In a move to alleviate the financial burden on its residents, the Montana Department of Revenue is set to conclude its distribution of income tax rebates within the next 10 days.
Eligible residents in the state stand to receive up to $2,500 as part of the rebate program, an initiative aimed at giving back to taxpayers who overpaid their taxes.
The income tax rebates are calculated based on the 2021 tax returns of individual filers or couples. Since July, the state has been steadily sending out payments to eligible Montana taxpayers, with the final distribution scheduled to be completed by December 31.
Married couples filing jointly have the potential to receive a maximum of $2,500, whereas individual filers may qualify for a maximum amount of $1,250.
The specific amount is determined by the maximum based on the filing status or the figure on line 20 of the individual’s Montana 2021 income tax form, whichever is less.
Tax Rebates Boosting New Year Finances
A Montana taxpayer must fulfill specific requirements to be eligible for the rebate. These requirements include living in the state for the full 2021 tax year, timely filing both 2020 and 2021 tax returns, not being claimed as a dependent on another person’s tax returns, and having a figure greater than zero on line 20 of their 2021 return.
Importantly, eligible taxpayers need not take any additional steps to receive the rebate, as the Montana Department of Revenue ensures that those who qualify will automatically receive the funds.
In a statement, Governor Greg Gianforte emphasized the purpose behind the rebate, stating, “Montanans overpaid their taxes, and we’re giving it back. I look forward to getting this money back into Montanans’ pockets, where it belongs.”
As the state nears the completion of this distribution, many Montana residents are eagerly anticipating the financial relief that the income tax rebates will bring, providing a welcome boost as they head into the new year.
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