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Question

MI state tax return

Forum|Forum|2 years ago
April 5, 2024
2 replies
0 views

I am working on my Michigan return and am questioning whether Turbotax is capturing all exemptions of income that are allowed. The April 2024 edition of NARFE (a publication for Federal Employees and Retirees) reports on page 45 that MI has some new rules for 2023 taxes on Federal annuities. It states "New for 2023, taxpayers born in1946 through 1958 may deduct up to $15,380 if filing single or MFS, or $30,759 if MFJ". I would qualify for this deduction but I don't see where Turbotax is capturing it. Can anyone tell me how it is being handled?

Employee

Line 12 of the fed 1040 will show you standard deduction if you are not itemizing.

Employee

When you page through the Michigan state return, you will come to a screen titled Here's the income MI taxes differently. Scroll down to Pension and Retirement Income and click Start or Update.

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