There’s more money on the way and now Thousands of residents are eligible for relief checks for up to $1,849 if they stick to it an essential requirement in any of the states of the United States.
The amount of money paid to each eligible person depends on their marital status and the number of children they have.
Of course, more money will be distributed this year than last year, thanks to a recently signed new bill.
Who is eligible to receive the money?
The Michigan taxpayers are eligible to receive checks ranging from $35 to $1,849 due to the increase in the Earned Income Tax Credit (EITC) from 6% to 30%.
Gov. Gretchen Whitmer just signed a bill into law a few days ago that includes this new tax package that, in addition to raising the EITC, will also lower taxes on retirement income.
These taxes were introduced in 2011 and will be phased out from now until 2026, according to Gretchen Whitmer’s project.
How much money does each eligible person receive?
In the case of Earned Income Tax Credit the amount of money to be received will depend on two factors:
The Michigan Citizens Research Council calculated the amount to send to each family based on the new credit increase by 30%.
In this way it is estimated that Almost 700,000 families receive a help check worth $550 on average because there are some households that will receive more than that amount.
Those who are single Michigan taxpayers and have two qualifying children was able to get the prescribed maximum, a check for $1,849.
If so, you’ll see a significant increase since then previously they only got a check for $370but also Must meet the $20,000 income requirement.
Because only those who make $40,000 with the same number of eligible children They get a raise of just over $400and cashed a check totaling $594 instead of $119.
Likewise, single taxpayers with no qualifying children who earn only $10,000 and previously earned only $30 can now use the new bill receives checks for $149.
Those who have 2 eligible children but are applying together and have an income of $20,000 You will also receive checks for $1849 and if you win $40000 receives an amount of $982.
When will the increase be charged?
Once the law goes into effect, Michigan taxpayers will be eligible for the increased EITC.
At the moment they have claimed the EITC on their Form 1040 in the 2022 return You only see a payment at a rate of 6%. and then delivery of the remaining checks will be scheduled, according to the Treasury Department.
In this sense, the treasury asked taxpayers who have not filed a claim for the amended EITC increase on their individual income tax returns.
This time, the last-minute plan put forward by Democrats didn’t work, as they proposed handing each taxpayer a $180 relief check, but since the project didn’t take effect before the end of the 2022 tax season, that wasn’t possible, furthermore the proposal did not find sufficient support from Republicans.
WE RECOMMEND YOU: