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Question

Taxable Distribution of a Traditional IRA in Michigan

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

When filing State taxes in Michigan, under the new state tax law 2023, if you take a distribution from your Traditional IRA is a percentage of it not taxable now? In the previous years distributions were 100% taxable.

Yes, however it depends on the type of distribution and the age of the Taxpayer.

The change in taxability is being phased in over four years.

Link to the State of Michigan

Michigan Tax information on IRA

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Let me add to my question. I am 69 years old and took a distribution from my Traditional IRA. This is the first year of a four year phase in of eliminating the Pension tax. Does it include a distribution from a traditional IRA?

Yes, distributions from traditional IRA's qualify for the new rules where only a portion of the distribution is taxable.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Let me add to my question. I am 69 years old and took a distribution from my Traditional IRA. This is the first year of a four year phase in of eliminating the Pension tax. Does it include a distribution from a traditional IRA?