DO YOU KNOW EVERY CREDIT YOU’RE ELIGIBLE FOR?

Every year, Michiganders leave thousands of dollars on the table. Make sure you get what’s owed to you.

Below you’ll find everything you need to know about all federal and state credits available to you. If you have any questions, check out the hyperlinks or contact Michigan 2-1-1.

Federal Tax Credits

The Earned Income Tax Credit (EITC) is a tax credit for working families and individuals. For the 2023 tax season, the credit will be worth from $600 to $7,430. To qualify for the EITC, you must: 1) have worked and  earned income under $63,398, 2) have investment income below $11,000 in the tax year 2023, 3) have a  valid Social Security number, and 4) be a  U.S. citizen or a resident alien all year.

NOTE: There is both a federal EITC and a state EITC, so be sure to claim both! The Michigan EITC is equal to 30 percent of your federal credit.

The Child Tax Credit (CTC) is a federal tax credit for families with children under 17. This credit is worth $2,000 per qualifying child; up to $1,600 per child is refundable. Qualifying children must generally be dependents under 17, live with you for more than half the year, and be your child, stepchild, eligible foster child, sibling, step-sibling, half-sibling, or descendant of one of these. 

Other credits

The Child & Dependent Care Credit – This credit will help ease childcare costs. Look into this credit if you paid expenses for the care of a qualifying individual to enable you (and your spouse, if filing a joint return) to work or actively look for work.

Educational Tax Credits & Deductions – These credits are for taxpayers or their dependents who attended college in 2023. If you, your spouse, or dependents had educational expenses from attending college last year, you should check out these credits and deductions: American Opportunity & Lifetime Learning credits.

Looking for a more comprehensive list of federal credits and deductions?

State Credits

Home Heating Credit

The  Home Heating Credit helps ease heating costs for Michigan homeowners and renters. You may apply this credit using home heating costs that occurred between November 1, 2022, through October 31, 2023. To apply, your total household resources must not exceed income limits per household size (e.g., $16,043 for a single person or $44,329 for a six-person household), you must own or rent the home where you live (including apartments and mobile homes), and have your heat bill (e.g., gas, electric, or heating oil) in your name.

Homestead Property tax credit

The  Homestead Property Tax Credit helps qualified Michigan homeowners and renters pay for a portion of their property taxes. For the 2024 tax season, this credit is worth up to $1,700. 

For homeowners, your taxable value must be $154,000 or less. For both homeowners and renters, your total household resources must be $67,300 or less. However, if 100% of your total household resources were received from the Michigan Department of Health and Human Services, you do not qualify.