UPDATED MINNESOTA TAX FORMS FOR THE 2020 TAX ​​YEAR

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UPDATED MINNESOTA TAX FORMS FOR THE 2020 TAX ​​YEAR

Minnesota tax law changes went into effect July 1, 2021. The changes relate to unemployment benefits, the Paycheck Protection Program (PPP) loan waiver, and other retroactive compliance provisions affecting the 2017-2020 tax years.

The Minnesota Department of Revenue has updated Minnesota tax forms for the 2020 tax year to reflect these changes.

If you filed a 2020 income tax return that included unemployment benefits or PPP loan waiver, they will either amend the return or ask you to change it.

  • If they can customize the return, they will send you a letter describing what they changed and what refund you might get. They aim to match as many returns as possible.
  • If you need to make changes just because of changes in Minnesota tax law, wait to hear from them before filing. They will let you know if we can adjust your return or if you need to make a change.
  • If you haven’t filed a 2020 declaration or applied for an extension, you can use the updated forms to apply for the recently passed Unemployment Income Exclusions and Deductions and PPP Loans.

The Treasury Department continues to review Minnesota tax year 2017-2019 forms and will provide updates as they become available.

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