2019 Tax Returns: What You Should Know In Minnesota

Stillwater MN

14 February, 2020

11:37 AM

Description

MINNESOTA — Congress passed major tax legislation in December 2017, and while the majority of these changes were effective for the 2018 tax year, a few changes will be new in 2020 for your 2019 tax filings. Here are a few of the most important changes for your tax year 2019 filings in Minnesota. Standard Deduction Standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction for each filing status for the 2019 tax year has changed slightly from 2018, according to the Internal Revenue Service. Single: $12,200 — Up from $12,000 for 2018. Married filing jointly or qualifying widow: $24,400 — Up from $24,000 for 2018. Married filing separately: $12,200 — Up from $12,000 for 2018. Head of household: $18,350 — Up from $18,000 for 2018. Health Care Tax year 2019 will be the first time that form 1040 will not have the "full-year healthcare coverage" or exempt box; and Form 8965, Health Coverage Exemptions, will no longer be used. Reminder On New Tax Brackets The bill passed by the President Donald Trump administration in 2017 kept the seven tax brackets but lowered the number of the tax rates. Additionally, it also changed the income thresholds at which the rates apply. These new rates went into effect for the 2018 tax year, but here's a reminder for the 2019 tax year: Tax Bracket And Thresholds For Single Filers In 2019 Tax Year Tax Rate — Taxable Income Bracket 10 percent — $0 to $9,52512 percent — $9,526 to $38,70022 percent — $38,701 to $82,50024 percent — $82,501 to $157,50032 percent — $157,501 to $200,00035 percent — $416,701 to $418,40037 percent — More than $500,000 Tax Brackets And Thresholds For Married Couples Filing Jointly in 2019 Tax Year Tax Rate — Taxable Income Bracket 10 percent — $0 to $19,05012 percent — $19,051 to $77,40022 percent — $77,401 to $165,00024 percent — $165,001 to $315,00032 percent — $315,001 to $400,00035 percent — $400,001 to $600,00037 percent — More than $600,001 It's a date most people don't need to be reminded of, but April 15 is the last day you can file your return for the 2019 tax year — that is, of course, unless you've applied for an extension. Here are the three major components of your tax filings that are due on April 15: Individual tax returns are due for tax year 2019. Individual tax return extension forms are due for tax year 2019. If you haven't already funded your retirement account for 2019, you need to do so by April 15, 2020.