Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Are contributions to a Roth IRA deductible on the Michigan individual income tax return?
No, the Michigan Income Tax Act does not provide for the subtraction of contributions to Roth IRAs. Qualified distributions from the Roth IRA are not included in adjusted gross income and therefore, are not deductible on the Michigan individual income tax return. Under a Roth IRA, the contributions are taxed and the distributions are not.