According to mich.gov if you are born before 1946 why does the tube tax still show I need to pay taxes?
Taxable income $61474
ref
There are no changes for those born before 1946.
For recipients born before 1946, all benefits from public sources are exempt and benefits from private sources may be deducted up to $53,519 for a single or married filer filing separately or $107,517 for married filing a joint return for the 2020 tax year. Any private pension payment in excess of the limits above is taxable.
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In answering your question @Brittas2, I'm assuming your only income is a public pension and TurboTax is showing you owe tax.
If that is the case, check how the pension is being listed in TurboTax.
As you said, recipients born before 1946 may subtract all qualifying retirement and pension benefits received from public sources, and may subtract private retirement and pension benefits up to $54,404 if single or married filing separately or up to $108,808 if married filing jointly.
2021 Retirement & Pension Information
I did all the things suggested but.
Why would it still show tax owing from a private income that is less than the limit
As you said, recipients born before 1946 may subtract all qualifying retirement and pension benefits received from public sources, and may subtract private retirement and pension benefits up to $54,404 if single or married filing separately or up to $108,808 if married filing jointly.
Is this an error in the calculation on Turbo Tax
MY error
I clicked the box
Pension withdrawal before retirement.
corrected the error
clicked the box
withdrawal after retirement
thanks
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