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Minnesota Unemployment tax law 2020
It looks like Minnesota put something into effect in July about unemployment being taxable or not. Do you know if there is a limit to this like there was on Federal tax law where if you made over $150,000 adjusted income you don't receive a refund?
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Starting in July 2021, Minnesota is now in full conformity to the $10,200 unemployment insurance compensation exclusion. Since it is now conforming to the federal law related to unemployment compensation exclusion, I believe that the $150,000 threshold of modified adjusted gross income (MAGI) applies, which means that you are eligible to exclude up to $10,200 unemployment compensation that was received in 2020 if your MAGI was less than $150,000 (this threshold stays the same for all filing statuses - even if you are married and filing a joint return).
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Hi rlmicke!
Thanks for your question! Yes, Minnesota has conformed to the federal unemployment exclusion law. So all related federal limits would apply at the state-level as well.
Please let me know if this answers your question or if I can be of further assistance. Thanks! Akil C.
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