IRS confirms Minnesotans' $1B state tax rebates subject to federal income tax, despite state officials' efforts.

The Internal Revenue Service (IRS) has stated that the nearly $1 billion in state tax rebates sent to over 2 million Minnesotans last fall will be subject to federal income taxes. Despite efforts from Minnesota's state officials, the IRS has not changed its decision. This means that taxpayers in Minnesota will need to pay federal income tax on the rebates they received, with the amount payable varying between $26 and $286 per person, depending on their income and the amount of their rebate.

February 01, 2024
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