Mn Income Tax Brackets
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Each marginal rate only applies to earnings within the applicable marginal tax bracket.
Mn income tax brackets. Under state law 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. For tax year 2020 the state s individual income tax brackets will change by 1 657. Minnesota the minnesota department of revenue announced the adjusted 2020 individual income tax brackets.
The minnesota income tax has four tax brackets with a maximum marginal income tax of 9 85 as of 2020. Minnesota has four marginal tax brackets ranging from 5 35 the lowest minnesota tax bracket to 9 85 the highest minnesota tax bracket. This annual adjustment will prevent taxpayers from paying taxes at a higher rate. See minnesota statute 290 06.
In minnesota different tax brackets are applicable to different filing types.
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