2024 tax season: Everything you need to know in MN

(FOX 9) - With the tax filing season now underway in the United States, here's everything you need to know to file in Minnesota.

Forms you need to file taxes

What You Need:

To file your return, you will need a W-2, a form provided by your employer showing your pay and tax withholding for the year.

Businesses are required by law to provide a W-2 for each employee where they withheld income, Social Security, or Medicare taxes by Jan. 31.

These days, along with mailing the form, you usually can find a digital copy from your employer. Even easier, some tax preparers may be able to import your W-2 information automatically. But that will usually come at a cost.

Experts say you should avoid using your final paystub of the year, because the information on the paycheck may not be completely accurate.

Other forms

What You Need:

Other common forms you may need:

1099 forms: If you made money through online marketplaces, working for ride-hailing or delivery apps, dividends or interest in 2024, or a variety of other sources outside your primary job, you should receive a 1099 form. That income will need to be included in your return along with your primary income.
1095-A form: If you purchased health insurance through the MNSure marketplace, you'll need the form.
Deduction documents: Common deduction documents include childcare costs, mortgage and property tax, charitable donations, health savings account contributions, healthcare expenses, retirement contributions, and tuition costs for students.
Certificate for Rent Paid: In Minnesota, renters can claim a tax credit if their household income is less than $75,390. Starting this year, the credit can be claimed on the standard M1 tax form.

2024 Child Tax Credit

What to know:

For 2024, the Child Tax Credit is worth up to $2,000 for each qualifying child. A child must be under age 17 at the end of 2024 to be a qualifying child.

Find more info from the IRS here.

Filing for free

What you can do:

If you make $84,000 or less in adjusted gross income (your income minus specific adjustments), you are eligible to file your 1040 form for free.

The IRS Free File program is a partnership between the federal government and tax preparers to offer free filing. To utilize the program, you must access the preparers through the IRS website. If you don't access the preparer through the IRS website, the IRS warns you may be charged by the preparer.

Also, be wary of using other preparers who aren't IRS partners. Many tax services promise low-cost or free tax filing only to tack on fees for basic services after you've already started filing out your forms.

The Minnesota Department of Revenue recommends 1040NOW, FreeTaxUSA, and On-Line Taxes for free state returns for lower income individuals.

Tracking tax refund

What you can do:

Depending on your situation, most filers will be eligible for a tax refund check.

Most refunds are issued within three weeks, and you can opt for a check or direct deposit to your bank account. To track the status of your refund, you can use the IRS website.

Some preparers will also offer you an instant tax refund or advance tax refund – but like everything else, these offers usually come at a cost. It's usually best to be patient and wait for your full refund.