Emergency-related state tax relief available for taxpayers located in twelve northern Michigan counties impacted by March 2025 storms.
The federal income tax return reports the $10,200 per qualified individual (based on income limits) unemployment income exclusion as a subtraction. Is a similar subtraction allowed on the 2020 Michigan Individual Income Tax Return, MI-1040?
The federal income tax return reports the $10,200 per qualified individual (based on income limits) unemployment income exclusion as a subtraction. Is a similar subtraction allowed on the 2020 Michigan Individual Income Tax Return, MI-1040?
The Michigan individual income tax return begins with federal adjusted gross income; therefore, Michigan taxpayers will already receive the benefit of the federal 2020 Unemployment Compensation Exclusion taken on the federal return. An additional subtraction of unemployment income cannot be taken on their 2020 Michigan individual income tax return.