Get Wi I-016a 2022

What It Is. The Michigan Earned Income Tax Credit for Working Families (Michigan EITC) is a tax benefit for working individuals with income below a certain level. Beginning the 2022 tax year, the credit amount increased from 6% to up to 30% (see Michigan Compiled Law 206.272).

The Homestead Property Tax Credit helps qualified Michigan homeowners and renters pay for a portion of their property taxes. For the 2023 tax season, this credit is worth up to $1,600. For homeowners, your taxable value must be $143,000 or less.

You own or rent your Wisconsin homestead that is subject to Wisconsin property taxes during 2022. (Persons who reside in mobile or manufactured homes or nursing homes that are subject to property taxes may also qualify to file a claim.

The maximum credit allowed is $1,168. Household income includes all taxable and certain nontaxable income, less a deduction of $500 for each qualifying dependent. If household income is $24,680 or more, no credit is available. Property taxes are those levied for 2022, regardless of when they are paid.

The exemption amount is $5,400 per year times the number of personal and dependency exemptions allowed under Part 1 of the Michigan Income Tax Act. An employee may not claim more exemptions on the MI-W4 than can be claimed on the employee's Michigan income tax return.

The amount of the credit depends on the amount of income— $1,500 is the maximum credit. The computed credit is reduced by 10% for every $1,000 (or part of $1,000) that the total house- hold resources exceed $51,000.

A claim for refund and/or credit must be made within 4 years from the due date set for filing the annual return. For example, the 2018 homestead property tax credit must be filed by April 18, 2023.