$1,300 Minnesota Tax Rebate Checks: Revenue Officials Release More Details
Minnesota Governor Tim Walz signed into law a one-time tax rebate in May. Now, the Department of Revenue has developed a process to help residents know how they can get the Minnesota tax rebate checks. Around 2.4 million Minnesotans are estimated to receive the one-time tax rebate this fall.
Minnesota Tax Rebate Checks: Who Will Get Them?
In May, Governor Walz announced the one-time tax rebate, which is part of the state’s new $3 billion budget. On Monday, the Department of Revenue released the process for distributing the Minnesota tax rebate checks.
According to the department, it will use the 2021 tax year information to determine eligibility for the tax rebate checks. Single filers will receive $260, while families will receive up to $1,300. The rebate checks will be sent via mail or electronic deposit.
“We know it will be very valuable to a lot of people, and we look forward to sending payments out in early fall,” Revenue Commissioner Paul Marquart said.
Single filers with an annual income of $75,000 or less can expect a rebate payment of $260, while couples making $150,000 or less will get $520. Additionally, eligible parents will get $260 per child (up to three kids). So, the maximum rebate that a family can get is $1,300.
Taxpayers can refer to line 1 of their 2021 state tax return to check their federally adjusted gross income. If your income is above the threshold, you won’t qualify for the Minnesota tax rebate checks.
Along with meeting the income threshold, taxpayers also need to be a Minnesota resident for part or all of 2021. If a taxpayer lived in the state for only part of the year, then the payment will be prorated depending on the time they spent in the state.
Those claimed as a dependent on someone else’s 2021 Minnesota income tax return won’t qualify for the rebate. Also, taxpayers who died before Jan. 1, 2023, won’t get tax rebate checks from Minnesota as well.
What Taxpayers Need To Do
Taxpayers don’t need to apply for the rebate payment. The revenue department will automatically send the payment to eligible taxpayers. If taxpayers’ banking details or address has changed since filing their 2021 return, they will need to update it by July 28.
Further, the department informs that the rebate checks are not taxable and can’t be taken to pay any unpaid tax or debts by other agencies. Whether the rebate is taxable on federal returns is not clear yet, but the department says it has requested guidance from the IRS.
According to the department, there is no appeals process, and taxpayers can’t use the Where’s My Refund? system to track the payment.
For more information on the tax rebate checks from Minnesota, visit the Department of Revenue’s website.
This article originally appeared on ValueWalk
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Source: Read Full Article