Duluth, MN (NNCNOW.com) - With the additional $434 million now made available for taxpayers in Minnesota, the question for many now is: do you qualify for the new credits and benefits?
On Monday the Minnesota Department of Revenue, which is in charge of implementing the latest changes to the state's income tax filing process, highlighted the myriad of new tax break opportunities.
"If you qualify for the working family credit, if you have mortgage insurance deduction you would qualify if you took it on your federal return," said MN Dept of Revenue Commissioner Myron Frans, pointing to a board listing numerous new deductions, "mortgage debt forgiveness, deduction for educator expenses."
Assistant Commissioner Terri Steenblock says the department's top priority right now is updating all electronic and paper tax return forms to reflect the new laws.
If you haven't filed yet, then officials advise wait just a bit.
"If taxpayers can wait until the April 3rd date, that will allow their return to be processed accurately with the new tax law changes," said Dept. of Revenue Assistant Commissioner Terri Steenblock, "and it will allow them to get their refund quicker."
"They're going to review the return," said tax professional Heidi Cornelison, of Duluth-based Jablonski-Madill, Inc., "and send out any additional refunds that are due to the people that have filed already."
Cornelison says most people who have already filed will get a letter from the Department of Revenue if there's any area affected by the new tax breaks.
"So everybody just needs to sit back," said Cornelison, "and just... hopefully put faith in the system that it works."
Even if the system works perfectly, though, the Department of Revenue still expects some returns to have additional information requested for processing.
Minnesota Department of Revenue spokespeople say there will be an even smaller number of returns that will not be able to be automatically adjusted, which would then force the filer to file an amended tax return.
For more on what to expect: