4906: AMENDED Insurance Company Annual Return for Corporate Income and Retaliatory Taxes (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4906 is the 2024 amended return for insurance companies reporting Corporate Income and Retaliatory Taxes. It reports Michigan premiums, exemptions, credits, tax liability, payments, and any tax due or overpayment, with a retaliatory tax calculation for foreign and a
Who files this form
Insurance companies use Form 4906 to amend their Corporate Income Tax and retaliatory tax return. This version is for tax year 2024.
An amended return is required if changes to a federal income tax return affect the Corporate Income Tax tax base. Use the amended return that matches the tax year and taxpayer type.
What you'll need
- All schedules and attachments filed with the original return, even if they have not changed. Do not include a copy of the original return.
- A separate sheet explaining why you are amending the return.
- The instructions for the Insurance Company Annual Return for Corporate Income and Retaliatory Taxes, Form 4905. Use these unless the amended-return instructions say otherwise.
- Payment and overpayment information from the original return and any previous amended returns for the same tax year, including refunds received and credits carried forward.
- If applicable, the document supporting the Workers’ Disability Supplemental Benefit Credit on line 52.
- For foreign and alien insurers reporting other fees or assessments, detailed schedules for lines 39 and 44.
Common mistakes
- Using a form for the wrong year or taxpayer type. Use the appropriate amended return.
- Leaving out unchanged schedules or attachments. Include all those filed with the original return.
- Attaching a copy of the original return. The instructions say not to include it.
- Entering original figures alongside corrected figures. Insurance companies must complete all lines using only amended numbers.
- Omitting the amendment reason. Enter the two-digit reason code and attach a separate explanation.
- Forgetting the FEIN on page 2 or the signature. The instructions require the FEIN on each succeeding page, and the form reminds you to continue and sign on page 2.
Questions people ask
Which instructions should I use to complete Form 4906?
Use the instructions for Form 4905, the Insurance Company Annual Return for Corporate Income and Retaliatory Taxes, unless the amended-return instructions say otherwise.
How do I explain why I am amending?
Enter the two-digit code that best describes your reason in the reason-code field at the top of page 1. Attach a separate sheet with an additional explanation. For example, code 01 is for an amended federal return, code 06 is for correcting information or figures originally reported, and code 20 is for other reasons.
Who completes the retaliatory tax section?
Foreign and alien insurers complete lines 32 through 46. Column A reports burdens the state of incorporation would impose on a hypothetical Michigan company doing the same business there. Column B reports actual burdens Michigan imposes on the taxpayer. Domestic insurers enter the amount from line 31 on line 47.
What goes on the line for overpayments already received?
Line 55 includes overpayments received from the original return and all previous returns for the tax year. Include both refunds received and credits forward created.