Individual Income Tax
Form M1 Individual Income Tax Printable
Form M1X Amended Minnesota Income Tax
Form UT1 Individual Use Tax Return
Corporate Income Tax
Form M8X Amended S Corporation Return
Form M4 Corporation Franchise Tax Return
Minnesota Income Tax Forms: Everything You Need to Know
Minnesota residents are required to file state income tax forms every year. Filing a tax return can be a daunting task for many, but understanding the process and being aware of the latest updates can make it simpler. In this article, we discuss everything you need to know about Minnesota income tax forms – from filing deadlines to tax credits, and more.
Filing Requirements
Minnesota residents are required to file state income tax returns if their gross income meets the following thresholds:
– Single taxpayers with a gross income of $12,200 or more
– Married taxpayers filing jointly with a gross income of $24,400 or more
– Married taxpayers filing separately with a gross income of $12,200 or more
– Head of households with a gross income of $18,350 or more
If you are a nonresident or part-year resident of Minnesota, you may have to file a state income tax return if you received income from Minnesota sources while living in another state or country. Similarly, if you are a Minnesota resident who earned income in another state or country, you may have to file a state income tax return in that state or country.
Filing Deadline
The deadline for filing Minnesota income tax returns is April 15th of each year, unless the 15th falls on a weekend or holiday, in which case the deadline is the following business day. If you need additional time to file your return, you can request an automatic extension of time to file by filing Form M12, Application for Extension of Time to File Minnesota Income Tax.
If you expect to owe taxes, you must pay at least 90% of your total state income tax liability by the original due date of your tax return – April 15th, even if you have an extension of time to file. Failure to pay taxes owed by the original due date may result in interest and penalties.
Forms and Resources
Minnesota Revenue, the state agency responsible for administering state taxes, provides a range of resources to help taxpayers file their state income tax returns. Some of the resources available include:
– Minnesota income tax forms: Printable versions of all tax forms and instructions can be found on the Minnesota Revenue website. Taxpayers can also request forms and instructions be mailed to their address by calling (651) 296-3781 or (800) 652-9094.
– Free tax preparation: The Minnesota Department of Revenue offers free tax preparation services to eligible taxpayers through the Volunteer Income Tax Assistance (VITA) program.
– Online filings: Taxpayers can file their state income tax returns, pay taxes owed, and check their refund status through the Minnesota Revenue website.
– Phone assistance: Taxpayers can call the Minnesota Revenue support center at (651) 296-3781 or (800) 652-9094 for assistance with state income tax filing.
Tax Credits and Deductions
Minnesota offers several tax credits and deductions to help reduce your state tax liability. Here are some of the most common ones:
– Dependent care credit: If you pay for child or dependent care expenses so you can work or look for work, you may be eligible for a tax credit worth up to $960 for one qualifying individual or up to $1,920 for two or more qualifying individuals.
– Property tax refund: Minnesota taxpayers who own or rent their primary residence may be eligible for a property tax refund if their property tax burden exceeds a certain percentage of their income.
– Education expenses credit: Taxpayers who pay for certain higher education expenses, such as tuition and textbooks, may be eligible for a credit worth up to $2,500 per year per student.
– K-12 education credit: Minnesota taxpayers who pay for education expenses for a child attending kindergarten through 12th grade in a public or private school may be eligible for a credit worth up to $1,000.
– Working family credit: This credit is available to working taxpayers with low to moderate income. The amount of the credit varies depending on income, number of qualifying children, and filing status.
Additional Tax Obligations
In addition to state income taxes, Minnesota taxpayers may be required to pay other taxes depending on their income and business activities. Here are some additional taxes that you may want to consider:
– Sales and use tax: Minnesota imposes a sales and use tax on most goods and services sold in the state. Businesses that sell taxable goods or services must register with the Minnesota Department of Revenue and collect and remit the tax.
– Tobacco tax: Minnesota imposes a tax on cigarettes, cigars, and other tobacco products. The tax rate varies depending on the type of tobacco product and size of the container.
– Estate tax: Minnesota has an estate tax that applies to estates with a gross value exceeding $3 million. The tax rate ranges from 13% to 16%.
Final Thoughts
Filing Minnesota income tax forms can be a complex process, but understanding the requirements and having the right resources can make it easier. Take advantage of the resources provided by Minnesota Revenue and consult with a tax professional if needed. By being aware of the latest updates and changes to the tax code, you can avoid costly mistakes and maximize your tax savings.
– Married taxpayers filing jointly with a gross income of $24,400 or more
– Married taxpayers filing separately with a gross income of $12,200 or more
– Head of households with a gross income of $18,350 or more
– Free tax preparation: The Minnesota Department of Revenue offers free tax preparation services to eligible taxpayers through the Volunteer Income Tax Assistance (VITA) program.
– Online filings: Taxpayers can file their state income tax returns, pay taxes owed, and check their refund status through the Minnesota Revenue website.
– Phone assistance: Taxpayers can call the Minnesota Revenue support center at (651) 296-3781 or (800) 652-9094 for assistance with state income tax filing.
– Property tax refund: Minnesota taxpayers who own or rent their primary residence may be eligible for a property tax refund if their property tax burden exceeds a certain percentage of their income.
– Education expenses credit: Taxpayers who pay for certain higher education expenses, such as tuition and textbooks, may be eligible for a credit worth up to $2,500 per year per student.
– K-12 education credit: Minnesota taxpayers who pay for education expenses for a child attending kindergarten through 12th grade in a public or private school may be eligible for a credit worth up to $1,000.
– Working family credit: This credit is available to working taxpayers with low to moderate income. The amount of the credit varies depending on income, number of qualifying children, and filing status.
– Tobacco tax: Minnesota imposes a tax on cigarettes, cigars, and other tobacco products. The tax rate varies depending on the type of tobacco product and size of the container.
– Estate tax: Minnesota has an estate tax that applies to estates with a gross value exceeding $3 million. The tax rate ranges from 13% to 16%.
