The Minnesota Department of Revenue has officially revealed the step-by-step process for receiving the payments, which are part of the $3 billion One Minnesota budget that was enacted into law in May. According to Revenue Commissioner Paul Marquart, this rebate aims to assist millions of Minnesotans in covering their day-to-day expenses, such as groceries, school supplies, rent, or childcare.
He emphasized its significant value to numerous individuals and expressed anticipation for the distribution of payments in early fall. To ensure that you receive the payment if you are eligible, it is crucial to be familiar with the following details, including an essential deadline that may be applicable to certain individuals. That’s all there is to it. Only eligible recipients with updated information need to take any action.
Ensuring Payment: Key Information for Taxpayers to Secure Their Rebate
Taxpayers will be relieved to know that there is no need to submit an application for the rebate payment. The revenue department will utilize their tax year 2021 individual income tax or property tax refund returns to assess eligibility. However, there is a vital aspect to consider: If eligible individuals have experienced changes in their banking or address information since their 2021 tax filing, they must update this information using the online portal. The deadline for updating is set at 5 p.m. on Friday, July 28.
Eligibility and Payment Details: Who Qualifies and What to Expect
Eligibility for the payment is determined based on income. Individuals who earned $75,000 or less can expect a payment of $260, while couples with an income of $150,000 or less will receive $520. For parents falling within these income brackets, an additional $260 will be granted per child, with a maximum credit of $1,300 for families with up to three children.
Here’s a helpful tip: Refer to line 1 of your 2021 state tax return to find your federally adjusted gross income. If your income exceeds the mentioned thresholds, you will not be eligible for a payment. Additionally, it is necessary to have been a resident of Minnesota for part or all of 2021. If you only resided in the state for a portion of the year, the payment will be prorated based on the duration of your stay in Minnesota.
Payment Distribution: When Can You Expect to Receive Your Payment?
While an exact date has yet to be disclosed, the revenue department has provided insights into the expected timeline for payment distribution. Anticipate a substantial release of 250,000 checks per day, spanning over a period of 10 business days during the early autumn.
This comprehensive plan ensures a steady and efficient distribution of payments to eligible recipients. As the fall season approaches, individuals can look forward to receiving their payments within this extended timeframe, allowing for a smoother and more manageable process.