Minnesota Age 65 or Older/Disabled Subtraction
The Minnesota Age 65 or Older/Disabled Subtraction allows eligible taxpayers to reduce their Minnesota taxable income, potentially lowering their state tax liability. This subtraction is available to individuals who are either 65 years of age or older as of December 31 of the tax year, or who are disabled as defined by Minnesota tax law.
Eligibility Criteria
- Taxpayers must be 65 years of age or older by December 31 of the tax year.
- Alternatively, taxpayers must be disabled, as determined by Minnesota state guidelines.
- The subtraction is applied on Form M1, specifically on Schedule MIR (Age 65 or Older/Disabled Subtraction).
How to Claim the Subtraction
To claim this subtraction, you must complete Schedule MIR and attach it to your Form M1. The amount from line 13 of Schedule MIR is then entered on line 2 of Schedule MILS (if line 3 of Form M1 is zero or less). If line 3 of Form M1 is more than zero, you subtract line 8 from line 3 of Form M1 to determine the subtraction amount.
Important Notes
- This subtraction is not available to nonresidents or part-year residents unless they meet specific residency requirements for the tax year.
- The subtraction is applied after federal adjusted gross income and other Minnesota subtractions are calculated.
- It is important to note that this subtraction does not apply to estates, trusts, or electing small business trusts.
Source:
Schedule MILS
Form M1 Instructions
Form M1PR Instructions
Disclaimer: Always verify details with the official Minnesota Department of Revenue forms and instructions. OLT (Online Taxes) provides guidance based on retrieved information but does not guarantee accuracy for all individual circumstances.