Minnesota Rebate checks

 Just a heads up about those rebate checks Minnesota taxpayers received this fall. If you were a single taxpayer and had adjusted gross income up to $75,000 in 2021 you’d get $260 and $520 for married filers who earned up to $150,000. Families could get an additional rebate check for up to three dependents, for a maximum of $1,300. The IRS recently determined the checks will be considered federally taxable income. The federal tax on the checks could cost between $26 and $286, depending on a household’s income and how much was received in rebates. According to The Department of Revenue, the state will now send a form to all rebate recipients to use when filing their federal individual income tax returns next year. If they include this payment in their federal adjusted gross income, they should subtract it from their Minnesota taxable income on line 33 of Schedule M1M on their Minnesota return. Minnesota IS NOT taxing this rebate, just the Federal Government. Keep in mind not everyone has to file taxes if they’re under a certain income, so the department estimates 18% of rebate recipients don’t have a federal tax liability. This rebate was tied to Covid Relief and the federal government ended the COVID health emergency May 11. Legislation authorizing the rebate checks was signed May 24, so there is push back that the IRS is taxing this on a Federal level. If you have questions call 855-226-6639 or ask your tax person.

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Your Safe Money Show for December 16th story highlights

 Saturday December 16th Your Safe Money Show topics: With 2024 right around the corner, Todd will have how the 2024 Social Security COLA may impact retiree tax bills. And he’ll also go over the outlook for retirement in 2024. Plus the Panama canal is a major thoroughfare and there’s issues right now affecting ships and we’ll consider how that affects many things. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Managing risk

 

Income and "Married filing jointly"

 It's been brought to our attention that there's confusion with "Married filing jointly" and Married filing Separate". This has come up as people have been doing health insurance and the "financial" information. Even if one person in the marriage had no income you still are under "married filing jointly" for the income. If you have questions call 320-679-5183.

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Highlights for December 9th Your Safe Money Show

 Coming up on this Saturday's (December 9th) Your Safe Money Show. We’ll start with online shopping scams to avoid this holiday season, Todd will have ways to use leftover savings in your flexible savings account. And how to keep holiday spending in check during retirement. Listen at 8 a.m. at nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Deadlines

 Just a reminder Open enrollment for Medicare ends December 7th and MnSure ends December 15th if you want your insurance to start January 1st. Call 320-679-5183 for an appointment with Todd Sjoberg.

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