Deadline for $976 Tax Refund for Michigan Residents Looms; Check If You Are Eligible!

By Madz Dizon

May 14 2024, 03:44 AM EDT

The Internal Revenue Service (IRS) issued a timely reminder regarding the deadline for filing 2020 tax returns. Taxpayers who have not yet filed their returns have until May 17 to do so.

Thousands in Michigan Are Eligible For $976 Tax Refund

According to the IRS, an estimated $1 billion is owed to individuals who failed to file their taxes in 2020. The median return amount varies between $761 and $1,031, depending on the state.

In Michigan, approximately 34,900 individuals are eligible for a refund, with the median payment amounting to $976.

According to the IRS, Michigan residents have access to over $38 million in estimated refunds.

When considering factors such as the Earned Income Tax Credit, you may be eligible for an even higher amount than the median return of $976 in Michigan.

According to MLive, to ensure you meet the May 17 deadline, the IRS advises taxpayers to begin promptly, as it may take some time to gather the required documents from employers, banks, or other payers.

IRS Warns Low-Income Filers: Don't Miss Out on EITC

Furthermore, the IRS emphasizes that failing to file 2020 returns could result in significant losses for many lower-income individuals.

The Earned Income Tax Credit, a valuable resource for lower-income individuals and families, could provide taxpayers with qualifying children up to $6,600. The income thresholds for different family sizes are as follows:

For those with three or more qualifying children, the threshold is $50,594 ($56,844 if married filing jointly).
For people with two qualifying children, the threshold is $47,440 ($53,330 if married filing jointly).
For those with one qualifying child, the threshold is $41,756 ($47,646 if married filing jointly).
For people without qualifying children, the threshold is $15,820 ($21,710 if married filing jointly).

The IRS is urging eligible taxpayers to begin collecting their records promptly to meet the approaching deadline.

There are several ways available to get the necessary documents for your 2020 tax return before the deadline. These options include requesting a copy online, filing Form 4506-T, or obtaining copies from your employer and bank, as per USA Today.