Michigan Residents Are Getting $550 Checks: See If You Qualify
It’s tax time, and it certainly helps if you’re getting a big tax refund. But, you might actually be getting a random $550 check in the mail. How great is that? It’s true: Nearly 700,000 Michigan residents are getting $550 checks in the next few weeks. Here’s how to see if you qualify.
The checks are tied to a new Michigan law passed last March that took Michigan’s Earned Income Tax Credit from 6% to 30% of the federal tax credit. That’s a major increase.
This week, Michigan started sending tax credit refund checks out to lower-income Michigan residents. The checks are going to residents who qualified for the Earned Income Tax Credit in 2022. So, those who get the checks will be taxpayers who qualified for the Earned Income Tax Credit in 2022, which is a benefit for residents who have a job but don’t make much money. The size of the credit is dependent on factors such as household income and dependent children. In the 2022 tax year, a married couple with three children could get the tax credit if they made less than $59,187 combined. For a single person without children, they could get the credit if they earned less than $16,480.
The average check is expected to be $550, but that varies. The maximum Michigan EITC is 30% of the federal credit. That changes based on inflation. Also, those who get the Michigan Earned Income Tax Credit and claimed it on their 2022 taxes already got a 6% credit. So, the new checks will make up the difference, adding 24%. The checks are coming quickly, too. The Michigan Department of Treasury expects to finish sending out the checks over the next five-to-six weeks. That great news is that you don’t need to do anything to get the checks. The state will send paper checks to eligible taxpayers, without residents having to do anything. If you moved, make sure to update their address so you get the check.
7 Easy Ways to Make Extra Money
