By the end of the month, Montanans will receive their tax refund, which can total up to $2,500.
On December 31, the Montana Department of Revenue intends to complete the refund of income taxes. In July, the direct payments were first disbursed.
Residents had to file 2021 tax returns in order to be eligible, but the precise amount refunded is dependent on a number of variables.
To begin with, you need to be a resident for the full 2021 tax year and have timely filed your 2020 and 2021 returns. Additionally, you were not permitted to have a figure greater than zero on line 20 of the 2021 return or to be claimed as a dependent on someone else’s tax return.
Individual filers may receive $1,250, while married joint filers may receive up to $2,500. Remember, that’s the maximum amount that can be awarded; the amount on line 20 of the tax form, if less, or the maximum amount based on your filing status will be the amount that you receive specifically.
In a previous statement, Governor Greg Gianforte stated, “Montanans overpaid their taxes, and we’re giving it back.” “I look forward to getting this money back into Montanans’ pockets where it belongs.”
All eligible taxpayers should anticipate receiving the funds by year’s end, as there is no additional work required of them.
Director of the Montana Department of Revenue Brendan Beatty stated, “We have the important job of getting these rebates back to eligible Montana taxpayers as quickly and easily as possible.” “Remember to check your bank statement or the mail for your rebate.”
Following the federal government’s termination of its pandemic-era support, numerous other states have increased their direct resident stimulus payments.
In Alabama, individuals who filed a state income tax return for 2021 by October 17, 2022, or before received a $300 deposit last month.
The refunds cost the state $393 million, all of which came from a $2.8 billion surplus in the Education Trust Fund. The goal of each check is to assist residents in offsetting the annual grocery taxes they pay.
Arizona offers $250 per dependent, up to a maximum of $750 for three dependents per person. The payment is reduced to $100 for each dependent who is older than 18.
Residents of Virginia received payments last month, provided they owed taxes in 2022. After deducting tax credits, the amount owed to the state is known as the tax liability. Single filers received $200 under the rebate program, and joint taxpayers received $400.
The last round of stimulus payments from the federal government was sent out more than two years ago, and there is no sign that more will be made available.
How to claim your tax rebates
The Montana individual income tax rebate for 2021 is known as the Individual Income Tax Rebate.
Amount of the Individual Income Tax Rebate
Line 20 of the 2021 Montana Form 2 indicates the amount of tax paid for 2021. This information determines the individual income tax rebate amount for a taxpayer.
The rebate for individuals who filed as single, head of household, or married filing separately will be $1,250, or the amount shown on line 20, whichever is less.
Refunds to married taxpayers filing jointly will be $2,500 or the amount shown on line 20, whichever is less.
Jerry, for instance, reported $1,009 on line 20 of his 2021 Montana Form 2 and filed as single. He satisfies all requirements and will be reimbursed $1,009.
Despite being married, Frank and Estelle filed for divorce in 2021. On his line 20, Frank recorded $387, while Estelle recorded $2,441 on hers. Frank’s rebate will be $387 and Estelle’s rebate will be $1,250 since they both meet all the requirements.
In 2021, George and Susan jointly filed, with George reporting $3,985 on line 20. They will get a $2,500 refund if they meet all the requirements.
Rebate Requirements
The Individual Income Tax Rebate is applicable to you if:
You paid taxes in Montana during the whole 2021 tax year, which started on January 1, 2021.
You submitted a part-year or resident Montana 2020 tax return.
A 2021 Montana resident tax return was filed by you.
You submitted your Montana tax returns for 2020 and 2021 by the deadline for the tax year 2021 (including extensions);
In the tax year 2021, neither the federal government nor the state of Montana claimed you as a dependent, and
There is an amount on line 20 of your 2021 Montana Form 2 that is not zero.
Making a rebate claim
There is no action required on the part of taxpayers to claim an individual income tax rebate. For those who meet the requirements, the department will automatically send rebates.
My rebate is where?
Please use the TransAction Portal’s Where’s My Rebate feature to determine the status of your individual income tax refund (TAP).
Reissues of checks that were mailed to the wrong address are only permitted after 30 days have passed since the original check’s date.
The department may call you to update your address if it receives a returned check marked as undeliverable.
Kindly get in touch with our customer support team for additional details.
