Tax professionals

Helping your clients plan for the next tax year is just as important as preparing their tax return for this year.

*Net Investment Tax*

Starting in 2024, Minnesota?s net investment tax takes effect. Net investment income exceeding $1 million is taxed at a rate of 1%.

*Minnesota Individual Income Tax Brackets*

Minnesota?s income tax brackets are recalculated each year based on the rate of inflation. The indexed brackets are adjusted by the inflation factor and the results are rounded to the nearest $10.

See income tax rates and brackets for tax years 2018 through 2024 on the Minnesota Department of Revenue website [ [link removed] ].

*Standard Deduction and Dependent Exemption Amounts*

For clients who take the standard deduction, here are the amounts for tax years 2023 and 2024. While the IRS does not offer exemptions, Minnesota allows dependent exemptions for qualified dependents ($4,800 for 2023 and $5,050 for 2024).

*Filing Status*



*2023*



*2024*



*IRS*



*MN*



*IRS*



*MN*



Single



?$13,850



?$13,825



?$14,600



?$14,575?



Married Filing Jointly or

Qualifying Surviving Spouse



?$27,700?



?$27,650?



?$29,200?



?$29,150?



Married Filing Separately



?$13,850



?$13,825



?$14,600



?$14,575



Head of Household



?$20,800



?$20,800?



?$21,900



?$21,900



Find more information on our website, including:


* Standard deductions for those who are blind or are 65 and over [ [link removed] ]
* Dependent exemption income limits [ [link removed] ]
* List of 2024 inflation-adjusted amounts [ [link removed] ]

*Questions?*

Contact us.

*If you*



*Then*



Need help with your clients? accounts and have power of attorney on file with us



Contact the appropriate tax division [ [link removed] ]



Have questions about tax law changes



Email our tax law changes group <[email protected]>



Have general questions, need time-sensitive assistance, or have feedback or an idea for a tax pro tip



Email our tax pro outreach coordinators <[email protected]>, or call 651-556-6606



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