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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.
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).
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Filing Status
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2023
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2024
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IRS
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MN
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IRS
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MN
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Single
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?$13,850
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?$13,825
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?$14,600
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?$14,575?
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Married Filing Jointly or
Qualifying Surviving Spouse
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?$27,700?
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?$27,650?
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?$29,200?
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?$29,150?
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Married Filing Separately
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?$13,850
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?$13,825
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?$14,600
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?$14,575
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Head of Household
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?$20,800
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?$20,800?
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?$21,900
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?$21,900
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Find more information on our website, including:
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