Carlson Capital Management

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An Update from the Tax Team: Minnesota Tax Update

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

Governor Mark Dayton signed an omnibus tax bill on May 30, 2017, that included several changes to Minnesota tax laws we’d like to make you aware of. We will be incorporating these changes as we complete your tax projections or provide you with tax planning recommendations.

Following is a summary of various highlights of the bill:

Estate Tax Changes

  • The bill increases the amount that is exempt from estate taxation in 2017 from $1.8 million under current law to $2.1 million. The bill will also increase the exemption amount in annual steps to $2.4 million, $2.7 million, and finally $3 million per person for decedents dying in 2020 and later years.

It is important to note that while Governor Dayton signed the tax bill, he is seeking to re-negotiate some of the provisions included in the bill including the change to the estate tax exemption. A lawsuit between the Legislative and Executive branches of Minnesota government is currently pending which will determine an outcome.

Income Tax Changes

  • A new subtraction will be allowed for Social Security benefits of up to $4,500 for married joint filers and $3,500 for single/head of household filers. The subtraction is phased out as income exceeds thresholds of $77,000 for married joint filers and $60,200 for single/head of household filers.
  • A new tax benefit in the form of a tax credit or subtraction will be allowed for contributions to any state’s Section 529 plan. The credit equals 50% of contributions up to a maximum credit of $500 which is phased out if income exceeds $160,000 for married joint filers or $100,000 for single/head of household filers. If the credit is phased out, a subtraction of up to $3,000 for married joint filers or $1,500 for single/head of household filers would be available.
  • A new tax credit of up to $500 is allowed for principal and interest payments on student loans. The credit is subject to various limitations based on the amount of loan payments as compared to earned income.
  • A new subtraction is allowed for amounts earned on designated first-time homebuyer accounts.
  • A new tax credit is allowed to the seller or lessor of assets to a beginning farmer. To qualify the transaction must be approved and certified by the Rural Finance Authority. A beginning farmer is also eligible for a tax credit for participating in an approved financial management program.
  • The domicile test for determining residency status in Minnesota is modified so that the location of a taxpayer’s attorney, CPA, financial advisor, or financial institutions cannot be considered by the Minnesota Department of Revenue or a court in determining residency status.
  • A new tax credit of up to $2,500 is allowed for licensed K-12 teachers who attain a master’s degree within their licensure field.
  • The dependent care credit is increased to equal the federal credit while being subject to a state specific phase-out.

Feel free to reach out to us if you would like to discuss how any of these changes may impact your personal situation.

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Published July 19, 2017 Topics: Estate Planning, Tax Planning

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