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Total Household Resources (THR)

Total Household Resources (THR)

What is THR?

Total household resources (THR) are the total income (taxable and nontaxable) of both spouses or of a single person maintaining a household. There are types of income that you should include and those that you should exclude when calculating either a home heating credit (HHC) or homestead property tax credit (HPTC).

What is Income?

Income is federally adjusted gross income (AGI) plus all income specifically excluded from the calculation of AGI. Therefore, AGI and THR can be the same number if all income is taxable, but because THR requires the addition of income not taxed,  these numbers are usually different.

Use the list below when calculating what should be included in your THR for a HHC or HPTC.

THR and HPTC

Over 65

  1. Use the lists from "What to Include and Exclude in THR" when calculating it on your 1040CR or 1040CR-2.
  2. After calculating THR, for those 65 or older at the end of the tax year they are filing, will usually use Table A from the MI-1040 booklet to figure out how THR impacts their credit claim.

 

Once your THR exceeds the annually established limit, you are no longer eligible to receive this credit, regardless of age.

Under 65

  1. Use the lists from "What to Include and Exclude in THR" when calculating it on your 1040CR or 1040CR-2.
  2. After calculating THR, those under 65 will usually use Table B from the MI-1040 booklet to figure out how THR impacts their credit claim.

 

Once your THR exceeds the annually established limit, you are no longer eligible to receive this credit, regardless of age.
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Homestead Property Tax Credit Adjustments and Denials

Did your HPTC get denied or adjusted by Treasury?