MI Form 5329 2024-2025

MI Form 5329: What You Should Know

Effective July 1, 2013, if you elect to file a Form 5329 (or use Form 5329-EZ); if your property is assessed during the taxable year or within 12 months after the close of the taxable year to which the Form is filed, you could have your taxes reduced by the amount of the qualified savings contributions, as defined in this section, you contributed to the registered retirement savings plan (RESP) on or before the due date of your tax return for the taxable year or within 60 days after the due date of the return for the taxable year (which the registrar will verify pursuant to MCL 28.22.160). MCL 28.22.160 provides that you may have an exemption for any qualified savings contributions you made in the taxable year on an IRA within 60 days after the due date of your tax return for the taxable year. A qualified savings contribution is made to a retirement plan by a person who is not a prohibited person and: Not all the amounts contributed to a plan are qualified savings contributions. Qualified savings contributions consist of (1) amounts you contributed that exceed 5,400 for individuals and 10,000 for married couples or 18,800 for joint and other individuals; and (2) amounts you contributed for a designated fund unless they were contributions made in conjunction with: An employee benefit plan providing benefits from which a designated benefit is derived and that is established through the employer; an employee retirement income fund or annuity plan that does not meet this definition; or any employee retirement savings plan or annuity plan of any other public or private employer. Any amounts contributed beyond the amount you contribute for qualified retirement savings purposes are taxable, unless other provisions of this section apply. This section does not impose a penalty for failure to file a Form 5329, and no penalties will apply if your property is assessed after you filed your Form 5329. The taxpayer may receive an additional tax credit to offset the additional taxes paid as a result of an exempt amount being applied.

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