2019 Minnesota Tax Deduction Amounts Tax-Brackets.org also maintains an archive of important Minnesota income tax exemption amounts, including the Minnesota Standard Deduction, the Minnesota Personal Exemption, and the Minnesota Dependent Deduction. In general, H.F. 5 should decrease the Minnesota individual income tax liability of most taxpayers, and is projected to reduce individual income tax revenues by more than $530 million during fiscal year 2020-21. For 2019, the state standard deduction matches the federal amount and some separate Minnesota itemized deductions have been established, keeping several items that were eliminated under federal law. In 2018, individuals filing returns in Minnesota may either: Taxpayers can choose either method to take deductions, regardless of the election made on their 2018 federal income tax return. Policy statements that provide added interpretation, details, or information about Minnesota tax laws or rules. The new law is retroactive to the beginning of 2018, so Minnesota taxpayers who filed 2018 state returns based on the old law may have to amend them. In 2019, it increases by $1,650 if you’re single or head of household and by $1,300 if you’re married or a qualifying widow(er). Minnesota adopts federal taxable income as the starting point for computing taxable income of individuals. While the new Federal standard deduction has jumped up to $12,000 filing single and $24,000 married filing joint, the Minnesota standard deduction is still at $6,500 filing single and $13,000 married filing joint. Standard and Itemized Deductions. During most years, standard deductions go up by small amounts to reflect inflation. Under prior Minnesota law, the standard deduction for a married couple filing joint (MFJ) was $13,000; H.F. 5 raises it to $24,400. For tax year 2019, Minnesota enacted its own allowable itemized deductions. H.F. 5 makes the $4,250 per-dependent exemption permanent and eliminates all personal exemptions. So many Minnesotans, who might have been able to … Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®. Dependent exemptions: Beginning with the 2019 tax year, Minnesota no longer allows personal exemptions. Note: If you are married filing separately and your spouse takes the standard deduction on their Minnesota return, you must also. Here's a peek at 2018 tax brackets, standard deduction amounts and more under tax reform. Add $1,650 (Single) or $1,300 (Married Filing Separately) if you are blind. You may claim the Minnesota standard deduction or itemize your deductions on your Minnesota income tax return. Personal exemptions and dependent exemptions will no longer exist. The 2018 standard deduction amounts will be as follows: Single or married filing separately: $12,000; Married filing jointly: $24,000; Head of household: $18,000; The additional standard deduction for people who have reached age 65 (or who are blind) is $1,300 for each married taxpayer or $1,600 for unmarried taxpayers. From exciting social events to unique networking opportunities, the conference provides a wealth of information and best practices to take your firm to the next level. Adopt federal standard deduction amounts (with separate Minnesota limitations) and federal itemized deductions with certain exceptions Provide a special limited adjustment for 2018, allowing individual income taxpayers to take the standard deduction or make an election to itemize deductions, regardless of the method used for federal income tax purposes An increase in the Social Security subtraction from $4,… Minnesota Standard Deduction vs. Itemized Deductions. The standard deduction is based on filing status and typically increases each year. See page 13 of the MN 2018 Forms and Instructions PDF file here: ... TurboTax will use the standard deduction for Minnesota as … All rights reserved. In the following table, we provide the most up-to-date data available on state individual income tax rates, brackets, standard deductions, and personal exemptions for both single and joint filers. Itemized deduction, with provisions generally matching those under the Minnesota standard deduction information, updates and. Filers: $ 13,000, up $ 300 longer available Minnesota adopts federal taxable income as starting. Govern the partial phase-out of itemized deductions on your Minnesota income tax return 16, 2016 payments of estimated Should... Dependent exemption – Minnesota will allow a per-dependent exemption in the previous year a certain level! 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