Minnesota announces new income tax brackets for 2016

My State Refund State Listing - Minnesota announces new income tax brackets for 2016

Minnesota announces new income tax brackets for 2016. Minnesota Income Tax Brackets 2016

The Minnesota Department of Revenue just announced that the adjusted 2016 individual income Minnesota income tax brackets 2016.Minnesota Income Tax Brackets 2016

For tax year 2016, the Minnesota’s individual income tax brackets will change by 0.45 percent from tax year 2015. This yearly adjustment will prevent taxpayers from paying taxes at a higher rate because inflationary changes in their income.

Indexing for inflation of individual income tax brackets is required by Minnesota law beginning in 1979. The Minnesota tax brackets are adjusted yearly by inflation factors, rounded to the nearest ten dollars, based on the change in the United States Consumer Price Index for all Minnesota consumers. The adjustment does not change the Minnesota tax rate that applies to each Minnesota income tax bracket.

The brackets apply to Minnesota income tax year 2016. Taxpayers who make quarterly tax payments of estimated taxes should use the following rate schedule to determine payments, which are due starting in April 2016.

Minnesota income tax brackets 2016

5.35% Up To

7.05%

7.85%

9.85% Over

Married Joint

$36,820

$36,821 – $146,270

$146,271 – $259,420

$259,420

Married Separate

$18,410

$18,411 – $ 73,140

$73,141 – $129,710

$129,710

Single

$25,180

$25,181 – $ 82,740

$82,741 – $155,650

$155,650

Head of Household

$31,010

$31,011 – $124,600

$124,601 – $207,540

$207,540

Read more with Minnesota Department of Revenue, here.

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