It’s income tax filing season

By the Minnesota Department of Revenue

Minnesota taxpayers could begin filing their state income tax returns, Monday, Jan. 29. This is the same date the Internal Revenue Service will begin accepting federal income tax returns. Taxpayers have until Monday, April 15, to file and pay their state and federal income taxes.

The Minnesota Department of Revenue (MDR) offers tips to income tax filers as they prepare to file their tax returns:

•File a return to claim the new Child Tax Credit. Beginning with tax year 2023, you may qualify for a Child Tax Credit of $1,750 per qualifying child, with no limit on the number of children claimed. This is a refundable credit, meaning you can receive a refund even if you do not owe tax. You must file a 2023 individual income tax return to claim the credit. Learn more about income requirements and qualifications at www.revenue.state.mn.us/child-tax-credit

• File electronically and choose direct deposit. Electronically filing your return and choosing direct deposit for your refund is the most secure and convenient way to file your taxes and get your refund.

• See if you qualify for free tax preparation. If your Adjusted Gross Income (AGI) is $79,000 or less, you may qualify to file electronically for free. Use the links on the MDR website to see if you qualify for free state and federal income tax filing. You may also qualify for free tax preparation for your returns. Beginning at the end of January, free tax preparation sites will be available across Minnesota through the Volunteer Income Tax Assistance (VITA) and AARP Tax-Aide programs. Some sites offer in-person options while others offer virtual services. You can visit the MDR website to find free tax preparation sites near you.

• Save your receipts and other tax-related documents. If you claim certain deductions or credits, be sure to include all required documentation when filing and save copies in case you need to reference them in the future.

• Check for accuracy. Enter your name, and any dependent’s names, exactly as they appear on Social Security cards, Individual Taxpayer Identification Number (ITIN) cards or letters. Double-check bank routing and account numbers used on tax forms for direct deposit. Incorrect information on tax forms can result in refund delays.

• File your return by the April 15 due date, even if you owe more than you can pay. Pay as much as you can by the due date. You can include your banking information on your electronically filed return to make the payment or pay electronically with MDR’s e-Services Payment System. You can specify when the payment will be taken from your checking or savings account in advance or on the due date. If you do not pay the full amount, you will receive a bill for the remaining balance with options to pay.

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