You may be aware of an important update regarding Michigan state taxes on retirement income: beginning in 2026, most individuals will not be required to pay Michigan state tax on retirement income and pension benefits, including:
What this means for you: Our records indicate you may currently have Michigan state tax withholding elected on one or more retirement accounts held with us. In light of these changes, it may make sense to review whether your current withholding elections still align with your situation. Take action: You can reach out to our office to confirm your current elections and/or to provide the appropriate paperwork to make a change to your elections. Prior to making a change, we encourage you to consult your CPA or tax professional to confirm how these rules would apply to your specific circumstances. We're here to help. Should you have any questions, please do not hesitate to reach out to our office. |
Planning Around New Michigan Tax Rules
