Minnesota Income Tax Guide for 2024
Overview
Minnesota uses a progressive income tax system with rates ranging from 5.35% to 9.85%. Capital gains are taxed as ordinary income. The state offers a standard deduction of $14,575 for single filers and dependent exemptions of $5,050.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $31,689 | 5.35% |
| $31,690 - $104,089 | 6.8% |
| $104,090 - $193,239 | 7.85% |
| $193,240+ | 9.85% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $46,329 | 5.35% |
| $46,330 - $184,039 | 6.8% |
| $184,040 - $321,449 | 7.85% |
| $321,450+ | 9.85% |
Capital Gains Tax
Capital gains are taxed at the same rates as ordinary income.
Deductions & Exemptions
| Type | Amount |
|---|---|
| Standard Deduction (Single) | $14,575 |
| Standard Deduction (Married Filing Jointly) | $29,150 |
| Dependent Exemption | $5,050 |
Additional Information
- Social Security benefits fully exempt
- Brackets, standard deduction and dependent exemption indexed for inflation (5.376% for 2024); Minnesota uses its own standard deduction, not the federal amount
- Dependent exemption of $5,050 per dependent (Minn. Stat. 290.0121)
Charts
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Sources
The 2024 figures for Minnesota on this page were compiled from the following official government publications:
- Minnesota income tax brackets, standard deduction and dependent exemption amounts for 2024 (Minnesota Department of Revenue press release, Dec. 12, 2023)
- Tax Year 2024 Tax Professional Desk Reference Chart (Minnesota Department of Revenue)
- Income Tax Rates and Brackets (Minnesota Department of Revenue, tax year 2024 table)
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