On May 24, Minnesota signed into law the 2023 One Minnesota Budget which will result in 2.4 million one-time tax rebates being paid to Minnesota residents. Rebates will be determined based on 2021 Tax Form M1 (individual income tax return for Minnesota).
You may be eligible if in 2021:
- You were a Minnesota resident for part or all of the 2021 tax year.
- You filed a 2021 Form M1 or Form M1PR by December 31, 2022.
- Your Adjusted Gross Income (AGI) (Line 1 of M1 or M1PR) was:
- $150,000 or less for those married and filing jointly
- $75,000 or less for all other filers
- You were not claimed as a dependent by someone else.
If you are eligible, you will receive the following rebate this coming fall:
- Married Filing Jointly: $520
- All other filers: $260
- Those with dependents can receive an additional $260 for each dependent up to three (3) total.
If you are eligible, MN Department of Revenue will automatically process your rebate, so no application or action is required for taxpayers. However, those who have a new address or changed bank accounts since your 2021 return was filed will want to update this information for timely processing of their rebate. Minnesota now has this portal up and running for those who are both eligible AND need to update their bank or address information with a deadline set of Friday, July 28 at 5:00pm CST.
If you have any questions regarding the rebate or your eligibility, please reach out to your JNBA team or tax advisor.
Please note JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with the accounting professional of your choosing.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors.
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