Minnesota SF2012 proposes a subtraction of income from certain retirement plans for taxpayers aged 65 and older.

Minnesota SF2012 amends state tax law to allow a subtraction of income from certain retirement plans for taxpayers aged 65 and older. For married taxpayers filing a joint return, the subtraction is the lesser of the qualified distributions received or $150,000. For all other taxpayers who are at least 65 years of age, the subtraction is the lesser of the qualified distributions received or $75,000. This change is effective for taxable years beginning after December 31.

Minnesota SF2012 proposes a subtraction of income from certain retirement plans for taxpayers aged 65 and older.

Minnesota SF2012 amends state tax law to allow a subtraction of income from certain retirement plans for taxpayers aged 65 and older. For married taxpayers filing a joint return, the subtraction is the lesser of the qualified distributions received or $150,000. For all other taxpayers who are at least 65 years of age, the subtraction is the lesser of the qualified distributions received or $75,000. This change is effective for taxable years beginning after December 31.