Minnesota Crypto Tax Calculator
We built this free crypto tax calculator for residents of Minnesota who want to check calculations quickly. Our calculator is for informational purposes only. Please consult a CPA or tax professional. Use cryptocurrency tax accounting software if you have lots of trades.
Minnesota taxes capital gains as regular income, with rates ranging from 5.35% to 9.85%, plus an additional 1% tax on gains over $1 million. To calculate Federal taxes, please use our USA tax calculator.
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Calculate for freeMinnesota Tax Brackets (2024)
| Single Filers | Married Filing Jointly | Tax Rate |
|---|---|---|
| $0 to $31,690 | $0 to $46,330 | 5.35% |
| $31,690 to $104,090 | $46,330 to $184,040 | 6.80% |
| $104,090 to $193,240 | $184,040 to $321,450 | 7.85% |
| $193,240 to $1,000,000 | $321,450 to $1,000,000 | 9.85% |
| Over $1,000,000 | Over $1,000,000 | 10.85%* |
* Includes additional 1% tax on income over $1 million
Cryptocurrency Taxation in Minnesota
Key Points
- Progressive Taxation: Minnesota taxes crypto gains at rates from 5.35% to 9.85%.
- Additional Tax: 1% additional tax on gains portion over $1 million.
- No Distinction: Minnesota makes no distinction between short-term and long-term gains.
- Mining Income: Crypto mining is treated as self-employment income and taxed at regular income rates.
Common Tax Situations
Trading & Investment
All crypto trades, including crypto-to-crypto transactions, are taxable events. Gains are taxed based on your total income bracket.
Tax Planning Tips
Consider timing your crypto sales to manage your tax bracket position, especially if approaching the $1 million threshold for the additional 1% tax. Keep detailed records of all transactions.