{"id":4390,"date":"2023-07-09T14:19:16","date_gmt":"2023-07-09T14:19:16","guid":{"rendered":"https:\/\/mysourcefunding.com\/tax-preparation\/staffers-find-352-million-mistake-in-minnesotas-new-tax-law\/"},"modified":"2023-07-09T14:19:17","modified_gmt":"2023-07-09T14:19:17","slug":"staffers-find-352-million-mistake-in-minnesotas-new-tax-law","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=4390","title":{"rendered":"Staffers Find $352 Million Mistake In Minnesota\u2019s New Tax Law"},"content":{"rendered":"
\n

Mistakes happen. But when they happen in tax legislation, it can result in millions of dollars of unexpected taxes. That\u2019s what happened in Minnesota\u2014to the tune of $352 million.<\/p>\n

One Minnesota Budget<\/h2>\n

The legislature\u2019s $3 billion tax bill made headlines when it passed earlier this year. Included in the new law were provisions approving rebate checks for over 2.5 million Minnesota taxpayers and a child tax credit aimed at low-income families. It would also align the state with the federal Global Intangible Low Taxed Income (GILTI) tax, and eliminate state income tax on Social Security benefits for families generally making more than $100,000 (phase-ins apply).<\/p>\n

The bill, referred to as the One Minnesota Budget, was signed into law in May of 2023 by Governor Tim Walz.<\/p>\n

The Mistake<\/h2>\n

But tucked in the middle of the bill were a few lines that accidentally cost taxpayers money\u2014the tax bill reverts to the 2019 standard deduction.<\/p>\n

<\/fbs-ad><\/p>\n

Here\u2019s how that happened. A 2019 measure increased the standard deductions and adjusted those numbers for inflation. But when tweaking the most recent bill\u2014scheduled to take effect for the 2024 tax year\u2014no adjustments were made for inflation to boost them to the 2024 levels. That means taxpayers would miss out on several years worth of inflation\u2014those numbers have been significant over the past few years.<\/p>\n

If the mistake isn\u2019t corrected, the average state married-filing-jointly taxpayer would lose out on over $1,000 in deductions and would pay $210 more, while the average single taxpayer would pay an extra $110. The mistake would affect over three-quarters of all taxpayers\u2014about 2.3 million Minnesotans. A small percentage\u20147%\u2014of taxpayers would not have been affected.<\/p>\n

The Fix<\/h2>\n

Fortunately, there\u2019s plenty of time to correct the mistake. Tax returns for the 2024 tax year won\u2019t be filed until 2025, giving the state a year and some change to fix the problem. The head of the Minnesota Revenue Department, Paul Marquart, whose staff caught the error, promised to make a fix.<\/p>\n

Marquart also expressed regret over the error, saying \u201cA lot of eyes looked at it, including mine, and it just wasn\u2019t caught.\u201d Mistakes can happen with large bills, but, he admitted, \u201cthis one certainly, moneywise, is larger than most.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mistakes happen. But when they happen in tax legislation, it can result in millions of dollars of unexpected taxes. That\u2019s what happened in Minnesota\u2014to the tune of $352 million. One Minnesota Budget The legislature\u2019s $3 billion tax bill made headlines when it passed earlier this year. Included in the new law were provisions approving rebate […]<\/p>\n","protected":false},"author":1,"featured_media":4391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[79],"tags":[],"class_list":{"0":"post-4390","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tax-preparation"},"yoast_head":"\nStaffers Find $352 Million Mistake In Minnesota\u2019s New Tax Law | Brandiary<\/title>\n<meta name=\"description\" content=\"Mistakes happen. 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