How much could you get from your Minnesota rebate check?
MINNEAPOLIS – Soon, checks will be going out to 2.5 million Minnesotans.
The rebate checks are part of a $3 billion tax bill lawmakers passed this session.
So, how much could you get? It's all based on your 2021 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 credit for a family of five would be $1,300," said Minnesota Department of Revenue Commissioner Paul Marquart.
The Department of Revenue will send 250,000 checks every day for 10 business days early this fall.
How do you know if you qualify?
"The first thing you should do is see if you qualify," Marquart said. "Where can you find that information? Go to line 1. Remember, line 1."
Check line 1 of your 2021 state tax return, which shows your federally adjusted gross income.
"That's the number to see if you qualify," he said. "If your banking information or your address has not changed since that 2021 return, there's nothing you have to do."
But, if it has changed since 2021, you'll need to update your information.
"It's not set up yet, but probably for sure by July we will have a website set up that you can make those changes," he said. "And at that point there's nothing further you'll have to do."
They'll send them through direct deposit or in the mail.
So what if you lived in Minnesota for only part of the year in 2021?
"It's gonna be prorated based on the amount of time that you spent in Minnesota," he said.
Will these rebate checks be taxed?
"They will not be taxed of course on the Minnesota side. We are finding out right now if they're going to be taxed on the federal side," he said.
The rebate checks will total $1.15 billion, and come from the state's record-setting $17.5 billion surplus.
The Minnesota Department of Revenue will provide updates about the website launch where you can make any changes to your bank or address. We'll be sure to let you know, too.
