Lansing, MI - State Treasurer Rachael Eubanks is encouraging Michigan’s working families to file a state and federal income tax return before the fast-approaching tax deadline to receive the full benefits of the state’s recently expanded Earned Income Tax Credit for Working Families tax credit.
“Michigan’s Earned Income Tax Credit for Working Families has been quintupled from 6% to 30%,” said State Treasurer Eubanks. “This means 700,000 working families could see an average combined refund of $3,150. The extra income provided by this tax credit can help families care for their children and meet living expenses. I cannot stress enough that working families should check to see if they’re eligible. Please seek out tax preparation help if you think you qualify and need assistance.”
To qualify, individuals must meet certain requirements and file a federal income tax return, even if no tax is owed or there is no requirement to file a return. If a federal credit is granted, the state of Michigan will provide up to an additional 30% credit when the taxpayer files their state income tax return.
The amount of the federal Earned Income Tax Credit depends on income, filing status and number of qualifying children claimed as dependents on the taxpayer’s federal income tax return. The Earned Income Tax Credit reduces the amount of tax owed and may provide a refund.
To claim the federal and state Earned Income Tax Credit, taxpayers can e-file their state and federal individual income tax return. For more information about e-filing, go to www.mifastfile.org.
Choosing electronic filing and direct deposit is convenient, safe and secure. Last year, around 4.7 million Michigan taxpayers e-filed, which is 90% of state individual income tax filers.
Individuals with low income, disabilities or who are 60 years of age or older may qualify for free tax preparation help from IRS-certified volunteers. For information about free tax help, go to irs.treasury.gov/freetaxprep or dial 2-1-1.
Additional free tax help can be found at www.michiganfreetaxhelp.org.
State individual income tax returns are due on or before Monday, April 15, 2024. Some taxpayers impacted by last year’s storm may qualify for an extension.
Through the end of March, the Michigan Department of Treasury had processed more than 2.6 million 2023 tax returns. The total refund amount has been $1.75 billion, or an average refund amount of $824.
Through March 31, the department had processed almost 464,000 Michigan Earned Income Tax Credit for Working Families returns for tax year 2023. The total state Earned Income Tax Credit amount has been $423.6 million, for an average credit of $913.