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The Michigan website's explainer says that "retirees can file and take advantage of the expanded retirement and pension subtraction options at the start of tax season," which was Jan. 29.
The police and fire pension system’s board oversees the $2.7 billion fund, which serves some 8,000 retired police and fire retirees and some 3,000 active duty first responders.
The filing deadline for most 2023 federal and state of Michigan income tax returns is April 15, 2024. Many taxpayers do not itemize deductions because the standard deduction is now fairly high.
Learn about the history, functions, and plans of ORS, which administers retirement and health benefits for Michigan state and public school employees. ORS serves over 530,000 customers and manages over $67 billion in pension assets.
Learn about the history, types, and funding of public sector pensions in the U.S. at the federal, state, and local levels. Compare the retirement benefits and risks of different plans and systems across the country.
Learn about the statutory retirement age in different countries and regions, and how it is influenced by various factors such as life expectancy, demography, and fiscal cost. Find out the current and future retirement age for men and women in each jurisdiction, and the exceptions and criteria for early or partial retirement.
In total, workers who are 50 and older can contribute up to $30,000 starting in 2023. The annual contribution limit for IRAs next year also increased to $6,500 from $6,000 — an increase of 8.3%.
Learn about the bicameral body of the U.S. state of Michigan, composed of a Senate and a House of Representatives. Find out its history, structure, powers, term limits, and current composition.
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