Expanded MT Tax Credit for Seniors

The newly expanded MT Elderly Homeowner/Renter Credit program is a fully refundable income tax credit of up to $1,150 for seniors that offsets property tax or rent payments.  We want to spread the word that Montana homeowners or renters (age 62 or older) who qualify for this credit can apply for the refund if EVEN IF THEY DON’T FILE AN INCOME TAX RETURN.

 Eligibility

You are eligible for this credit if, during the year for which you are claiming the credit, you:

• Are 62 years of age or older as of December 31,

• Lived in Montana for at least nine months,

• Rented, owned, or leased a home in Montana for at least six months, and

• Have a total household income less than $45,000

Benefit

For tax year 2022, the benefit is a refundable credit up to $1,150.

The amount of your credit is calculated by a formula based on household income, rent, and property tax. You may use the Montana Elderly Homeowner/Renter Credit schedule (Form 2, Page 10) to calculate your credit.

Filing

File For Free using any of these methods:

·         Online: File for your Montana Elderly Homeowner/Renter Credit with MTQuickFile in the TransAction Portal for free even if you’re not required to file a full income tax return.

·         With your tax return: If you have a Montana filing requirement, you will need to complete the Montana Individual Income Tax Return (Form 2). The Elderly Homeowner/Renter Credit schedule is included on Page 10.

·         On paper without a full tax return: If you don't need to file a return other than to claim the credit, you only need to complete pages 1, 2, 10, and 11 of the Montana Individual Income Tax Return (Form 2).