Details on the $550 and $2400 Stimulus Checks Coming in 2024

Here’s the latest update on the $550 and $2400 Stimulus Checks coming in 2024. Families eligible for the Working Families Tax Credit based on their 2022 tax returns will receive $550 Stimulus Checks starting from February 13, 2024. In Michigan, residents will receive checks to cover the difference between the 30% owed under the new law and the 6% tax credit earned on their tax returns.

Nearly one million children in Michigan, comprising almost half of all children in the state, will directly benefit from this Michigan Stimulus Checks Payment 2024. This payment will provide an average tax refund of $3,150 to around 700,000 families. If eligible for the $550 Stimulus Checks in 2024, residents should apply for the enhanced tax credit this year. Residents can file their taxes in 2023 to receive the full 30% tax credit along with the extra Working Families Tax Credit check from their 2022 tax return.

$550 and $2400 Stimulus Checks in 2024:

Starting in February 2024, an increased $550 Working Families Tax Credit will be distributed to almost 700,000 households in Michigan. These payments will cover the difference between the 6% credit on qualifying taxpayers’ 2022 tax returns and the 30% credit introduced by a bill passed last year. Approximately 700,000 households will receive an average tax return of $3,150 for tax year 2022, thanks to this combined tax credit.

Michigan EITC Stimulus Check 2024 Details

Program Name	Michigan Earned Income Tax Credit (EITC)
State	Michigan
Country	USA
Benefit Amount	$550
Category	Government Aid
Payment Date	February 13, 2024

Michigan Sending $550 Checks to Families in February:

More than seventy thousand lower-income households in Michigan will receive tax credit return checks averaging $550 starting from February 2024. Funds will be automatically allocated to individuals whose combined income in 2022 fell below $59,187 and who were eligible for the Earned Income Tax Credit as of February 13.

Eligibility for the $550 tax credit:

To qualify for the EITC, individuals must be U.S. citizens with earned income under $63,398 and investment income under $11,000. Earned income includes taxable income from self-employment, business, or farming. Residents must file their federal income tax returns and claim the federal EITC to be eligible for the Michigan EITC.

How to Receive the $550 Stimulus Checks Payment in 2024:

Residents who filed their 2022 tax returns and confirmed their eligibility for the increased state credit will automatically receive checks from the Department of Treasury. Checks for the $550 Stimulus Checks Payment in 2024 will be mailed as soon as they are printed, which is expected to take five to six weeks. Residents who have recently relocated or are unsure about their address should update their information to ensure they receive the payment.