I recently got something from the Michigan Department of Treasury in the mail that looks like 4 sort of coupons where I tear a section out and write down payment amount (not sure how much to write down as it doesnt say) and has different due dates: April 15 2024, June 17 2024, September 16 2024, January 15 2025.
I've never had such a thing been mailed to me, I always do my own taxes and I file jointly with my wife. As I am doing them this year (using turbotax) so far the state of michigan owes me like 300$ for my 2023 taxes.
However, when I read the instructions from this document that was mailed to me, it says the following:
Who Must File Estimated Tax Payments
You must make estimated income tax payments if you expect to owe more then $500 when you file your 2024 MI-1040 Return. If you owe more then $500, you may not have to make estimated payments if you expect your 2024 withholding to be at least: -90 percent of your total 2024 tax (qualified farmers, fishermen and seafarers use 66 and 2/3 percent) -100 percent of your 2023 tax, or -110 percent of your total 2023 tax if your 2023 adjusted gross income is more then 150,000 (75,000 for married filing sperately).
Estimated tax payments are not needed if two-thirds of your gross income is from farming, fishing, or seafaring and you meet the qualifications. Estimate filing requirements apply whether or not you are a MI resident.
DO NOT SUBMIT THIS FORM FOR ANY QUARTER that you do not have estimated tax due.
Based on what I am reading from above, it appears I do not have to do this, I mean the taxes I am doing right now are for 2023, so I am confused why I got this for 2024? Maybe they are saying, when its 2025 and I am doing my taxes for 2024 If I plan to owe more then $500.00 to the state of michigan I have to do these estimated payments? Is that what it means?
If so I do not plan to owe that much to the state of Michigan because I plan to continue contributing to my 3 kids' MESP 529 plan. (See my comments in this question below). The one year (2022) I owed the state of Michigan around $800.00 was because I did not fully contribute to these accounts causing me to owe the state of Michigan. However, in 2023 during that year I fully contributed around 18k to my kids' college 529 accounts which caused my state of MI taxes to not owe but get money back (currently $300.00). I plan to do the same thing in 2024 and my salary has not increased.
I have no clue what this is, and why I suddenly got it. I've been doing my taxes for prolly ten years now and I've never had such a thing. Do I need to do anything given that I do not owe the state of michigan?
I live and work in the state of Michigan all my life. No other state nor any foreign accounts etc. Everything is local, I and my wife both work I make in the around 170k a year and my wife makes around 30k a year.