FOR IMMEDIATE RELEASE
January 29, 2024 Contact: [email protected]
Gov. Whitmer Encourages Michiganders to Save Money with New Tax Cuts This Season Federal and State Individual Income Tax Season Opens Today
LANSING, Mich. -- Today, Governor Gretchen Whitmer announced that both the federal and state individual income tax season has begun and urged Michiganders to check out two important state tax changes that could put more money into the pockets of eligible taxpayers.
“Working families and retirees will save and get more money back when they file their taxes this year,” said Governor Whitmer. “Last year, we rolled back the retirement tax and quintupled the Working Families Tax Credit, saving hundreds of thousands of Michiganders money on their taxes. I am so proud our new legislative majority delivered over $1 billion in tax relief to help Michiganders care for their families, pay the bills, or save for a rainy day. Let’s keep working together to lower costs and ensure anyone can ‘make it’ in Michigan.”
Starting today Michiganders can file their 2023 tax year state individual income tax returns electronically through commercial software or by mailing paper forms through the U.S. Postal Service. All individual income tax returns must be e-filed or postmarked by Monday, April 15, 2024.
For the benefit and convenience of taxpayers, both the beginning and end of the individual income tax filing season are the same as the Internal Revenue Service.
"Working families and retirees have substantial benefits and options to consider when filing their taxes this year," said State Treasurer Rachael Eubanks. "These taxpayers have a lot to gain from the increased Michigan Earned Income Tax Credit for Working Families, ‘Retirement Tax’ rollback or other available tax credits. I encourage taxpayers to seek out a reputable tax preparer or use tax preparation software. We don’t want eligible taxpayers to miss out on these important benefits."
Michigan Earned Income Tax Credit (Michigan EITC) for Working Families Michigan’s 2023 tax return, forms, and instructions reflect the expansion of Michigan EITC for Working Families from 6% to 30% under the Lowering MI Costs Plan.
Although the law will not take effect until Feb. 13, 2024, taxpayers eligible for the Michigan EITC should not delay in filing their tax year 2023 return and claiming the expanded credit.
The Michigan Department of Treasury (Treasury) will work impacted returns as they are received and prepare them for release as soon as the law takes effect.
Tax Year 2022 Michigan EITC for Working Families Supplemental Checks On Feb. 13, 2024, Treasury will begin issuing supplemental check payments over a 5-to-6-week period to provide eligible taxpayers with the remaining 24% portion of the Michigan EITC for Working Families for the 2022 tax year. The additional 24% adjustment checks for tax year 2022 will average $618 per recipient.
These paper check payments will be issued to the most recent address on file with Treasury. Treasury routinely updates taxpayer address records based on current tax filings, so your address should be up to date. However, if you have moved frequently or recently and have concerns about your address accuracy, you can manually update it through IIT eService. Visit how to change your address with Treasury for more information.
Do not file an amended 2022 individual income tax return to change your address or claim the increased Michigan EITC for Working Families.
“Retirement Tax” Rollback The Lowering MI Costs Plan provides taxpayers with more options so they can choose the best taxing situation for their retirement benefits for the 2023 tax year.
Over a four-year phase-in, this new law restores the pre-2012 retirement and pension subtraction for most taxpayers in Michigan beginning in 2026. The change will benefit more retirees in Michigan while ensuring taxpayers in unique circumstances are not harmed.
Retirees can file and take advantage of the expanded retirement and pension subtraction options at the start of tax season, which saves taxpayers time and eliminates the need or expense of filing an amended return after the law takes effect. For that reason, eligible retirees should not delay in filing their tax year 2023 return and claiming the most advantageous pension and retirement benefit subtraction.
Treasury will work impacted returns as they are received and prepare them for release as soon as the law takes effect on Feb. 13, 2024.
How to File 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. For more information about e-filing, go to www.mifastfile.org.
Individuals with low income, disabilities or 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.
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