Minnesota’s state revenue tax system consists of 4 tax brackets, with charges starting from 5.35% to 9.85%. Precisely how a lot you’ll owe depends upon your revenue degree, submitting standing, and whether or not you’re eligible for sure credit and deductions. Components like your job, further revenue sources, and household measurement can affect your tax charge inside Minnesota’s progressive tax construction.
Familiarizing your self with these brackets and figuring out which credit you qualify for might help together with your tax planning—and doubtlessly cut back your tax invoice.
Right here’s a better have a look at what to anticipate when submitting your Minnesota state revenue taxes for the 2024 tax 12 months (the taxes you file in 2025).
*Notice you’re nonetheless accountable for federal taxes in the event you meet the IRS revenue submitting threshold. This text addresses state-specific taxes solely.
Minnesota state revenue tax charges
Minnesota’s revenue tax is progressive: The extra you earn, the upper your tax charge will probably be. Your revenue degree and submitting standing decide which charge applies to you. Tax returns for Minnesota are due on April 15, which matches the federal tax deadline.
Questioning the place you fall inside Minnesota’s tax construction? The tables beneath present the revenue ranges and tax charges for various submitting statuses.
Tax RateSingleMarried Submitting JointlyMarried Submitting SeparatelyHead of Household5.35percentAs much as $31,690Up to $46,330Up to $23,165Up to $39,0106.80%$31,691 to $104,090$46,331 to $184,040$23,166 to $92,020$39,011 to $156,7607.85%$104,091 to $193,240$184,041 to $321,450$92,021 to $160,725$156,761 to $256,8809.85percentOver $193,240Over $321,450Over $160,725Over $256,880
Supply: Minnesota Division of Income
What’s the normal deduction in Minnesota?
The usual deduction in Minnesota reduces the portion of your revenue topic to tax, serving to many taxpayers decrease their tax payments with out itemizing bills. Right here’s the usual deduction quantity for every submitting standing for the 2023-2024 tax season:
Tax statusStandard deduction amountAdditional considerationsSingle$14,575Add $1,950 in case you are blind or had been born earlier than January 2, 1960. Married submitting collectively or qualifying surviving partner$29,150Add $1,550 for every partner who’s blind or was born earlier than January 2, 1960. Married submitting individually$14,575Add $1,450 in case you are blind or had been born earlier than January 2, 1960. Head of family$21,900Add $1,950 in case you are blind or had been born earlier than January 2, 1960.
Utilizing the usual deduction can simplify submitting because it doesn’t require detailed expense monitoring. You may declare an ordinary deduction in your Minnesota state taxes even in the event you itemized deductions in your federal taxes.
Who has to file Minnesota state revenue tax?
In Minnesota, you’re required to file a state revenue tax return in the event you’re a resident and your revenue meets the minimal submitting necessities.
Half-year residents and nonresidents should file in the event that they earn revenue from Minnesota sources above sure thresholds for gross revenue. Listed here are these thresholds for the 2024 tax 12 months:
Submitting standing Age Revenue requiring submitting Single Below 65 $14,575 and up Single 65 or older $16,525 and up Married submitting collectively Each underneath 65 $29,150 and up Married submitting collectively One partner 65 or older $30,700 and up Married submitting collectively Each 65 or older $32,250 and up
Typically, in the event you’re required to file a federal tax return, you’ll additionally must file in Minnesota.
How Minnesota residency impacts tax submitting
In Minnesota, your residency standing—whether or not you lived within the state year-round or part-time—impacts your revenue taxes. Right here’s a fast rundown of every standing:
Residency standing Definition How Minnesota taxes revenue Resident You lived in Minnesota all 12 months or think about it your everlasting residence. Minnesota taxes all revenue, no matter the place it’s earned. Half-12 months Resident You lived in Minnesota for a part of the 12 months, establishing residency or shifting out throughout it. You could file a state tax return in case your revenue earned in Minnesota meets the related minimal threshold listed within the part above. Nonresident You’re a everlasting resident of one other state or nation and resided in Minnesota for lower than 6 months. Minnesota solely taxes revenue you earned whereas within the state. You could file in the event you meet the related minimal threshold listed within the part above.
Different revenue tax issues in Minnesota
Sure varieties of revenue, corresponding to retirement advantages, funding earnings, and Social Safety, are taxed in another way in Minnesota. Right here’s a fast information to how every is dealt with:
Retirement and pension revenue tax: Minnesota taxes pensions for residents however excludes army retirement pay.
Funding revenue tax: Capital features are taxed on the identical charges as common revenue.
Supplemental funds tax: Funds exterior common wages, like bonuses and severance pay, are taxed at 6.25%.
Social Safety revenue tax: Minnesota taxes Social Safety advantages the identical quantity that they’re taxed federally; some filers might qualify for a subtraction.
Property tax: Minnesota imposes an property tax on estates exceeding $3 million in 2024, with tax charges starting from 13% to 16%. The state doesn’t permit portability, that means a surviving partner can’t use their associate’s unused exemption.
Navy revenue tax: Lively-duty army pay is tax-exempt for Minnesota residents
Speak to a tax knowledgeable without spending a dime
Do you will have tax questions? Get solutions from one in every of our tax consultants. Consultants obtainable 5am – 8pm PST – 7 days every week
Frequent Minnesota state tax credit
Minnesota provides a spread of tax credit and deductions designed to ease monetary burdens, help households, and encourage financial progress. In case you’re a mother or father, veteran, farmer, or renter, these credit may present important financial savings.
The next chart outlines every credit score, who qualifies, and the potential financial savings.
Tax credit score Description Quantity Baby Tax Credit score Credit score for fogeys with dependent youngsters and revenue at or beneath sure thresholds. As much as $1,750 per youngster Marriage Credit score Credit score for married {couples} submitting collectively with revenue disparity. As much as $501 Baby and Dependent Care Credit score Assists with youngster care bills for working dad and mom. As much as $1,200 Starting Farmer Administration Credit score Encourages new farmers to pursue monetary administration coaching. As much as $1,500 Grasp’s Diploma in Instructor’s Licensure Discipline Credit score for lecturers pursuing a grasp’s diploma of their area. As much as $2,500 Training Financial savings Account Contribution Credit score Encourages contributions to 529 school financial savings plans. As much as $500 Okay-12 Training Subtraction and Credit score Helps instructional bills for Okay-12 college students. Varies primarily based on revenue and variety of youngsters Credit score for Qualifying Older Kids Credit score for fogeys with revenue beneath sure thresholds and youngsters over age 17. $970 to $2,630Long-Time period Care Insurance coverage Credit score Encourages buying long-term care insurance coverage for your self or your partner. As much as $100 per beneficiary Mother and father of Stillborn Kids Credit score Obtainable to folks who skilled the stillbirth of a kid throughout the tax 12 months. $2,000 Credit score for Previous Navy Service Credit score for eligible veterans with revenue beneath sure thresholds. As much as $750 Renter’s Credit score Credit score for renters offering a Certificates of Hire Paid (CRP). As much as $2,640 Scholar Mortgage Credit score Credit score for these making funds on pupil loans. $500 Working Household Credit score Revenue-based credit score for working households. As much as $350
For the whole listing of Minnesota’s tax credit, deductions, and subtractions, go to Minnesota’s Division of Income web site.
Methods to file Minnesota state revenue tax
Submitting your Minnesota state revenue tax might sound daunting, however you don’t should do it alone, TurboTax has you coated.
We’ll information you thru Minnesota’s distinctive deductions, credit, and residency necessities so you’ll be able to maximize your refund. Whether or not you’re a resident, part-year resident, or nonresident, TurboTax makes it straightforward to file precisely and declare each deduction and credit score you’re eligible for.
Want somewhat further assist? Join with an area tax knowledgeable in Minnesota for personalised tax steerage or have us file for you.
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