Eligible Minnesota taxpayers will get a one-time tax rebate this fall. The Minnesota tax rebate check will go out automatically, which means most taxpayers don’t need to do anything to get the payment. Some taxpayers, however, will need to update their banking and address details to get the Minnesota tax rebate check.
How To Update Banking Details Or Address
On Monday, the Minnesota Department of Revenue announced that it would use 2021 income tax returns or property tax returns to determine the eligibility for the rebate. The rebate checks will be sent out via mail or electronic deposit in early fall.
Most taxpayers will get the rebate money automatically, but taxpayers whose banking details or mailing address has changed since filing their 2021 return will have to update their details with the Department of Revenue to get the rebate money.
Such taxpayers need to visit taxrebate.mn.gov to update their banking details or address with the Department of Revenue. According to the Department of Revenue, such taxpayers will have to update their details by July 28 at 5 p.m.
“If your address or bank information have changed since filing your 2021 return, you will need to update your information with us through our secure online portal by July 28, 2023,” the program’s webpage says.
It must be noted that taxpayers whose banking details or address is unchanged don’t need to do anything to get the rebate.
Minnesota Tax Rebate Check: Who Will Get It And How Much?
Minnesota’s one-time rebate is part of the latest tax bill, which lawmakers approved in May. This Minnesota tax rebate is estimated to cost the state about $1.1 billion. The money for the rebate will come from the state’s historic $17.5 billion budget surplus.
To qualify for the rebate, a person needs to meet the following requirements:
- Must be a Minnesota resident for part or all of 2021.
- Must have filed 2021 Form M1 (Minnesota Individual Income Tax), or 2021 Form M1PR (Homestead Credit Refund – for Homeowners and Renter’s Property Tax Refund).
- Adjusted gross income for 2021 must be $75,000 or less for single filers, or $150,000 or less for married joint filers.
- Must not be claimed as a dependent by someone else on their 2021 Minnesota income tax return.
It must be noted that taxpayers who died before Jan. 1, 2023, won’t qualify for the Minnesota tax rebate check.
If taxpayers meet the above requirements, their rebate money could range from $260 to $1,300. The rebate amount for part-year residents will be prorated on the time they lived in Minnesota.
Specifically, single filers with an adjusted gross income of $75,000 or less will get $260, while couples filing jointly with an adjusted gross income of $150,000 or less will get $520. Additionally, taxpayers will get $260 for each eligible dependent (for up to three dependents). So, a couple with three dependents could get a rebate of $1,300.
This article originally appeared on ValueWalk
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