There Are New Minnesota Tax Cuts, Officials Say Wait Till April 3rd To File
There are some new tax cuts enacted in Minnesota. Tax Officials are saying, if you haven’t filed yet, you may want to wait until April 3rd. What about those who have already filed? Wait to hear from the Revenue Department, they will be going over the tax files, and sending additional money. Some may need to submit ammended tax forms.
According to the Pioneer Press at twincities.com here are 10 categories of taxpayers that qualify for the new tax breaks:
— Families with incomes between $25,000 and $45,000 can qualify for the Working Family Credit.
— Homeowners who paid mortgage insurance premiums.
— Former homeowners who sold a house in a “short sale” or foreclosure can exclude the amount of debt forgiven from their income.
— K-12 school teachers who bought school supplies with their own money.
— Students or parents who paid college tuition.
— Former students who paid interest on college loans.
— Parents with K-12 students who used funds from a Coverdell Education Savings Account to pay school expenses.
— Health professionals who received certain types of federal financial aid.
— Workers who received employer-paid education, adoption or transit financial assistance.
— Taxpayers over 70 1/2 who made charitable contributions from an IRA.
It is recommended people follow up on their returns for Minnesota, and if you haven’t filed to wait at least until April 3rd, then file, the Revenue Department will be more familiar with the cuts, and if you file with computer programs, they will have the updates needed to file properly.
For more information, go to www.revenue.state.mn.us and click on the orange “Tax Law Changes” button. For volunteer tax assistance, call 651-297-3724.