Daily Banking News

What to know about Minnesota’s tax rebate checks

During the recently wrapped legislative session, Minnesota lawmakers agreed to send tax rebates to Minnesotans who meet certain income thresholds.

The rebates are $260 for individuals with adjusted gross incomes of up to $75,000 in 2021 and $520 for couples who filed jointly with incomes up to $150,000. People within those limits will get an additional $260 per dependent for up to three dependents.

A family of five that meets the threshold could get a $1,300 tax rebate overall.

“With the legislation now signed into law, we can begin implementing the tax rebate payments that were targeted to those who need them most,” Revenue Commissioner Paul Marquart said in a press release Wednesday. “We know this money is important for Minnesota families and we will allow time for eligible taxpayers to update their address and banking information this summer with the anticipation of sending out the refunds in early fall.”

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Rebates are expected to go out via direct deposit and checks starting this fall.

Taxpayers will not have to apply for this payment. The revenue department will use tax year 2021 individual income tax or property tax refund returns to determine eligibility and distribute the tax rebate payments.

Rebate amounts for part-year residents will be reduced based on the percentage of the year they lived in Minnesota.

What do I need to do to get my rebate?

If you meet the income limits and your bank information or address have not changed since filing your 2021 return , you do not need to take any action. The revenue department will deposit the rebate payment into your bank account or mail a check to the address on your 2021 return.   

If you meet the income limits and your bank information or address have changed since filing your 2021 return, you will need to update your information with the revenue department. A secure online portal for banking and address updates will be available this summer, with more details coming soon. Taxpayers who are eligible for the rebate payments will be able to access the portal and update their information if necessary.

Read More: What to know about Minnesota’s tax rebate checks

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