Minnesota Taxpayers: 2024 Income Tax Brackets and Standard Deductions

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December 14, 2023

2024 Tax Brackets

The Minnesota Department of Revenue has just unveiled the 2024 individual income tax brackets and standard deductions. The government made these adjustments to address the impact of inflation on individuals’ income. In a parallel move, the federal tax brackets for 2024 have also been recalibrated to counter the unprecedented surge in inflation last year, with the IRS increasing them by 5.4% for each type of tax filer.

The government does this to ensure that individuals are not penalized for earning more money when their purchasing power is decreasing due to inflation. In 2023, they raised each tax bracket 7.081% from 2022.

These changes will only impact the income Minnesota taxpayers will earn in 2024 (due in April 2025). It’s important to note that the tax rates for each bracket remain unchanged, the income thresholds for each bracket are what Minnesota has updated.

Here’s a side-by-side comparison of the Minnesota 2024 income tax brackets against those of 2023:

Tax Rate	5.35% up to		6.8%		7.85%		9.85% over
	2023	2024	2023	2024	2023	2024	2023	2024
Married Joint	$43,950	$46,331	$43,950-174,610	$46,331-184,040	$174,610-304,970	$184,041-321,450	$304,970	$321,450
Married Separate	$21,975	$23,165	$21,975-87,305	$23,166-92,020	$87,305-152,485	$92,021-160,725	$152,485	$160,725
Single	$30,070	$31,690	$30,070-98,760	$31,691-104,090	$98,670-183,340	$104,091-193,240	$183,340	$193,240
Head of Household	$37,010	$39,010	$37,010 – 148,730	$39,011-156,760	$148,730-243,720	$156,761-256,880	$243,720	$256,880

2024 Standard Deductions

Minnesota also raised their standard tax deductions for 2024. The standard deduction is a portion of your income that most taxpayers deduct to help lessen their tax bill. Here is how 2024 compares to 2023: