$260 Minnesota Tax Rebate: All You Need to Know
About 2.5 million Minnesota taxpayers will soon get tax rebate checks now that state lawmakers have passed the massive $3 billion tax relief bill. Thus, Minnesota taxpayers need to know all about the upcoming Minnesota tax rebate, including whether or not they are eligible, how they will get the rebate and how much they will get.
Minnesota Tax Rebate: Who Will Get It, How Much And When
To be eligible for the Minnesota tax rebate, you must meet the following requirements:
- You must be a Minnesota resident for part or all of 2021. The rebate payment will be reduced for part-year residents on the basis of the percentage of the year they lived in the state.
- You must have filed either Form M1 (Minnesota Individual Income Tax) or Form M1PR, Homestead Credit Refund (for Homeowners) and Renter’s Property Tax Refund.
- Taxpayers should have filed their returns by Dec. 31, 2022.
- Reported AGI (adjusted gross income) of married joint filers must be $150,000 or less, while the AGI for all other filers must be $75,000 or less (You can find your adjusted gross income on line 1 of Form M1 and Form M1PR).
As for when the Minnesota tax rebate will arrive, although a specific date hasn’t been finalized yet, the Department of Revenue expects to send the money in the fall.
Single filers meeting the eligibility requirements will get a payment of $260, while joint filers will get $520. Moreover, families will get $260 for each dependent (up to three dependents).
How Will The Rebate Arrive And Who Won’t Qualify?
The Minnesota Department of Revenue will use the taxpayers’ 2021 Minnesota returns to determine eligibility, and the rebate amount. So, taxpayers don’t need to do anything to get this Minnesota tax rebate. The rebate will be sent directly into the taxpayers’ bank account, or a physical check will be sent directly to the address attached to their 2021 tax filing.
If a taxpayer meets the eligibility requirements based on their 2021 income tax or property tax refund returns, and their bank information or address hasn’t changed since filing the 2021 return, the department will deposit the rebate amount in their bank account or mail the check to the address listed in the 2021 return.
In case taxpayers meet the eligibility requirements, but their bank information or address has changed since filing their 2021 return, they need to update their information with the Department of Revenue. The Department of Revenue will soon share details on how people can update their information online.
If a taxpayer’s income exceeds the threshold income or they didn’t file a 2021 return, then they do not qualify for the Minnesota tax rebate.
Moreover, if someone has claimed you as a dependent on their 2021 tax return, you also won’t qualify for the Minnesota tax rebate. However, the taxpayer who listed you as a dependent could get the rebate payment of $260.
This article originally appeared on ValueWalk
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