Under Minnesota Statutes, section 290.17, subdivision 2(c), nonresident individuals must source installment gains on intangible personal property not employed in the seller’s business to the seller’s state of residence.
Minnesota residents must pay Minnesota tax on taxable income received inside and outside of the state. This rule does not apply to individuals who are nonresidents under the Servicemembers Civil Relief Act.
You may claim the Long-Term Care Insurance Credit if you purchase insurance to provide long-term care coverage for yourself or your spouse, such as nursing home coverage. The policy must meet certain requirements to claim this credit.
If you own an education savings account (529 plan) and use a withdrawal for anything other than qualified higher education expenses, you may need to pay an additional recapture tax.You must pay this tax if both of these apply:
The SEED Capital Investment Credit Program is meant to promote innovative businesses in Minnesota border cities near North and South Dakota. If you invest in a qualifying business, you may qualify for a nonrefundable credit.
You may be required to report an addition to Minnesota taxable income for nonqualified withdrawals from a first-time homebuyer savings account. You must report an addition to Minnesota taxable income if any of these app