What are the Minnesota tax brackets for 2021?

Minnesota income tax brackets, standard deduction and dependent exemption amounts for 2021

5.35% Up To $27,230
6.80% $27,231 – $89,440
7.85% $89,441 – $166,040
9.85% Over $166,040

What are the MN tax brackets for 2019?

Tax Year 2019 Minnesota Income Tax Brackets TY 2019 – 2020

Tax Bracket Tax Rate
$0.00+ 5.35%
$26,960.00+ 6.8%
$88,550.00+ 7.85%
$164,400.00+ 9.85%

What is the standard deduction for Minnesota?

Amount of Minnesota’s Standard Deduction

If your filing status is Then your Minnesota standard deduction is
Married Filing Jointly or Qualifying Widow(er) $24,800 Add $1,300 for each spouse who is blind. Add $1,300 for each spouse who was born before January 2, 1955.

How high are taxes in MN?

Minnesota’s income tax is a graduated tax, with four rates: 5.35 percent, 7.05 percent, 7.85 percent, and 9.85 percent. The rates are applied to income brackets that vary by filing status.

What is the standard deduction for Minnesota 2020?

2020 Standard Deduction and Dependent Exemption Amounts Single standard deduction – $12,400. Head of Household standard deduction – $18,650. Dependent exemption – $4,300.

What is the MN standard deduction for 2019?

In tax year 2019, the Minnesota standard deduction is $24,400 for married taxpayers filing a joint return, $12,200 for single taxpayers, and $18,350 for taxpayers filing as a head of household.

What is the Minnesota state income tax rate?

Income tax: 5.35% – 9.85%

  • Sales tax: 6.875% – 8.875%
  • Property tax: 1.08% average effective rate
  • Gas tax: 28.5 cents per gallon for regular gasoline and diesel
  • What are Minnesota state tax brackets?

    Minnesota’s tax brackets are indexed for inflation, and are updated yearly to reflect changes in cost of living. Minnesota has four marginal tax brackets, ranging from 5.35% (the lowest Minnesota tax bracket) to 9.85% (the highest Minnesota tax bracket).

    Does Minnesota have an income tax?

    Personal income tax. Minnesota collects income taxes from its residents utilizing 4 tax brackets. For single taxpayers: 5.35% on the first $25,070 of taxable income. 7.05% on taxable income between $25,071 and $82,360.

    What is the retail tax rate for MN?

    The Minnesota use tax rate is 6.88%, the same as the regular Minnesota sales tax. Including local taxes, the Minnesota use tax can be as high as 1.000%.