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Level 1
posted Jan 11, 2022 9:02:09 AM

ira deductibility on minnesota state tax reurn

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1 Best answer
Level 3
Feb 7, 2022 6:09:24 PM

Early in the 2021 tax filing season, TT did add back the federal 2020 deductible IRA to MN taxable income.  I had this issue and worked with MN DOR and TT and got it resolved on my tax return.

9 Replies
Level 15
Jan 11, 2022 9:04:48 AM

What are you trying to ask?   Are you asking if there is a state deduction for contributing to an IRA ?  Or are you asking if MN taxes money you took out of an IRA?

Level 1
Jan 11, 2022 9:11:50 AM

asking if there is a Minnesota deduction for contributions to an IRA .

In 2020, MN added back my IRA constitutions to taxable income

Level 15
Jan 11, 2022 12:04:38 PM

You have to consult your M1M form to see what will be added back into your federal AGI.

Level 3
Feb 7, 2022 6:09:24 PM

Early in the 2021 tax filing season, TT did add back the federal 2020 deductible IRA to MN taxable income.  I had this issue and worked with MN DOR and TT and got it resolved on my tax return.

Level 1
Feb 8, 2022 6:35:04 AM

Thanks for your response. I’ll submit an amended return

Level 3
Feb 8, 2022 11:27:47 AM

Minnesota is adding back the federal IRA deduction when it should not. 

Expert Alumni
Feb 8, 2022 11:55:55 AM

There was a know issue, however MN has been updating the form.  The form used to capture this transaction was not available for e-filing.  The final revision occurred February 4 2022.  Please allow a few days for MN to provide the revised form to TurboTax to update our system to be able to properly process your state return.

 

Use this link for information on the form:  Form MiNC and Instructions

Level 3
Mar 6, 2022 9:17:04 AM

Still waiting for TT to correct the MN IRA addback in their software.  Have been asking since January.

Level 3
Mar 6, 2022 3:41:38 PM

The posted link is to a form that is not needed if your do not have an employer retirement plan at work.  TT has this confused.