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State advice: Don't file tax returns this weekend

ST. PAUL ­— Minnesotans who have not filed their state income tax returns should wait until next week.

State Revenue Commissioner Myron Frans said that will give tax officials time to provide more specific advice about how a tax-cut bill legislators approved Friday will affect taxpayers. He said Minnesotans who already have filed returns, about half of taxpayers, will be notified if their taxes fall because of the newly minted law.

People who have yet to file may want to learn what tax breaks could affect them, Frans said, but warned: “Regardless of the little delay, they have to meet the April 15 deadline.”

He said some returns can be modified by the department with no further action by taxpayers. In other situations, Frans’ department will notify taxpayers who need to file an amended return to take advantage of the tax breaks.

Frans plans to announce more specifics Monday, but on Friday said taxpayers especially may want to delay filing returns if they may have deductions or credits related to mortgage insurance and education. Up to 16,000 more families who earn up to $45,000 a year also may qualify for an expanded Working Family Credit.

During the weekend, Frans’ department will make adjustments to account for the changes. The Revenue Department also will work with tax preparers and tax software companies to help them make needed changes they hope will be incorporated by April 1.

The scramble is needed because Minnesota legislators approved $443 million of tax cuts Friday, 10 months after they raised taxes more than $2 billion and less than a month before the tax deadline. Many of the tax breaks, which could affect up to 500,000 Minnesotans, can lower taxes on returns now being filed.

Senators approved the bill 58-5, with the House following 126-2.