The State of Minnesota Could Be Sending You Another Tax Refund
I thought tax season wrapped up in April, but it's true-- you could be getting another refund from the state of Minnesota.
I've seen headlines regarding extra tax refunds and stimulus checks from time to time and figured they either weren't accurate or, more likely, didn't pertain to my situation. But, earlier today, the state of Minnesota deposited ANOTHER tax refund into our checking account, and could maybe do the same thing for you.
When my wife noticed a new deposit from the state of Minnesota Department of Revenue in our account this week, I did some checking online and found the following that could explain our latest refund-- and why might be eligible too.
According to a news release from the Minnesota Department of Revenue dated November 15th, it's all related to a law change that happened this summer regarding the Unemployment Insurance (UI) compensation and Paycheck Protection Program (PPP). Here's what the state said:
We're adjusting more than 540,000 Individual Income Tax returns and issuing refunds to taxpayers affected by the UI and PPP changes. As of November 15, 2021, we have processed over 217,600 impacted returns. Of those returns, over 10,900 had PPP loand forgiveness adjustments.
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The release also noted that they've been reviewing returns that could be affected by the change since September and that they're continuing to do so.
But it's a head's up that if you were furloughed at all in 2020, as my wife was (and you were eligible for Unemployment Insurance (UI) compensation) YOU could be getting another refund too. (Each situation varies, of course, so it's also possible could have to adjust your return to pay more, though that appears less likely.)
The state did say they were sending letters out to explain the reasons why a new refund might have been issued, but it's possible our refund was deposited electronically before the letter made its way to us through the mail. You can get more information HERE.