Great news, Montana taxpayers! If you’ve filed your 2021 tax returns, you’re on track to start receiving direct tax refund payments of up to $2,500, starting from July 3rd. The actual amount each eligible taxpayer will receive is based on their 2021 tax return details.Plus, if you’re a Montana resident and have filed your 2020 state tax returns either partially or fully, you’re in line for this refund too.
More than Half a Million Beneficiaries This $480 million refund package, courtesy of the recently passed Bill 192, aims to distribute the budget surplus. It’s set to benefit over 530,000 taxpayers who have filed their tax returns and could qualify for up to $2,500 in refunds. Direct Payments Starting from July 3rd The refund you’ll receive depends on your marital status and what’s listed on line 20 of your Montana Form 2. The distribution of these direct payments kicks off on July 3rd and wraps up on December 31st, 2023.
Montana taxpayers 2021 tax returns of income Tax
According to the Montana Department of Revenue, the early bird gets the worm, or in this case, the refund! The taxpayers who filed their returns first will be at the head of the line to receive the direct payments. So, if you were an early filer in 2022, you’ll be among the first to receive your refunds. Starting from July 3rd, the refund amount ranges from $1,250 for single taxpayers, married taxpayers filing separately, and heads of households who have met their tax responsibilities.
But hold on, if you’re married and filed jointly, you could pocket up to $2,500. How Do I Qualify for the Direct Payment? It’s pretty straightforward. To be eligible, make sure you filed your Montana tax returns for 2020 and 2021 on time. If you got an extension, that works too. There’s one key condition: line 20 of your Montana Form 2 should show a value greater than zero for you to receive the income tax refund payment.
If you’ve filed your tax return, you’re in the clear to receive the refund, and there’s no need to make a separate claim. The state government will automatically send the cash your way.
What should I do if line 20 on my Montana Form 2 is zero? it likely means that there was no gain realized on the transfer of Montana real or tangible personal property. This may indicate that no Montana source income needs to be reported or recognized for federal income tax purposes in relation to the relinquishment of Montana property rules.mt.gov.