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US residents receive direct payments of up to $2,500 starting this week

US residents receive direct payments of up to $2,500 starting this week

Beginning July 3, Montana taxpayers who file their 2021 tax returns will receive a direct payment of up to $2,500.00 USD.These payments correspond to income tax returns and the amounts depend on taxpayers’ declarations in 2021.

Additionally, Montana residents who filed a 2020 state tax return for all or part of the year will be included.

In this sense, the number of beneficiaries is expected to rise to 530,000 people, while the reimbursement package will be $480 million. All this thanks to Bill 192, which distributes the budget surplus and recently passed the Montana House of Representatives.

What do you need to know about these fees?

Direct payments will begin on July 3 and end on December 31, 2023. Meanwhile, the amount a taxpayer receives depends on marital status and the amount recorded on line 20 of Montana’s Form 2.

This way, those who file their tax return will get paid directly at the beginning. This is according to the Montana Department of Revenue.

For example, those who filed their return in early 2022 will get the refund as soon as it is issued to the first taxpayer.

Therefore, a single taxpayer will receive about $1250.00 USD Married individuals filing separate tax returns.

Similarly, the same amount will be received by taxpayers who are heads of households and have fulfilled their tax obligations. However, married taxpayers filing a joint return may receive up to $2,500.00 USD.

Now, to qualify for these direct payments, taxpayers must file their 2020 and 2021 returns in Montana on time. They can file later, but only if an extension is obtained.

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Also, to receive an income tax refund payment, Montana Form 2’s tax 20 must be greater than zero.

Therefore, taxpayers are entitled to a refund of their taxes. That means they don’t need to request it as the state government will send the money automatically.