Every year in Michigan thousands of individuals and families who are eligible for the Michigan Earned Income Tax Credit never file to get it, leaving tens of thousands of dollars or more on the table that could be going into their pockets instead.
The Michigan Department of Treasury is reminding working families and individuals with low to moderate income that they may be able to receive Michigan’s Earned Income Tax Credit (EITC) by simply filing for it.
To qualify, individuals must meet certain requirements and file a federal income tax return, even if no tax is owed or if there is no requirement to file a return. If a federal EITC is granted, the state of Michigan will provide a 6-percent supplemental EITC when the taxpayer files his or her state income tax return.
State Treasurer Rachael Eubanks says, “The Earned Income Tax Credit is a very important tax credit that all eligible Michiganders should seek out,” and reminds folks, “The extra income this tax credit provides can be really helpful to working, low to moderate income families. Please don’t hesitate to seek out assistance so you can claim it on both your federal and state individual income tax returns.”
The amount of the federal EITC depends on income, filing status and number of qualifying children claimed as dependents on the taxpayer’s federal income tax return. The EITC reduces the amount of tax owed and may provide a refund.
During the 2019 tax year, approximately 738,400 claimants received the Michigan EITC, totaling almost $110.6 million with an average credit amount of $150.
The state Treasury Department estimates there are thousands of eligible Michiganders who are eligible for both the federal and state EITCs but fail to claim them each year.
To learn more about the EITC, go to http://www.irs.gov/eitc. For more information about services provided by the state Treasury Department, you can go online to: http://www.michigan.gov/treasury or follow @MITreasury on Twitter.
