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Like many Michigan retirees, John Harnois is looking forward to saving good money on his state income taxes, thanks to a repeal of the so-called "retirement tax" beginning in 2023.. Now, if ...
“HB 6061 would undo a nearly 30-year-old pension reform that has been working effectively to manage financial risks and personnel costs for state agency employers and which has helped taxpayers ...
The Michigan Department of Treasury said the official start date of the 2024 tax season will be Jan. 29, as well. ... a controversial plan in Lansing to tax the pension and 401(k) incomes of ...
A struggling union pension fund for more than 22,500 metro Detroit carpenters and millwrights is getting a $635 million federal bailout, saving retirees from big cuts to their pension checks next ...
The unanimous ruling by a three-judge panel is a blow to Republican lawmakers, some business groups, and the Mackinac Center for Policy.
Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier retirement ...
As a result, the maximum Michigan earned income tax credit is $2,229 for 2023 for lower income households with three or more qualifying children. With one qualifying child, the federal credit can ...
For 2023, IRA deductions for singles covered by a retirement plan at work aren't allowed the deduction after their modified adjusted gross income (MAGI) hits $83,000, versus $78,000 in 2022.