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People also ask
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Is Minnesota a nexus state?
You are subject to MinnesotaCare taxes if you have taxable presence, or nexus, in Minnesota. Taxable presence means you either have physical presence or economic presence in the state.
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How much AMT credit can be claimed?
You typically will not be able to claim 100% of your AMT credit right away due to limitations. Recall that when calculating AMT you calculate your tax in two ways. You are only able to claim AMT Credits based on the difference between your Standard Tax and Alternative Minimum Tax in any given year.
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What is the minimum tax credit?
Minimum Tax Credit: To prevent either of these situations from occurring, a taxpayer is allowed a credit called the Minimum Tax Credit (MTC) when the taxpayer pays AMT in a year due to a deferral adjustment or preference item.
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Does Minnesota have a standard deduction?
Both the federal and state income tax allow taxpayers to claim either a standard deduction or itemized deductions.
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What triggers the alternative minimum tax?
An individual's or married couple's income above the alternative minimum tax exemption amounts is what triggers the alternative minimum tax. This typically applies to higher earners. The AMT is 26% or 28%.
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What states have an AMT tax?
As of 2024, four US states (California, Colorado, Connecticut, and Minnesota) impose a state-level AMT. The rules and tax rates for state-level AMT, and other state-level taxes, differ from the federal AMT, and the income thresholds and exemption amounts can also vary.
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Does Minnesota have an AMT?
Minnesota's AMT roughly follows the federal AMT. Both require taxpayers to compute a tentative liability under a second tax structure. This second tax structure, the AMT, has a broader tax base (due to fewer deductions, exemptions, and credits) and lower rates than the regular tax.
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Does Minnesota have automatic extension?
If you're unable to file your Minnesota income tax return by April 15, 2025, you may file under extension. This means you'll have extra time to file your return - it'll need to be filed by October 15, 2025. You don't have to submit an extension request to Minnesota to file under an extension.
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