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What are tax deductions for Colorado?

Colorado charges the same income tax rate for its residents regardless of how much you make. The standard deduction in Colorado is $12,550 for single taxpayers and $25,100 for married filers. The state does not have personal exemptions.

Is my Minnesota property tax refund taxable income?

Thats not taxable income and is not reported on your federal tax return. Thats a state income tax credit. It is not a refund of taxes paid.

Can I file my M1PR Minnesota property tax refund through TurboTax?

Can I file my M1PR (Minnesota Property Tax Refund) through TurboTax? Yes, you can file your M1PR when you prepare your Minnesota taxes in TurboTax. Well make sure you qualify, calculate your Minnesota property tax refund, and fill out an M1PR form, which can be e-filed.

What are subtractions on taxes?

The subtraction is the amount of income from the return or replacement of assets that has not been deducted or excluded from income on your federal return.

What type of deductions can I claim on my taxes?

Popular tax deductions include the student loan interest deduction, the medical expenses deduction, the IRA contributions deduction and the self-employment expenses deduction.

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