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C
clintonstreet
March 25, 2023
Question

If the MN tax return Schedule M1 line 19 is $391, why does the IN tax return only have $237 on Schedule 6 line 5?

  • March 25, 2023
  • 1 reply
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1 reply

E
ErnieS0
March 26, 2023

The numbers are not the same because the Minnesota tax rate on your income is higher. States only give you a double-tax income credit for the tax you would pay if you earned that money in your home state.

 

Indiana has a flat tax rate of 3.23%. Minnesota has four tax rates, depending on income: 5.35%, 7.05%, 7.85%, and 9.85%.

 

So your Indiana credit is limited to 3.23% of MN income, even if you are paying 9.85% on the same money to MN.

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