The Minnesota Department of Revenue has recently unveiled an updated deadline for qualified taxpayers to avail themselves of a one-time tax rebate, which forms part of the budget recently signed by Governor Tim Walz during the 2023 legislative session. To facilitate the process, the Minnesota Department of Revenue will be utilizing either the 2021 income tax return or property tax return for determining eligibility and disbursing the rebates.
While the majority of taxpayers are automatically eligible and require no additional action to receive their payment, individuals who have recently changed their address or bank account details must take immediate steps to update their information. To ensure you receive your rebate, it is imperative to update your address or bank account statement by July 28 at 5 p.m. Act promptly to avoid missing out on this opportunity to claim your rightful rebate.
Eligibility criteria for the Minnesota tax tebate
To determine eligibility for the Minnesota tax rebate, the Minnesota Department of Revenue is responsible for assessing applicants. Minnesotans do not need to submit a separate application for the rebate. Take a read below to find the application requirements.
- Residency: You must have been a resident of Minnesota for at least part of the year 2021.
- Filed Tax Forms: You should have filed either the 2021 Form M1, Minnesota Individual Income Tax, or the 2021 Form M1PR, Homestead Credit Refund (for Homeowners) and Renter’s Property, by December 31, 2022.
- Adjusted Gross Income: Your reported adjusted gross income for the year 2021 should be $150,000 or less for married joint filers, or $75,000 or less for all other filers.
- Dependency Status: You must not have been claimed as a dependent on someone else’s 2021 Minnesota income tax return.
The Minnesota tax rebate: How the eligibility is determined
The amount individuals could receive through the rebate varies based on family size and income. Here’s an overview of the potential rebate amounts:
- Married Couples Filing Jointly: If you and your spouse filed a joint return and your adjusted gross income is $150,000 or less, you can expect a rebate of $520.
- Individuals: For individuals with a gross income of $75,000 or less, the rebate amount will be $260.
Dependents: If you claimed at least one dependent on your tax return, an additional $260 will be included in the rebate amount. Please note that there is a limit of three dependents, which means the maximum additional amount for dependents is $780. These figures reflect the potential rebate amounts based on the specified criteria. The actual rebate you receive will be determined by the Minnesota Department of Revenue.
Get up to $520 in this tax rebate: What to do with your money
Tax rebates are intended as compensation for those taxpayers who have filed their returns on time and paid the amounts they owed in the correct way. Once the check arrives, the money is totally yours and there is no limit on what you can buy with that money.
By offering tax rebates, the state aims to ease the burden on taxpayers and stimulate consumer spending. When people have a little extra money in their pockets, they’re more likely to support local businesses, invest in their communities, and boost the overall economy.
If you have any further questions or doubts, take a look at the Minnesota Department of Revenue’s official website here. Totally comprehensive instructions are available in English, Spanish, and other languages.
You could claim up to $975 in Pennsylvania’s tax rebate round
Pennsylvania residents, who are aged 65 and above, who have been eagerly anticipating financial relief for their homes or rentals, can rejoice as the long-awaited tax rebates are set to arrive in the following weeks. The Property Tax and Rent Rebate program is providing much-needed assistance to qualified applicants, bringing respite from the burden of property taxes or rental expenses.
This tax refund is intended to help the elderly offset the ever-increasing property taxes or rental costs could claim up to $975 in a one-time payment during 2023. Additionally, individuals with disabilities who are 18 years or older can also apply. The program further extends its support to widows and widowers aged 50 and above.
This year, the checks started to be disbursed from the month of July and on, so, if you are entitled and haven’t received yours, you’ve got still one week to go. Just put into practice a little patience because your money is on the way.
The rebate depends on the income levels, and the maximum is set at $650 for homeowners, but supplemental rebates for qualifying homeowners can go up to $975. For renters, the amount ranges between $500 and $650.