Income & property tax rebates are one of the main benefits as the Montana legislators navigated the ship across a historic fiscal surplus of $899 million. Montana citizens have been interested in learning who is eligible for these refunds and what they entail since Governor Greg Gianforte approved this stimulus money in March.
All About Individual Income Tax Rebate
The Individual Income Tax Rebate, a refund of Montana’s income taxes for 2021, is the centerpiece of the state’s tax credits. As stated on line 20 of the 2021 Montana Form 2, your sum depends on your 2021 reporting status and the total tax paid during that year. Your reimbursement will be $1,250 or the line 20 amount, whichever is smaller, whether you filed as a single, head of family, or married, filing separately. The line 20 amount, or $2,500, whichever is less, is the maximum rebate available to married taxpayers filing jointly.
Those who lived in Montana for the whole tax year and paid the state taxes timely for both their 2020 and 2021 income are eligible for reimbursement of up to 1,250 dollars for their 2021 taxes. If you fit these criteria and the funds for 2021 total less than $1,250, you should be eligible for a full return of your money. According to the law, persons who failed to submit income taxes as full- or part-year residents of Montana in 2020 or who paid their taxes for 2020 or 2021 after the deadline will not be qualified for these rebates.
Eligibility For Individual Income Tax Rebate
You must meet several requirements, such as having lived in Montana for the 2021 tax year, which began on January 1, 2021, to qualify for the Individual Income Tax Rebate. You submitted a full-year or part-year Montana resident return for 2020. You submitted a Montana resident tax rebate for 2021. You submitted your 2020 as well as 2021 Montana tax forms before the deadline for the fiscal year 2021, which includes extensions. No other taxpayer listed you as a dependent for the fiscal year 2021 of federal and Montana income taxes. Your Montana Form 2 from 2021 has a line number 20 with a value other than 0.