Residents of Minnesota, both homeowners and renters, might be in for a financial boost soon. In the coming hours, many could find themselves with a stimulus check worth as much as $1,300. Originating from the Minnesota Department of Revenue, this isn’t your typical federal stimulus payment. Instead, it’s tied to a property tax rebate scheme.
As the U.S. grapples with escalating gas prices, inflationary pressures, and steep mortgage rates, this financial reprieve is a welcome one for Minnesotans whose wallets are feeling the pinch. The state’s provision ensures a smooth process for recipients. Rather than undergoing the often tedious application processes associated with tax rebates or refunds, Minnesotans can rest easy.
Minnesota’s Stimulus Check Distribution and Eligibility
There’s no need to apply. While many will receive their payment in the traditional form of a mailed paper check, others, especially those who’ve opted for direct deposits in the past, can expect an electronic transfer straight to their bank accounts. The distribution of these stimulus checks began as early as August 15, meaning many eligible Minnesota residents might already have their payments. However, some are still in the queue, with all payments scheduled to be completed by September 30.
The amount an individual or family receives is contingent on a few factors. For instance, a married couple who jointly filed their taxes in 2021 could be eligible for $520, but only if their adjusted gross income doesn’t exceed $150,000. On the other hand, single filers can expect $260, provided their income is no more than $75,000 and they’ve filed their 2021 return. Additional provisions are in place for families with dependents. Each qualifying dependent adds another $260 to the pot. Therefore, a married couple who jointly filed in 2021 and claim three dependents could receive the maximum amount of $1,300, provided they meet all eligibility criteria.
It’s estimated that approximately 2.1 million of these rebate payments will have been initiated by the end of September. If you had opted for a direct payment when filing your 2021 taxes, it’s likely you’ll receive this rebate the same way, unless there have been changes to your banking details since then.
A stimulus check, in the context of recent U.S. financial history, refers to a payment sent to individuals by the federal government to stimulate the economy during times of economic downturn or crisis. These payments are intended to provide individuals with additional funds to spend, thereby boosting consumption and helping the economy recover or stabilize. The term became especially prevalent during the COVID-19 pandemic when the U.S. Congress passed several stimulus bills that included direct payments to Americans to help offset the economic hardships brought on by the pandemic. These checks varied in amount and eligibility criteria depending on the specific legislation.
How much can a married couple with three dependents expect to receive as a rebate payment?
In the state of Minnesota, a one-time tax rebate payment was issued for eligible taxpayers for the tax year 2021. The rebate payments were determined based on previously filed 2021 income tax or property tax refund returns. The rebate law provided payments of up to $1,300 for eligible taxpayers, which included:
- $520 for married couples filing a joint return with an adjusted gross income of $150,000 or less revenue.state.mn.us.
- An additional $260 for each dependent claimed on the return, up to three dependents, which totals to $780.
Therefore, a married couple with three dependents who meet the income requirements would receive a total of $1,300 ($520 for the couple + $780 for the three dependents)