Minnesota 2017 Tax Changes

Todd's Tax Service LLC

Minnesota Changes 2017 Returns

Base tax prep fee includes these items on your return if they apply

Items in bold require action prior to December 31, 2017. This page focuses on changes that affect individuals and sole-proprietors (Schedule C small business)... 


First Time Homebuyer Savings Account - (Earn tax free (MN only) interest on home savings)

    Link to MN Revenue Site with details.


Section 529 Plan Credit - (Get up to a $500 rebate for contributing as little as $1,000 to a college savings account for your children or grandchildren. ) (Instant 50% return in some cases)

    Link to MN Revenue Site with details.

    Link to MN 529 Plan - establish account online.


Clarification on Minnesota Residency Rules.

    Link to MN Revenue Site with details.

 

Social Security Benefit Subtraction. (No action needed. Some will see a tax break).

    Link to MN Revenue Site with details.


Student Loan Credit - (We need additional information to get you the credit. Please write down with your records the original amount of your student loan(s) , the amount of payments made in 2017, and bring the 1098-E showing the amount of interest paid.

    Link to MN Revenue Site with details.


Teacher Credit for attaining Master's degree.

    Link to MN Revenue Site with details.


Expanded MN credit for child care expenses.

    Link to MN Revenue Site with details.


Political Contribution Refund. Get up to $50 back for political contributions made

July 1 - December 31 2017. Obtain Form PCR to apply for the refund separately from

your income tax return.



Link to MN Revenue "What's New" page.