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Michigan has no gift tax.
Like the majority of states, Michigan does not have an inheritance tax. If you stand to inherit money in Michigan, you should still make sure to check the laws in the state where the person you are inheriting from lives. In Pennsylvania, for example, the inheritance tax can apply to heirs who live out of state if the descendant lives in the state.
Michigan also has no gift tax. The federal gift tax exemption is $15,000 per recipient per year in 2021 and $16,000 in 2022.
It appears I'm not allowed to input a figure above 10,000 in the turbotax line for where MI529 plan contributions are entered. As far as I can tell it is because the state has a maximum deduction of 10,000 for 529 contributions but it isn't entirely clear from the turbotax information for that line item.
Yes, MI contribution amount is lower.
Contributions are deductible for Michigan income tax purposes up to $5,000 per year for a single income tax return filer and $10,000 per year for joint filers. Incoming rollovers from another 529 account, however, are not eligible for the tax deduction.
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