MN Tax Rebate 2024, Amount, Eligibility and Last Date To Claim!

Individual Income Tax filing season begins Monday, January 29, 2024, with the Minnesota Department of Revenue. The Internal Revenue Service opens on this day. Monday, April 15, 2024, is the last day to file the 2023 MN Tax Rebate 2024. 

MN Tax Rebate 2024

The state Individual Income Tax filing season will begin on Monday, January 29, 2024, according to the Minnesota Department of Revenue. The Internal Revenue Service (IRS) opened for business on this day. May 15, 2024, is the day on which Minnesota income tax returns for 2023 must be submitted. 

It is the same day as the federal income tax return filing deadline for 2024. Before the IRS and state systems open on January 29, tax software companies and tax experts would have already begun to receive and prepare tax returns. 

They will then submit such MN Tax Rebate 2024. Paul Marquart, the revenue commissioner, said that hundreds of thousands of Minnesota families would find this filing season to be very crucial after the adoption of the Minnesota Child Tax Credit. 

Expect Minnesota tax relief  

This year, qualifying Minnesotans will get tax relief, starting with one-time direct payments of up to $1,300. 

  • Effective immediately is a child tax credit of up to $1,750 per child. 
  • When families submit their 2023 tax returns in 2024, they will be able to claim the credit. 

Who doesn’t qualify for the Minnesota rebate check? 

You need to have been a Minnesota resident in 2021 to get the whole amount of the 2024 Minnesota rebate checks, which are based on the 2021 tax year. A partial refund may be granted to part-year residents (depending on income). 

MN Tax Rebate 2024

Additionally, you will not be eligible for the rebate payment if you were reported as a dependent on a 2021 tax return. Alternatively, a payment of $260 may be sent to the individual who claimed you as a dependent in 2021.

Minnesota Tax Rebate Amounts 2024

Minnesota has determined the amounts for 2024 for those who choose to use the state-level standard deduction or dependent exemption. 

The following standard deduction numbers are based on a legislative fix for a drafting mistake in the 2024 tax plan, which utilized the wrong year for the standard deduction’s inflation adjustment. 

The fix would take effect in 2024. The figures for 2024 are: 

  • Married Filing Joint standard deduction – $29,150
  • Married Filing Separate standard deduction – $14,575
  • Single standard deduction – $14,575
  • Head of Household standard deduction – $21,900
  • Dependent exemption – $5,050

What if I didn’t receive a rebate check?

The Minnesota Department of Revenue urges taxpayers who did not receive a check to verify the qualifying conditions. 

If you are a taxpayer and you fulfill the criteria but did not get a cheque, you may get help by emailing [email protected] or calling (651) 565-6595.

  • Individuals who filed alone and earned up to $75,000 were paid $260. 
  • Joint filers who earned up to $150,000 were paid $520.

Additionally eligible for the one-time Minnesota surplus payments are dependent children. Families are eligible to receive an extra $260 for each dependent under the Act. 

Up to $1,300 may be given to families. This implies that even if you have several dependent children, your refund payout will not be more than $1,300. 

  • Joint filers and their three dependent children are eligible for the entire $1,300.
  • If a single filer has four eligible children, they are eligible for the entire $1,300. 

What’s in the 2024 Minnesota tax bill? 

As previously indicated, rebate checks and a child tax credit are included in the Minnesota tax plan. Based on the tax year 2021, when pandemic-era stimulus funds and rebates were more prevalent, the rebate checks were calculated. 

Remarkably, Minnesota is not the only state raising child tax credits or sending stimulus funds in 2023. As an example, New York also approved a budget that increased the eligibility of children under 4 for the state’s child tax credit. 

Other modifications are also included in the Minnesota tax law. 

  • Increased property tax refunds and renters’ tax credits are anticipated for certain taxpayers. 
  • Additionally, the law removes income tax from Social Security payments for those filing as singles who earn less than $78,000. 
  • A few tax rises do, however, include a decrease in the amount of itemized deductions that taxpayers’ income above $304,000 is permitted to take.

Filing your taxes online and selecting direct deposit is the simplest and safest way to get your money back from the Child Tax Credit and any other return you may be qualified for. Online tax filing is the most reliable and secure option. 

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