Minnesota HF2268 provides a subtraction from taxable income for qualified retirement plan distributions for residents aged 65 and older.

Minnesota HF2268 amends state tax law to allow a subtraction from taxable income for qualified distributions from retirement plans. This applies to payments or distributions from qualified retirement plans or individual retirement accounts. For married taxpayers filing jointly, if both spouses are at least 65 years old by the end of the taxable year, the subtraction is the lesser of the qualified distributions received or $150,000. For all other taxpayers aged 65 or older, the subtraction is the lesser of the qualified distributions received or $75,000.

Minnesota HF2268 provides a subtraction from taxable income for qualified retirement plan distributions for residents aged 65 and older.

Minnesota HF2268 amends state tax law to allow a subtraction from taxable income for qualified distributions from retirement plans. This applies to payments or distributions from qualified retirement plans or individual retirement accounts. For married taxpayers filing jointly, if both spouses are at least 65 years old by the end of the taxable year, the subtraction is the lesser of the qualified distributions received or $150,000. For all other taxpayers aged 65 or older, the subtraction is the lesser of the qualified distributions received or $75,000.