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State tax filing
Hi Kesha,
Just to confirm (as I believe I may be confused) when looking at the Minnesota Taxable Income under the taxes and credits summary, it states that the MN taxable income I have is equivalent to the federal taxable income I have for the full year, not just the part that is specific to Minnesota. I had assumed in this section, it would only show the part that is MN specific, but this might be like you say where it is first calculating the entire income for the full year, and then doing the percentage for MN. If possible, can you explain what percentage of the total Minnesota taxable income is my part year income tax (from what I have been reading, I assume it's around 5%)? That may help me better understand how that part year income tax is calculated. Thank you for the help; I really appreciate it!