Bloomberg Tax
March 10, 2023, 5:00 AM

Michigan Treasury Issues Information on Individual Income Tax Treatment of Retirement, Pension Benefits

The Michigan Department of Treasury March 1 issued information on the individual income tax treatment of retirement and pension benefits. The information includes that: 1) taxpayers born before 1946 can subtract all public pension benefits and subtract private pension benefits up to $56,961 if they are single filers and $113,922 if they are joint filers; 2) taxpayers born between 1946 and 1952 aren’t generally eligible for a pension subtraction in 2022; 3) most taxpayers born after 1952 have no pension subtraction in 2022; 4) retirees with benefits from employment with a governmental agency aren’t covered by the Federal Social Security ...

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