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us-mn/statute/290.0121 — DEPENDENT EXEMPTION · Axiom

DEPENDENT EXEMPTION

11 rules

Subdivision 1. Exemption amount. (a) A taxpayer's dependent exemption equals: (1) the exemption amount multiplied by the number of individuals who are dependents, as defined in sections 151 and 152 of the Internal Revenue Code, of the taxpayer for the taxable year; minus (2) the disallowed exemption amount under subdivision 2, but the remainder may not be less than zero. (b) The exemption amount equals $4,250. Subd. 2. Disallowed exemption amount. (a) The disallowed exemption amount equals the dependent exemption allowed under subdivision 1, paragraph (a), clause (1), multiplied by the applicable percentage. (b) For a married individual filing a separate return, "applicable percentage" means two percentage points for each $1,250, or fraction of that amount, by which the taxpayer's federal adjusted gross income for the taxable year exceeds the threshold amount. For all other filers, applicable percentage means two percentage points for each $2,500, or fraction of that amount, by which the taxpayer's federal adjusted gross income for the taxable year exceeds the threshold amount. The applicable percentage must not exceed 100 percent. (c) "Threshold amount" means: (1) $291,950 for a joint return or a surviving spouse; (2) $243,300 for a head of a household; (3) $194,650 for an individual who is not married and who is not a surviving spouse or head of a household; and (4) half the amount for a joint return for a married individual filing a separate return. Subd. 3. Inflation adjustment. For taxable years beginning after December 31, 2019, the commissioner must adjust for inflation the exemption amount in subdivision 1, paragraph (b), and the threshold amounts in subdivision 2, as provided in section 270C.22 . The statutory year is taxable year 2019. The amounts as adjusted must be rounded down to the nearest $50 amount. The threshold amount for married individuals filing separate returns must be one-half of the adjusted amount for married individuals filing joint returns.

in view

Whole section

Encodings · 11

Encoded from this provision

us-mn/statute/290/0121

all_other_filers_phaseout_step_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(b)

name: all_other_filers_phaseout_step_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 2(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: two percentage points for each $2,500, or fraction of that amount
versions:
  - effective_from: '0001-01-01'
    formula: '2500'

dependent_exemption_before_disallowanceus-mn/statute/290.0121 · derived

Minn. Stat. 290.0121, subd. 1(a)(1)

name: dependent_exemption_before_disallowance
kind: derived
entity: TaxUnit
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 1(a)(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: >-
            the exemption amount multiplied by the number of individuals who are
            dependents
      - path: versions[0].formula
        kind: import
        import:
          target: us-mn:statutes/290/0121#statutory_dependent_exemption_amount
          output: statutory_dependent_exemption_amount
          hash: sha256:local
versions:
  - effective_from: '0001-01-01'
    formula: >-
      statutory_dependent_exemption_amount *
      dependent_count_under_sections_151_and_152

inflation_rounding_multipleus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 3

name: inflation_rounding_multiple
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 3
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: rounded down to the nearest $50 amount
versions:
  - effective_from: '0001-01-01'
    formula: '50'

married_filing_separately_phaseout_step_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(b)

name: married_filing_separately_phaseout_step_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 2(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: two percentage points for each $1,250, or fraction of that amount
versions:
  - effective_from: '0001-01-01'
    formula: '1250'

married_filing_separately_threshold_fraction_of_jointus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(c)(4)

name: married_filing_separately_threshold_fraction_of_joint
kind: parameter
dtype: Rate
period: Year
source: Minn. Stat. 290.0121, subd. 2(c)(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: >-
            half the amount for a joint return for a married individual filing a
            separate return
versions:
  - effective_from: '0001-01-01'
    formula: 1 / 2

maximum_applicable_percentageus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(b)

name: maximum_applicable_percentage
kind: parameter
dtype: Rate
period: Year
source: Minn. Stat. 290.0121, subd. 2(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: The applicable percentage must not exceed 100 percent.
versions:
  - effective_from: '0001-01-01'
    formula: '1'

phaseout_percentage_points_per_stepus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(b)

name: phaseout_percentage_points_per_step
kind: parameter
dtype: Rate
period: Year
source: Minn. Stat. 290.0121, subd. 2(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: two percentage points
versions:
  - effective_from: '0001-01-01'
    formula: '0.02'

statutory_dependent_exemption_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 1(b)

name: statutory_dependent_exemption_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 1(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: The exemption amount equals $4,250.
versions:
  - effective_from: '0001-01-01'
    formula: '4250'

statutory_head_of_household_threshold_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(c)(2)

name: statutory_head_of_household_threshold_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 2(c)(2)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: $243,300 for a head of a household
versions:
  - effective_from: '0001-01-01'
    formula: '243300'

statutory_joint_return_or_surviving_spouse_threshold_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(c)(1)

name: statutory_joint_return_or_surviving_spouse_threshold_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 2(c)(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: $291,950 for a joint return or a surviving spouse
versions:
  - effective_from: '0001-01-01'
    formula: '291950'

statutory_single_threshold_amountus-mn/statute/290.0121 · parameter

Minn. Stat. 290.0121, subd. 2(c)(3)

name: statutory_single_threshold_amount
kind: parameter
dtype: Money
unit: USD
period: Year
source: Minn. Stat. 290.0121, subd. 2(c)(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-mn/statute/290.0121
          excerpt: >-
            $194,650 for an individual who is not married and who is not a
            surviving spouse or head of a household
versions:
  - effective_from: '0001-01-01'
    formula: '194650'

▸rulespec code

Shown source

statutes/290

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Rules

all_other_filers_phaseout_step_amount

Parameter

source: Minn. Stat. 290.0121, subd. 2(b)

- name: all_other_filers_phaseout_step_amount
  kind: parameter
  dtype: Money
  unit: USD
  period: Year
  source: Minn. Stat. 290.0121, subd. 2(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-mn/statute/290.0121
            excerpt: two percentage points for each $2,500, or fraction of that amount
  versions:
    - effective_from: '0001-01-01'
      formula: '2500'