Agency error means richest Minnesotans owe more in taxes
ST. PAUL, Minn. (KTTC) – A mistake by the Minnesota Department of Revenue will force some of Minnesota’s richest residents to open their wallets even more.
Authorities say the state legislature changed the standard income tax deduction during the 2019 session, but it wasn’t reflected correctly in the worksheet used by tax preparers in 2019 and 2020.
The mistake will affect about 45,000 taxpayers in the state’s highest income tax bracket, with federal adjusted gross incomes above about $280,000 for single tax filers and about $360,000 for married couples filing jointly.
The Revenue Department notified tax preparers last fall and began sending letters to taxpayers in mid-April. The affected taxpayers have 60 days to come up with the money, which will be deposited in the state’s general fund.
Copyright 2022 KTTC. All rights reserved.