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$50M Being Given Back to Some MN Taxpayers

Created: 03/24/2014 6:48 PM KAALtv.com
By: Steph Crock

(ABC 6 News) -- You may be owed a slice of a 50 million dollar pie. That large chunk of money is being reimbursed to Minnesotans in the form of tax relief. On Friday a bill was passed and signed to help a quarter-million Minnesotans. Monday we found out who'll be getting in on the refund.

"People who haven't filed could get some savings, people who have already filed, they could get refunds back," said David Oeth with McGladery Inc.

So what to do if you qualify for these additional returns? Monday's press conference up at the capitol was to answer those questions. "If you do qualify for one of the new deductions or credits, and they have already filed, we are asking them wait for instructions from us," said Assistant Commissioner of Individual Income Taxes, Terri Steenblock.

"What they announced today was that you don't need to amend your tax return. They will basically recalculate your taxes and then send you a check," said Oeth.

The Minnesota Department of Revenue posted a list of 10 areas that would qualify for tax cuts, and if you qualif, but have already filed your 2013 taxes, they'll do the work. "The number of people that would get significant benefits is going to be fairly small. It’s going to be people who get that educational assistance, people who've had a short sale, but the average tax payer is not going to see big changes for 2013," said Oeth.

Some other big ones are if you've taken out student loans, or paid for higher education. Also, K-12 teachers may get some money back for their expenses in 2013. "There will be some returns that we adjust, there will be some returns that we need to request additional information from tax payers in order to adjust, and there will be some returns that we will not be able to adjust," said Steenblock.

If you haven’t filed your 2013 taxes yet, and do qualify, you may want to wait a little. "If you think you're affected, I would wait until April 3rd," said Oeth.

If you missed out this year, the tax cuts will more than double in 2014, covering 650,000 people who file next year.

Here's the list of qualifications for 2013: http://www.revenue.state.mn.us/Documents/press-conference-032414/2013MiddleClassTaxCuts.pdf