Minnesota
Related: About this forumWe got the Money from the state
$520. Now I wonder whether this is taxable.
Will more than cover the high electricity and water cost.
From the Dept. of Revenue
https://www.revenue.state.mn.us/direct-tax-rebate-2021
This payment is not taxable on your Minnesota income tax return and will not be taken to pay any unpaid tax or debts we collect for other agencies.
We've requested guidance from the IRS to determine if the rebate is taxable on your federal return, and will relay their decision when we receive it.
OKay...
alwaysinasnit
(5,263 posts)non-taxable for federal tax reporting.
question everything
(48,904 posts)iemanja
(54,815 posts)question everything
(48,904 posts)To qualify individual had to have an income up to $75,000; joint return up to $150,000. No relation at all to property.
iemanja
(54,815 posts)question everything
(48,904 posts)to you starting early September but I think that some are already getting them.
We had a refund for that year and we used direct deposit so the Dept. of Revenue has our bank info.
See more here
https://www.revenue.state.mn.us/direct-tax-rebate-2021
iemanja
(54,815 posts)question everything
(48,904 posts)From the strib
Federal government will tax Minnesota rebate checks
Minnesota won't tax the rebate checks that were sent to households this fall, but the federal government will.
The IRS recently determined the checks will be considered federally taxable income, despite a push from state officials to get the rebates treated the same as untaxed pandemic-era relief payments in other states.
"Minnesota is being treated unfairly on this. They picked an arbitrary date to end the emergency," said Gov. Tim Walz, who added that he's been pushing the IRS to reverse the decision. "Every other state was afforded this and they say we have to have a red line in the sand. I'm deeply disappointed."
The federal government ended the COVID health emergency May 11. Legislation authorizing the rebate checks was signed May 24. "Simply, it's not right," added Walz, who called the decision "bullshit."
https://www.startribune.com/federal-government-will-tax-minnesota-rebate-checks-governor-tim-walz-irs-revenue/600324819/