Earned Income Tax Credit

You may be eligible for an expanded tax credit through the State of Michigan.
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EARNED INCOME TAX CREDIT

Empowering more people in Michigan.

The Michigan Earned Income Tax Credit (EITC) recently expanded to help low- to moderate-income working individuals and families in our state qualify for a larger tax return. Public Act 4 of 2023 increased the Michigan EITC from 6% to 30%. If you qualify, you could be eligible for a tax credit on your State of Michigan tax return.1 This increase is retroactive to the 2023 tax year, meaning you may receive a check in the mail from the Michigan Department of Treasury soon if you qualified for the EITC on your 2022 taxes.1

 

See information from the State of Michigan2 and the Internal Revenue Service2 to learn more about the Michigan EITC and Federal EITC requirements for eligibility – like income, filing status, etc. – or talk to your tax preparer to see if you qualify for the EITC on your 2023 state or federal tax returns.1

A financial boost.

A financial boost.

If you think you may be eligible for the EITC, file your 2023 federal and state income taxes so you don’t miss out on these funds.1 A bigger tax refund this year could help you take a big step toward your goals, like:

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Changing your address.

Changing your address.

Starting February 13, 2024, the Michigan Department of Treasury will begin to mail tax credit refund checks for the 2023 tax year. If you recently moved or want to verify your address on file, you can update your address with the Michigan Department of Treasury online, by mail, or by phone.

learn more2
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You may qualify for free tax help and preparation.

Find a Volunteer Income Tax Assistance (VITA) site near you.

 

FIND A VITA SITE²

Ideas to save your refund.

A tax refund might be a great opportunity to start or add to your savings. To take one more step toward your goals. And to create peace of mind for you and your family. Whether you’re ready to get started on your emergency fund or want to start saving for the future, you can find solutions here to help you along the way.

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Aspire Savings account

Earn a rate boost on the first $2,000 in the account

Grow your emergency fund or reach savings goals faster

No monthly service fee

LEARN ABOUT ASPIRE SAVINGS

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Certificates of deposit (CD)

Terms from 3-72 months available

Limited-time options with higher rates

Save for retirement with an IRA CD

Explore CDs

How to deposit your EITC check.

How to deposit your EITC check.

If you’re expecting an EITC check in the mail, you can easily deposit it to your Lake Trust account to start working toward your goals.

To deposit your EITC check, you can:

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How to save your tax refund.

If you’re expecting a tax refund, it’s tempting to spend it. Before you do, consider your goals.

VIEW SAVINGS TIPS
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Tax season security tips.

Scams and fraud often increase during tax season. Keep your information safe by learning how to recognize the signs of a scam.

VIEW SECURITY TIPS

1 Lake Trust Credit Union does not provide tax preparation services and cannot offer tax advice. Please consult with a tax professional to learn more about the Michigan Earned Income Tax Credit (EITC) and the Federal EITC if these credits apply to your individual situation.

2 Third party website. Lake Trust Credit Union is not responsible for the content, availability, security or compliance of any linked third party websites. In addition, the site's privacy policies may differ from those of Lake Trust.