Form 5500-EZ Lansing Michigan 2023-2024

Form 5500-EZ Lansing Michigan: What You Should Know

The 5500 was introduced in 2024 to treat adopted retirement plans for the purposes of this provision, in an  October 2024 ruling. The IRS, in January 2015, announced it would no longer grant any exceptions to the 50 percent tax  on distributions from adopted retirement plans for the purposes of claiming the exemption. However, the IRS continued to enforce the  existing rule that certain distributions must be subject to the 50 percent tax, because “a significant portion of an employee's retirement plan expenses can be  incurred during his first year of work, and are not attributable directly to that time.” For employees covered by the  former IRS 401 (k) Plan, these distributions are considered to be compensation and must be taxable. It is likely that this has affected many of the  retirement plan plans in the state of Michigan as well. What does this mean for the City of Lansing? The City of Lansing currently has four of its employees who qualify for the adoption exemption: Mr. and Mrs. Soto; Mr. and Mrs. Sargent; Ms. and Mr. Sutter; and Ms. and Mr. Schmitz. They make 100,000 a year as part of the city staff. The City of Lansing currently has 4 employees in pension plans. One of those employees is Mr. and Mrs. Soto, who make 70,000 a year as part of the City of Lansing Police Department Pension Plan. Since those employees are also part of existing retirement plans, they can continue to deduct the 50 percent of their pension payments in 2016, that would amount to 13,000 for each  Mr. Soto and Ms. Soto. This amounts to the same amount as in the year 2000. The other three employees can continue to deduct those amounts in the year before 2008. This amounts to 20k total for the four city employees. This means the City will be able to fully deduct these retirement payments in the year that is required by law to be deducted. This was not an option in the past due to the inability to tax the pensions that they receive as  retirement.

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