Mn Standard Deduction 2024. Minnesota governor tim walz has signed his first bill of the 2024 legislative session. July 1, 2023 to june 30, 2024.
For those taking the standard deduction or the dependent exemption at the state level, minnesota has calculated those amounts for 2023 as follows: For tax year 2024, the state’s individual income tax brackets will change by 5.376 percent from tax year 2023.
For Tax Year 2024, The State’s Individual Income Tax Brackets Will Change By 5.376 Percent From Tax Year 2023.
Chapter 76, house file 2757 corrects.
July 1, 2023 To June 30, 2024.
Here’s how those break out by filing status:
Major Changes Are Summarized Below.
Images References :
Under The Bill’s Proposed Fix, The Standard Deduction Amount For Tax Year 2023 Would Be $27,650 For Married Joint Or Surviving Spouse Filers, $20,800 For Head Of.
If you are a dependent, your 2024 minnesota standard deduction will be one of these, whichever is greater:
The Standard Deduction Amounts Below Assume A Legislative Solution In 2024 To A Drafting Error In The 2023 Tax Bill That Used The Incorrect Year For The Inflation.
Major changes are summarized below.
A Single Filer Would Be Taxed At 5.35% For The First $31,690 Of Income.