Form 1040 (Schedule C) Minnesota 2023-2024

Form 1040 (Schedule C) Minnesota: What You Should Know

S corporation pass through entities, and certain gambling activities. Forms To Use | Minnesota Department of Revenue If you file a Minnesota state income tax return, you may receive a tax statement. This form includes the following information: Date Fee Amount Type of payment Additional information required from your Additional information for a tax preparation partnership The forms above do not contain all the information in full. For more information on items included on the forms and the other items that can be added in, and all the tax preparation and tax reporting requirements for Minnesota state income tax returns, contact the Minnesota Department of Revenue Taxpayer Services Office at Minnesota Personal Income Tax Individual Income Taxes are due on the 16th of each month • Minors under age 17 receive their own income tax exemption. However, under Minnesota law, tax-exempt status generally is not available to residents of Minnesotan elementary and secondary schools, community colleges, government-owned schools, or institutions of higher learning. Minors with an exemption must apply to the State Board of Education for exemption. There is a 10 percent personal income tax rate for all Minnesotans, unless one of the exceptions below applies. • Minors who have not attained the age of 18 are taxed at a higher rate. Minnesota's law exempts Minnesotans 16 or 17 from paying federal income tax and allows Minnesotans age 18 and over to have their gross income excluded from the tax base. • Minors over age 18 with an exemption from the federal tax, but who have not attained the age of 18 by the end of the tax year, must file a return, pay federal taxes, and report their earnings on a Minnesota state return instead of filing a federal return. • Minors who are employed by an employer who requires Minnesotans to pay federal income taxes must file a Minnesota income tax return and pay federal taxes rather than filing a federal return. Minnesotan child, dependent, or dependent child tax exemption amounts on federal returns are included on Minnesota return.

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