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Under state law minnesota s income tax brackets are recalculated each year based on the rate of inflation.
Income tax brackets mn. The minnesota individual income tax uses federal taxable income income after federal deductions and exemptions as its starting point. For tax year 2020 the state s individual income tax brackets will change by 1 657 percent from tax year 2019. The indexed brackets are adjusted by the inflation factor and the results are rounded to the nearest 10. The second minnesota tax rate has decreased from last year.
This annual adjustment will prevent taxpayers from paying taxes at a higher rate solely because of inflationary changes in their income. For tax year 2020 the state s individual income tax brackets will change by 1 657. The minnesota tax calculator is designed to provide a simple illlustration of the state income tax due in minnesota to view a comprehensive tax illustration which includes federal tax medicare state tax standard itemised deductions and more please use the main 2020 21 tax reform calculator. Minnesota the minnesota department of revenue announced the adjusted 2020 individual income tax brackets.
Minnesota s maximum marginal income tax rate is the 1st highest in the united states ranking directly below. Minnesota income tax rate 2019 2020. This means that these brackets applied to all income earned in 2019 and the tax return that uses these tax rates was due in april 2020. Minnesota collects a state income tax at a maximum marginal tax rate of spread across tax brackets.
State income tax rates in the land of 10 000 lakes are among the highest in the nation ranging from 5 35 to 9 85 some of the highest rates in the country. The state s property taxes and sales taxes are likewise above average each ranking in the top 20 of all states. Minnesota s 2020 income tax ranges from 5 35 to 9 85. 2017 tax rates and brackets.
This page has the latest minnesota brackets and tax rates plus a minnesota income tax calculator. Minnesota state income tax rate table for the 2019 2020 filing season has four income tax brackets with mn tax rates of 5 35 6 80 7 85 and 9 85 for single married filing jointly married filing separately and head of household statuses. The minnesota department of revenue announced the adjusted 2020 individual income tax brackets. See minnesota statute 290 06.
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