4568: Nonrefundable Credits Summary (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4568 summarizes applicable nonrefundable credits for the 2024 Michigan Business Tax. It reports total nonrefundable credits and calculates the tax liability after those credits are applied.
Who files this form
Form 4568 summarizes applicable Michigan Business Tax (MBT) nonrefundable credits and determines tax liability after those credits.
- Standard taxpayers and financial institutions may use this form. Financial institutions may claim only the credits listed as available to them in the instructions.
- Only taxpayers with an awarded certificated credit that has not yet been fully claimed or used may elect to be MBT taxpayers.
- Insurance companies use Form 4596, Miscellaneous Credits for Insurance Companies, instead.
- A Unitary Business Group (UBG) completes one Form 4568 for the group.
What you'll need
Have the following forms and information available:
- Your applicable MBT annual return: Form 4567 for standard taxpayers or Form 4590 for financial institutions. Use the same name and account number shown on page 1 of that return.
- Your Federal Employer Identification Number (FEIN) or TR Number.
- Form 4570, if reporting compensation, investment tax, or research and development credits.
- Form 4571, if reporting the Small Business Alternative Credit or Gross Receipts Filing Threshold Credit.
- Form 4572, if reporting community and education foundations, homeless shelter/food bank, public contribution, or arts and culture credits.
- Form 4573, if reporting the credits referenced from that form, including start-up business, Renaissance Zone, historic preservation, and other listed credits.
Each credit has its own eligibility rules and carryforward limits. Refer to the instructions for the form where the credit is calculated.
How to file
Include completed Form 4568 as part of your tax return filing.
- Carry the total nonrefundable credits from line 40 to Form 4567, line 54, or Form 4590, line 27.
- Check that the tax after nonrefundable credits on line 41 equals Form 4567, line 55, or Form 4590, line 28.
- If filing for a Unitary Business Group, complete one Form 4568 for the group.
The provided text does not give a mailing address or e-filing instructions.
Common mistakes
- Entering amounts on unused lines. Leave line 2 blank and skip to line 3. The credits on lines 13 and 14 are no longer available, so leave those lines blank and skip to line 15.
- Losing a negative sign. If Form 4570, line 20, is negative, enter it as a negative number on line 4b. Otherwise, leave line 4b blank. Enter a negative Start-up Business Credit as a negative number on line 15. Subtracting these negative entries increases tax liability.
- Leaving a negative result on lines 6, 9, or 19. The instructions say a negative total on any of these lines means there is a calculation error or an incorrect entry.
- Forgetting to include the form. Include completed Form 4568 with the tax return.
Questions people ask
What is Form 4568 used for?
It summarizes applicable nonrefundable MBT credits and determines your tax liability after those credits.
Does this form explain whether I qualify for each credit?
Not fully. Each credit has specific eligibility rules, including different carryforward periods. The text directs you to the MBT Act or the instructions for the specific credit form for details.
Can a credit entry increase my tax liability?
Yes. A negative entry on line 4b or line 15 increases tax liability when it is subtracted in the calculations on line 6 or line 16.
Does each member of a Unitary Business Group complete a separate Form 4568?
No. Complete one Form 4568 for the group. Credits may be calculated for individual members or for the group, depending on the rules for each credit.
What if line 41 is less than zero?
Enter zero. Line 41 must equal Form 4567, line 55, or Form 4590, line 28.