Tax Professional Tip #6 – Minnesota tax brackets, standard deduction, and dependent exemptions

Tax professionals

Minnesota Individual Income Tax Brackets

Minnesota’s income tax brackets are recalculated each year based on the rate of inflation. The indexed brackets are adjusted by the inflation factor and the results are rounded to the nearest $10. (See Minnesota Statute 290.06.)

See income tax rates and brackets for tax years 2017 through 2023 on our website.

Standard Deduction and Dependent Exemption Amounts

For clients who take the standard deduction, here are the amounts for tax years 2022 and 2023. While the IRS does not offer exemptions, Minnesota allows them for qualified dependents.

 

Filing Status

2022

2023

IRS

MN

IRS

MN

Single

 $12,950

$12,900

 $13,850

$13,825          

Married Filing Jointly or Qualifying Widow(er)

 $25,900    

$25,800          

 $27,700  

$27,650

Married Filing Separately

 $12,950

$12,900

 $13,850

$13,825

Head of Household

 $19,400

$19,400

 $20,800

$20,800

 

 

 

 

 

Dependent exemption amount per dependent

$0 (Not applicable)

$4,450

$0 (Not applicable)

$4,800

The IRS and Minnesota standard deduction amounts will differ again this filing season.

Find more information on our website, including standard deductions for those who are blind or are 65 and over and dependent exemption income limits.

Questions?

Contact us.

If you

Then

Need help with your clients’ accounts and have power of attorney on file with us

Contact the appropriate taxing division

Have questions about tax law changes

Email taxlawchanges@state.mn.us

Have general questions, need time-sensitive assistance, or have an idea for a tax pro tip

Email taxpro.outreach@state.mn.us, or call 651-556-6606

 

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