Michigan Income Tax Refund Information
Michigan is a state located in the northern section of the Midwest, a region of the United States. Like most states, the residents of Michigan pay state income taxes as well as income taxes to the federal government. Taxpayers will get refunds after filing a tax return if it is discovered that during the previous year they had overpaid any amount of those taxes.
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Types of Income Tax
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For the most part, there are two different types of income tax returns that are filed in Michigan: state and federal. Depending on the city of residence, a local income tax return may also need to be filed. The state income tax rate for Michigan is 4.35 percent in 2010. The federal income tax rate is dependent on income and marital and filing status of the taxpayer. Local income taxes vary based on the municipality.
Tax Forms
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The most common tax form used to file federal income tax returns is the 1040. The 1040EZ is a simplified version of this form and is most commonly used by single filers with no dependents. For Michigan state income tax returns, the MI-1040 is used. On the 1040, there is an area where the filer can designate the federal income tax refund to be deposited into an account. The form 8888 is used if funds are to be deposited into multiple bank accounts. For direct deposits of state tax refunds, the form 3174 is completed.
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Tax Filing
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Tax returns for the previous year are due on April 15 for both state and federal income taxes. Self-employed individuals will file tax estimates throughout the tax year. The dates are April 15, June 15, Sept. 15 and Jan. 15 of the following year. Taxpayers can file both state and federal returns through the mail or electronically. This is known as e-file.
Refund
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Tax refunds are paid by the IRS on federal tax returns and the Michigan Department of Treasury for state income taxes. Funds will be delivered via the mail and by paper check unless the taxpayer requested direct deposit. In Michigan, if a taxpayer owes funds on state income taxes or another state agency, the refund amount will be used to pay towards the debt.
Receipt and Status
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Both Michigan and the IRS have online resources to check on the status of a refund after the tax return has been filed. E-filing tax returns will typically allow a refund to be received quicker than filing through regular mail. Also, having the funds direct deposited into an account is a faster method of receiving money. If an amended tax return was filed showing a refund, the IRS states that the process time can be as long as 12 weeks.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
