Minnesota
2024 Individual Income Tax Updated Information – The state’s individual income tax brackets for 2024 will change by 5.376% from tax year 2023. The purpose of this annual adjustment is to prevent taxpayers from paying taxes solely due to inflationary changes in income. The adjustment does not change the tax rate for each income bracket. Specific 2024 income tax brackets can be found on the Minnesota Department of Revenue’s website by clicking here.
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 adjustment of the standard deduction, additional standard deduction for aged or blind taxpayers, and the standard deduction for dependents. Standard deduction amounts for 2024 are:
- Married Filing Jointly - $29,150
- Single and Married Filing Separately - $14,575
- Head of Household - $21,900
- Dependent exemption - $5,050
The additional standard deduction for taxpayers who are blind or age 65 and over is $1,550 if married filing jointly or a surviving spouse; and $1,950 if filing single, married filing separately, or head of household.
The standard deduction for dependents will be the greater of $1,300 or the individual’s earned income plus $400, up to the amount of the single standard deduction, plus any qualifying additional standard deduction.
If a taxpayer is allowed to claim the standard deduction and the taxpayer’s 2024 adjusted gross income is greater than $232,500 ($116,250 if married filing separately), the taxpayer will need to complete the appropriate worksheet to determine their standard deduction amount.
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