MN HF5407

Adds a new subtraction for qualified distributions from retirement plans (401(k)-type plans and IRAs) for Minnesota residents age 65 and older.

Married taxpayers filing jointly with both spouses age 65+ can subtract up to $150,000 of qualified retirement distributions from income.

All other taxpayers age 65+ can subtract up to $75,000 of qualified retirement distributions from income.

Applies to taxable years beginning after December 31, 2023.