Michigan: Converted an IRA to Roth. Over the age of 59 1/2. Does Michigan allow a partial deduction based on the new laws?

Forum|Forum|2 years ago
February 29, 2024
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Converted IRA to Roth in 2023

Born Feb 1957. Joint Filing (I am older)

Over age of 59 1/2. (66 in 2023)

TT indicates that Michigan allows a partial tax deduction based on the IRA conversion. (I know MI has a new law and complex tax reduction strategy based on date of birth.

Question: Does it make sense that I should receive a deduction based on the current law?

I think so because it is considered a distribution from the original IRA?

AmyC

Employee

Not from the flowchart based on your age being under 67. Page 22 of Form 4884 Instructions has a question chart to determine if you are eligible and for what. It is very long and complicated. Question 8, no would make you ineligible. Please go through the chart yourself, just in case I misunderstood something.

Page 19 states:

"Qualifying benefits include distributions from...

• IRA distributions received after age 59½ or described by Section 72(t)(2)(A)(iv) of the IRC (series of equal periodic payments made for life)"

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