Montana recently established a new tax refund programme in order to boost the state’s economy and provide assistance to inhabitants. Tax refund payments are distributed to qualified individuals and families based on their tax filings.
The programme was launched in response to the state’s large revenue surplus, with the goal of returning a share of the surplus revenues to taxpayers. The tax rebate payments are expected to increase spending in the local economy and help firms in a variety of industries. Montana residents are advised to check the eligibility conditions and file their tax returns as soon as possible in order to participate in this helpful programme.
What is the Montana Surplus Check for 2023?
The amount of your Montana income tax rebate cheque for the tax year 2021 is determined by your filing status and the amount stated on line 20 of your Montana Form 2. According to the Montana Department of Revenue, payments will begin to be delivered to qualified households in July, and all income tax rebates will be sent by December 31, 2023.
Montana will provide rebates in the order in which 2021 Montana tax forms are filed, according to the department’s website. As a result, taxpayers who file early in 2022 may get Montana rebate payouts sooner. The table below illustrates how much money you could possibly obtain.
Montana filing status for the fiscal year 2021
$2,500 or the amount on line 20 (whichever is less) if married filing jointly
$1,250 for the head of the household or the amount on line 20 (whichever is smaller)
$1,250 for married filers filing separately, or the amount on line 20 (whichever is less)
$1,250 or the amount on line 20 (whichever is smaller)
This means that if line 20 of your 2021 Montana Form 2 equals $500, regardless of your filing status, you will receive a $500 income tax rebate. This also means that the maximum amount payable to joint filers is $2,500, while the maximum amount payable to other taxpayers is $1,250.
For example, a head of household with 2,000 on line 20 of their Montana Form 2 will still receive a $1,250 tax rebate.
As previously mentioned, if line 20 on your 2021 Montana Form 2 is not larger than zero, you will not receive an income tax rebate in 2023.
How Do I Get My Montana Tax Refund?
Eligible taxpayers do not need to do anything to receive their Montana rebate cheques in 2023.
Montana will immediately issue your income tax rebate based on your most recently filed Montana Form 2.
So, if you selected direct deposit on your most recent Montana state tax return, your refund amount will be deposited directly into your bank account. Other qualifying taxpayers will be mailed a printed cheque.