4588: Insurance Company Annual Return for Michigan Business and Retaliatory Taxes (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4588 is the 2024 annual return for insurance companies to calculate Michigan Business and Retaliatory Taxes and claim credits. It reports Michigan premiums, tax liability, credits, payments, and any tax due or overpayment.
Who files this form
Form 4588 is for insurance companies filing under the Michigan Business Tax (MBT) to calculate Michigan Business and Retaliatory Taxes and claim credits.
Only taxpayers with an awarded certificated credit that has not been fully claimed or used may elect to be MBT taxpayers. Filing an MBT return and claiming a certificated credit makes that election. Once elected, the taxpayer must continue filing and paying under the MBT until the credit and any carryforward are exhausted.
Foreign and alien insurers complete the retaliatory tax portion, lines 30 through 46. Domestic insurers skip to line 47. An alien insurer whose port of entry is Michigan is treated as domestic for this return.
When it's due
For tax year 2024, Form 4588 is due March 1, 2025.
What you'll need
Have the information and supporting forms that apply to your return:
- Your taxpayer name, address, FEIN or Michigan Treasury-assigned TR number, and state of incorporation.
- Records of Michigan premiums, policy cancellations, annuity receipts, reinsurance receipts, and any disability insurance exemption amounts.
- Records of payments and refunds for the facilities and associations listed on line 20 during 2023, plus Michigan Examination Fees paid in 2024.
- Records of prior MBT overpayments, estimated tax payments, and payments made with an extension request.
- Form 4974 for the Corporate Income Tax comparison.
- Applicable credit and recapture forms and their requested attachments: Forms 3581, 4569, 4584, 4587, 4595, and 4596. Form 4582 is used to calculate penalty and interest for underpaid estimated tax.
For the retaliatory calculation, attach the state-of-incorporation tax form used to calculate the hypothetical Michigan company's tax, detailed schedules for other fees and assessments, and proof of payment for items reported in the Michigan column on lines 39 through 42.
For an amended return, attach a separate explanation of the changes, an amended federal return or signed and dated IRS audit document, and all schedules filed with the original return, even if unchanged.
How to file
Complete both pages and sign and date the return. Use the same FEIN or TR number on all forms. If you do not have either number, register before filing at michigan.gov/mtobusiness.
Mailing without payment:
Michigan Department of Treasury
PO Box 30783
Lansing MI 48909
Mailing with payment:
Pay the amount on line 58 and send the check with the return to:
Michigan Department of Treasury
PO Box 30113
Lansing MI 48909
Make the check payable to State of Michigan. Put your FEIN or TR number, the tax year, and MBT on the front of the check. Do not staple it to the return.
E-file: The text states that an FEIN is required to submit a return through e-file, but does not provide further e-filing steps.
Common mistakes
- Leaving out the account number. Returns without a registered account number will not be processed until one is provided. Use the same number on all forms.
- Entering amounts in boxes marked with Xs. Leave those boxes alone. Line 50 also requires no entry.
- Sending the annual financial statement or its filing fee with this return. Do not include either. The Department of Insurance and Financial Services bills the annual statement filing fee separately.
- Forgetting signatures or preparer details. Sign and date the return. Preparers must provide their PTIN, FEIN or SSN, business name, business address, and phone number.
- Leaving an overpayment undesignated. Complete lines 60 and 61 as applicable to request a refund, credit the amount toward the next MBT tax year, or split it between those uses.
- Including the original return with an amendment. Do not attach a copy of the original return. An amended return also cannot revoke a valid election to remain taxable under the MBT.
Questions people ask
How do I amend my return?
Use Form 4588 for the year being amended and check the amended-return box. Enter the figures as they should be, attach an explanation of the changes, and include all original schedules, even if unchanged. Also include an amended federal return or a signed and dated IRS audit document.
Which year's payments go on line 20 of the 2024 return?
Use payments made from January 1, 2023, through December 31, 2023, including special assessments. For each listed facility or association, subtract refunds received during 2023 from payments made during 2023. Enter zero if refunds exceed payments. For line 20c, exclude amounts paid to the Michigan Automobile Insurance Placement Facility that are attributable to the assigned claims plan.
Does checking the new-address box update all Treasury records?
No. The address on the return is used for correspondence and refunds related to that return. To change the primary legal address in Treasury's files, make the change through your Michigan Treasury Online account.
Can I use an overpayment toward next year's tax?
Yes. If you anticipate an MBT liability in the next filing period, enter the amount to carry forward on line 60. Enter the amount you want refunded on line 61.
What happens if I do not file Form 4582 for underpaid estimated tax?
If penalty and interest are owed and you choose not to file Form 4582, Treasury will calculate them and bill you for payment.