I heard that Michigan does not require me to pay taxes on a benefits received from a retirement plan if it is from a private college. Is this true?

[plswinehart]

I received these benefits in a lump sum after leaving the college.  I was exactly 59 1/2 on the date it was deposited into my account.

[DS30 · Accepted solution]

It depends. There is an exemption from MI state income taxes related to retirement and pension income but for

All Pension Recipients born after 1952, all pension and retirement benefits (except Social Security, Military compensation and pension, and Railroad/Michigan National Guard pension) are taxable and you are not entitled to a pension subtraction.

Please click on MI - Retirement and Pension Exemption Chart for more information.