Tax Year 2021 Inflation Adjustments .us

Tax Year 2021 Inflation-Adjusted Amounts In Minnesota Statutes

As required by Minnesota Statutes 270C.22, Subd. 2, the following table provides the dollar amounts specified in Minnesota Statutes after adjusting for inflation. All income tax amounts are for tax year 2021. Property tax refund amounts are for tax year 2020.

Section 270A.03, Subd. 5

290.0121, Subd. 1

Description Debtor Exemption Income Threshold

Unmarried debtor Debtor with one dependent Debtor with two dependents Debtor with three dependents Debtor with four dependents Debtor with five dependents

Dependent Exemption

Tax Year 2021 Amount

$13,640 $17,460 $20,660 $23,430 $24,710 $25,770

$4,350

290.0121, Subd. 2 290.0122, Subd. 2 290.0123, Subd. 1 290.0123, Subd. 2 290.0123, Subd. 3

Disallowed Exemption Amount Married Joint or Surviving Spouse Head of Household Single

Itemized Deduction Limitation Married Separate All other Filers

Standard Deduction Married Joint or Surviving Spouse Head of Household Single; Married Separate

Additional Standard Deduction for Aged or Blind Married or Surviving Spouse Single

Standard Deduction for Dependents Minimum Deduction Additional Deduction over Earned Income

290.0123, Subd. 5

Standard Deduction Limitation Married Separate All other Filers

$299,750 $249,800 $199,850

$99,925 $199,850

$25,050 $18,800 $12,525

$1,300 $1,650

$1,100 $350

$99,925 $199,850

Section 290.0132, Subd. 26

Description Social Security Subtraction

Maximum Subtraction Married Joint or Surviving Spouse Single, Head of Household

Phase-out Threshold Married Joint or Surviving Spouse Single; Head of Household

290.06, Subd. 2d

Income Tax Brackets Married Joint or Surviving Spouse 2nd Bracket Threshold 3rd Bracket Threshold 4th Bracket Threshold

Married Separate 2nd Bracket Threshold 3rd Bracket Threshold 4th Bracket Threshold

Single 2nd Bracket Threshold 3rd Bracket Threshold 4th Bracket Threshold

Head of Household 2nd Bracket Threshold 3rd Bracket Threshold 4th Bracket Threshold

290.067, Subd. 1

Dependent Care Credit Phase-out Threshold

290.0671, Subd. 1

Working Family Credit Earned Income for Maximum Credit No Qualifying Children One Qualifying Child Two Qualifying Children Three or More Qualifying Children

Phase-out Threshold Married Joint with No Qualifying Children All Others with No Qualifying Children

Married Joint with One Qualifying Child All Others with One Qualifying Child

Tax Year 2021 Amount

$5,290 $4,130

$80,270 $62,710

$39,810 $158,140 $276,200

$19,905 $79,070 $138,100

$27,230 $89,440 $166,040

$33,520 $134,700 $220,730

$53,630

$7,340 $12,270 $20,120 $20,530

$14,960 $8,960

$29,380 $23,380

Section

Description

Tax Year 2021 Amount

Married Joint with Two Qualifying Children All Others with Two Qualifying Children

$33,720 $27,720

Married Joint with Three or More Qualifying Children All Others with Three or More Qualifying Children

$34,030 $28,030

290.0684, Subd. 2

Section 529 Plan Credit 1st Phase-out Threshold 2nd Phase-out Threshold

$80,430 $144,780

290.091, Subd. 3

AMT Exemption Married Joint Married Separate Single; Head of Household

$79,660 $39,840 $59,750

290.0922, Subd. 1

Corporate Minimum Fee 2nd Bracket Threshold 3rd Bracket Threshold 4th Bracket Threshold 5th Bracket Threshold 6th Bracket Threshold 2nd Bracket Fee 3rd Bracket Fee 4th Bracket Fee 5th Bracket Fee 6th Bracket Fee

$1,050,000 $2,090,000 $10,480,000 $20,960,000 $41,910,000

$220 $630 $2,090 $4,200 $10,480

Tax Year 2020 Property Tax Refund Amounts

290A.04, Subd. 2 Homeowners; Homestead Credit Refund Schedule for 2020

Household Income

$0 -

$1,789

$1,790 -

$3,549

$3,550 -

$5,379

$5,380 -

$7,179

$7,180 -

$8,949

$8,950 - $12,549

$12,550 - $14,319

$14,320 - $16,129

$16,130 - $17,919

$17,920 - $19,689

$19,690 - $25,079

$25,080 - $26,869

$26,870 - $30,459

$30,460 - $42,979

$42,980 - $62,679

$62,680 - $71,639

$71,640 - $80,599

$80,600 - $89,549

$89,550 - $98,509

$98,510 - $103,889

$103,890 - $107,489

$107,490 - $111,829

$111,830 - $116,179

$116,180 & up

Percent of Income 1.0% 1.1% 1.2% 1.3% 1.4% 1.5% 1.6% 1.7% 1.8% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.1% 2.2% 2.3% 2.4% 2.5% 2.5% 2.5%

Percent Paid by Claimant

15% 15% 15% 20% 20% 20% 20% 20% 20% 25% 25% 30% 30% 35% 35% 40% 40% 40% 40% 45% 45% 50% 50%

Maximum State Refund $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,840 $2,300 $2,010 $1,660 $1,490 $1,300 $1,100 $910 $750 $550 Not Eligible

290A.04, Subd. 2a Renters; Property Tax Refund Schedule for 2020

Household Income

$0 -

$5,409

$5,410 -

$7,189

$7,190 -

$8,979

$8,980 - $12,599

$12,600 - $16,199

$16,200 - $17,989

$17,990 - $19,779

$19,780 - $23,389

$23,390 - $25,189

$25,190 - $26,979

$26,980 - $30,589

$30,590 - $32,369

$32,370 - $37,769

$37,770 - $43,159

$43,160 - $50,369

$50,370 - $52,159

$52,160 - $53,969

$53,970 - $55,769

$55,770 - $57,559

$57,560 - $59,369

$59,370 - $61,159

$61,160 - $62,959

$62,960 & up

Percent of Income 1.0% 1.0% 1.1% 1.2% 1.3% 1.4% 1.4% 1.5% 1.6% 1.7% 1.8% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

290A.03, Subd. 12 Gross Rent Nursing Home Resident Adult Foster Care Home Resident

Percent Paid by Claimant

5% 10% 10% 10% 15% 15% 20% 20% 20% 25% 25% 30% 30% 35% 40% 45% 45% 45% 50% 50% 50% 50%

Maximum State Refund $2,210 $2,210 $2,150 $2,090 $2,030 $1,980 $1,930 $1,870 $1,820 $1,820 $1,820 $1,820 $1,820 $1,820 $1,820 $1,650 $1,490 $1,260 $1,100 $1,000 $550 $220 Not Eligible

$510 $800

Minnesota Department of Revenue Tax Research Division December 8, 2020

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