The Minnesota Department of Revenue has adjusted next year’s state income tax brackets to account for inflation.
Individual income tax brackets will change by 1.66% from tax year 2019, state revenue officials announced Friday.
For a single person, the income limit to qualify for the lowest tax rate — 5.35% — grew to $26,960. A taxable income of $164,401 will land a single person in the top bracket, which has a rate of 9.85%.
The same tax rates still apply to each income bracket. The bracket adjustments have happened annually since 1979 to take inflation into account.
Visit the Minnesota Department of Revenue’s website for more information on 2020 state income tax brackets.
