Updated Minnesota Tax Forms for Tax Year 2020

Updated Minnesota tax forms for tax year 2020

07/19/2021

Minnesota tax code changes were signed into law on July 1, 2021. The changes relate to unemployment compensation, Paycheck Protection Program (PPP) loan forgiveness, and other retroactive conformity provisions affecting tax years 2017 through 2020.

The Minnesota Department of Revenue updated Minnesota tax forms for tax year 2020 to reflect these changes.

If you or your clients filed a 2020 income tax return that included unemployment compensation or PPP loan forgiveness, we will either adjust the return or we will ask you to amend.

• If we can adjust the return, we will send you a letter describing what we changed and any refund you may receive as a result. We are committed to adjusting as many returns as we can.
• If you will need to amend solely due to Minnesota tax law changes, wait until you hear from us before filing. We will let you know whether we will adjust your return or if you will need to amend.
• If you have not yet filed a 2020 return, or filed for an extension, you may file using the updated forms to claim the recently passed unemployment and PPP loan forgiveness income exclusions and deductions.

We continue to review Minnesota forms for tax years 2017 – 2019 and will provide updates as they are available.