Minnesota DOR Announces 2024 Individual Income Tax Brackets, Standard Deduction, Dependent Exemption Amounts

The Minnesota Department of Revenue (DOR) Dec. 12 announced the 2024 individual income tax brackets and standard deduction and dependent exemption amounts. The 2024 state’s income tax brackets will change by 5.376 percent from tax year 2023. The adjustment doesn’t change the tax rate applicable to each income bracket. Taxpayers making quarterly payments of estimated tax should use the rate schedule to determine their payments, which are due starting in April 2024. The 2024 standard deduction amount is: 1) $29,150 for married filing jointly; 2) $14,575 for married filing separately; 3) $14,575 for single filers; and 4) $21,900 for head ...