(MENAFN- ValueWalk)
The wait for Minnesotans is over. The $260 tax rebate from Minnesota for eligible individuals, couples and families will start arriving in bank accounts this week. It is estimated that more than two million rebate payments will be sent by September to support families during the back-to-school season.
Tax Rebate From Minnesota: How Much Money To Expect
Legislators approved the tax rebate from Minnesota last session as part of a broader $3 billion tax package. Gov. Tim Walz is expected to hold a news conference Wednesday to announce the start of distribution of the rebate checks.
Minnesota will send more than $1.1 billion in rebate payments to qualifying taxpayers starting this week. The department expects to send about 2.1 million rebates by the end of September.
Initially, payments will be sent through direct deposits, and later paper checks will be mailed to those who haven't provided their bank information to the state.
“This rebate will help millions of Minnesotans pay for everyday expenses such as groceries, school supplies, rent, or childcare,” Revenue Commissioner Paul Marquart said last month.
Eligible Individuals with a 2021 adjusted gross income of $75,000 or less will get $260. Couples filing a joint 2021 income or property tax return and having an adjusted gross income of $150,000 or less will get $520.
Further, each dependent (up to three dependents) will get $260 each. So, a couple with three dependents could get up to $1,300 in the form of a tax rebate from Minnesota. It must be noted that taxpayers who don't meet the income requirements won't get any rebate money.
Who Will Get The Rebate Money?
Taxpayers don't need to apply for the Minnesota tax rebate. The department will automatically send the payments to eligible taxpayers based on their 2021 tax return.
Taxpayers who lived in Minnesota for part or all of 2021 will be eligible for the rebate money. Also, taxpayers must have filed their returns (2021 Form M1, Minnesota Individual Income Tax; or 2021 Form M1PR, Homestead Credit Refund for Homeowners and Renter's Property Tax Refund) by Dec. 31, 2022.
Another requirement is that someone must not have claimed you as a dependent on their 2021 Minnesota income tax return.
It must be noted that taxpayers who died after Jan. 1, 2023, may still qualify for the rebate if they met the other requirements . Also, those who lived in the state for part of the year will qualify for a proportional amount.
According to the department, the rebate money is not taxable and can't be chipped away to pay any unpaid tax or debts by other agencies. As of now, it isn't clear if the rebate checks affect federal returns or not.
Visit the department of revenue website for more information on the tax rebate from Minnesota.