Michigan Treasury Issues Information on Income Tax Treatment of 2021 Retirement, Pension Benefits, Qualified Distributions

The Michigan Department of Treasury Jan. 1 issued information on the individual income taxability of 2021 retirement and pension benefits. The information includes: 1) a chart showing the taxability of benefits depending on a taxpayer’s age and date of birth; 2) distributions that qualify or don’t qualify for a subtraction, and Form 1099-R distribution codes; 3) taxpayers born before 1946 may subtract all qualifying benefits received from public sources, and subtract private retirement and pension benefits up to $54,404 if single or married filing separately, or up to $108,808 if married filing jointly; 4) a deduction for taxpayers born on ...