Minnesota 2017 Tax Changes
Todd's Tax Service LLC
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)
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)
Clarification on Minnesota Residency Rules.
Social Security Benefit Subtraction. (No action needed. Some will see a tax break).
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.
Teacher Credit for attaining Master's degree.
Expanded MN credit for child care expenses.
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.
Minnesota Changes 2017 Returns
Base tax prep fee includes these items on your return if they apply