Minnesota revenue officials release process for 1-time tax rebate payment: Here's what to know
MINNEAPOLIS -- Around 2.4 million Minnesotans will receive a tax rebate payment this fall.
On Monday, the Minnesota Department of Revenue released the process for receiving the payments, which are part of the $3 billion One Minnesota budget signed into law in May.
"This rebate will help millions of Minnesotans pay for everyday expenses such as groceries, school supplies, rent, or childcare," said Revenue Commissioner Paul Marquart. "We know it will be very valuable to a lot of people, and we look forward to sending payments out in early fall."
Here's what to know to make sure you get that payment if you're eligible -- including an important deadline that may apply for some.
What do taxpayers need to know to make sure they get the payment?
First off, taxpayers will not need to apply for the rebate payment. The revenue department will be using tax year 2021 individual income tax or property tax refund returns to determine eligibility.
However, there's an important thing to note: If those eligible have banking or address information that has changed since their 2021 tax filing, they will need to update that using the online portal. It will need to be updated by 5 p.m. on Friday, July 28.
That's it. Only eligible recipients with information that has changed will need to do anything.
Who is eligible and what are the payments?
Eligibility is based on income.
If you made $75,000 or less, expect a check of $260. Couples making $150,000 or less will get $520.
Parents in those income brackets will get another $260 per child, for up to three kids. So, the maximum possible credit for a family is $1,300.
Helpful hint: Check line 1 of your 2021 state tax return, which shows your federally adjusted gross income. If you make more than the income mentioned above, you are not eligible for a payment.
You also need to have been a Minnesota resident for part or all of 2021. If you lived in the state for only part of the year, the payment will be prorated based on the amount of time you spent in Minnesota.
When will payments be sent out?
A specific date has not been released, but the revenue department expects to send out 250,000 checks every day for 10 business days early this fall.
Other questions?
If you have more questions about eligibility or want other information, the revenue department has more on its website.