MI-1040CR-5
2015 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2014 Form MI-1040CR-5
2014 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2013 Form MI-1040CR-5
2013 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5
2011 Form MI-1040CR-5
MI-1040CR-5, 2011 Michigan Farmland Preservation Tax Credit Claim
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