Minnesota SF2580 corrects errors in attributing deductible contributions to the correct taxable year for individual retirement plans.
Minnesota SF2580 amends the state's tax code to correct errors in attributing deductible contributions to the correct taxable year for individual retirement plans. Specifically, it requires annuity contract providers to treat contributions made after the prescribed deadline as being made for the preceding taxable year, provided the individual notifies the provider within three years of the original due date. This provision applies retroactively to contributions made in 2023.
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