MN Renters credit

[adkfam]

The MN renters credit just states that I do not qualify...but no reason.  I have selected I am a resident and that I rented a home in 2024.  I have also filled out the CRP information...any idea why it states I do not qualify?

Thank you!

[AmyC]

Your household income is too high.  Renter’s Property Tax Refund states:

To qualify, all of these must be true:

• You have a valid Social Security Number or Individual Taxpayer Identification Number
• You are a Minnesota resident or spent at least 183 days in the state
• You lived in and paid rent on a Minnesota building where the owner was assessed property tax or made payments in lieu of property tax
• Your household income for 2023 was less than $73,270
• You cannot be claimed as a dependent on someone else’s tax return

[adkfam]

I am a MN resident

I have paid rent

I have a SSN

I am not a dependent 

income is below threshold

Any idea why I get a message stating I am not qualified for renters credit?

[BrittanyS]

Here are the requirements for the renters credit.  To qualify, all of these must be true:

• You have a valid Social Security Number or Individual Taxpayer Identification Number
• You must be a full year or part year Minnesota resident
• You lived in and paid rent on a Minnesota building where the owner was assessed property tax or made payments in lieu of property tax
• Your household income is below $75,390 (see below)
• You cannot be claimed as a dependent on someone else’s tax return

See the link below for more information:

• Renter's Credit

@adkfam 

[adkfam]

I do meet those requirements but Turbo Tax gives message that I do not qualify.  

[adkfam]

Turbo Tax actually states:

No Renters Credit

Based on your information---what does this mean?

[LenaH]

I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:

TurboTax Online:

1. Sign into your online account.
2. Locate the Tax Tools on the left-hand side of the screen.
3. A drop-down will appear. Select Tools
4. On the pop-up screen, click on “Share my file with agent.”
5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
6. Please provide the Token Number that was generated in the response.

TurboTax Desktop/Download Versions:

1. Open your return.
2. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent” *
3. This will generate a message that a diagnostic copy will be created.  Click on OK and the tax file will be sanitized and transmitted to us.
4. Please provide the Token Number (including the dash) that was generated in the response.

*(If using a MAC, go to the menu at the top of the screen, select Help, then, “Send Tax File to Agent”)

@adkfam 

[adkfam]

token=

123146019483759-56001796

[AmyC]

MN rent credit on Schedule M1 Rent shows your income on line 9. Line 10 shows your rent paid. Line 11 is the standard 17% everyone gets multiplied times the rent paid to calculate the rent credit.

Next we go to the instruction booklet and find the renter's credit pages. Using the income and the 17% value, you end up with zero credit from the chart.

You do indeed qualify for the credit, your higher income and lower rent (part of the year) hit just the right spot to give you no credit.

[adkfam]

appreciate the clarification...thank you!