Minnesota State Income Tax - Tax Year 2012
Minnesota Income Tax Table
|Tax Bracket (Single) ||Tax Bracket (Couple) ||Marginal Tax Rate|
The Minnesota Income Tax
Minnesota collects a state income tax at a maximum marginal tax rate of 7.85%, spread across three tax brackets. Like the Federal Income Tax, Minnesota's income tax allows couples filing jointly to pay a lower overall rate on their combined income with wider tax brackets for joint filers. Minnesota's maximum marginal income tax rate is the 9th highest in the United States, ranking directly below Maine's 8.50%.
As of 2012, approximately 39% of Minnesota's state revenues come from the state income tax. Minnesota, like several other states, increases but doesn't double tax bracket widths for married joint filers.
Minnesota allows a variety of refundable and nonrefundable tax credits to be claimed by qualifying taxpayers. Here's a list of the most common tax credits, ordered by popularity of the credit. This list has been provided by the Minnesota House Research Department.
Non-Refundable Tax Credits
- Credit for taxes paid to other states ($106.0 million in tax year 2009)
- Marriage credit ($65.5 million in fiscal year 2012)
- Long-term care insurance credit ($7.9 million in fiscal year 2012)
- Credit for past military service ($1 million in fiscal year 2012)
Refundable Tax Credits
- Working family (earned income) credit ($201.1 million in fiscal year 2012)
- Dependent care credit ($14.0 million in fiscal year 2012)
- K-12 education credit ($13.2 million in fiscal year 2012)
- Angel investment credit ($12.0 million in fiscal year 2012)
- Historic structure rehabilitation credit ($10.0 million in fiscal year 2012)
- Military combat zone credit ($1.8 million in fiscal year 2012)
- Job opportunity building zone (JOBZ) credit ($0.8 million in fiscal year 2012)
- Bovine tuberculosis testing credit ($0.1 million in fiscal year 2012)
- Enterprise zone credit (less than $50,000 in fiscal year 2012)
There are -38 days left until Tax Day, on April 15th 2013.
Minnesota Tax Deductions
Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Minnesota income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Minnesota tax returns. For details on specific deductions available in Minnesota, see the list of Minnesota income tax deductions.
- The Minnesota standard deduction is $5,800.00 for individuals and $11,600.00 for married couples filing jointly. The standard deduction may be chosen instead of filing an itemized deduction on your Minnesota tax return.
- Minnesota's personal income tax exemptions include a personal exemption of $3,700.00. You can deduct one single exemption from your gross income if you are responsible for supporting yourself financially.
- Minnesota has a dependent exemption of $3,700.00. You may claim one dependent examption for each of the children, relatives, or others who live with and are supported by you as described § 152 of the IRC (Internal Revenue Code).
- Minnesota allows itemized deductions, and you can claim the same itemized deductions on your Minnesota tax return as you do on your Federal tax return. You must choose between itemizing your deductions and choosing the Minnesota standard deduction, so it's generally only worth itemizing your deductions if your itemized total is more then the Minnesota and Federal standard deductions. For more details, visit the list of Minnesota itemized deductions.
Minnesota Income Tax Forms
How To File Your Minnesota Income Tax Return
Where To Send Your Minnesota Tax Return
Income Tax Return (No Payment)
Minnesota Department of Revenue Mail Station 1173 St. Paul, MN 55146-1173
Income Tax Return (Payment Enclosed)
Minnesota Department of Revenue PO Box 64439 St. Paul, MN 55164-0439
e-Filing: Submit Your Minnesota Tax Return Online
You can save time and money by electronically filing your Minnesota income tax directly with the Department of Revenue . Benefits of e-Filing your Minnesota tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.
To e-file your Minnesota and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.
The two most popular tax software packages are H&R Block At Home, sold by the H&R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.
Getting Your Minnesota Tax Refund
If your state tax witholdings are greater then the amount of income tax you owe the state of Minnesota, you will receive an income tax refund check from the government to make up the difference.
It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.
Once you've filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your Minnesota tax refund, you can visit the Minnesota Department of Revenue Income Tax Refund page.
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- Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
- Before the official 2013 Minnesota income tax rates are released, provisional 2013 tax rates are based on Minnesota's 2012 income tax brackets.
- The 2013 state personal income tax brackets are updated from the Minnesota Department of Revenue and Tax Foundation data.
- Minnesota tax forms are sourced from the Minnesota Department of Revenue income tax forms page, and are updated on a yearly basis. Please make sure the Minnesota forms you are using are up-to-date.