Tax benefits available to Montana residents 62 and older

Montana State University Extension
Farm Forum

BOZEMAN, Mont. — As the tax filing season begins, Montana State University Extension wants to remind state residents 62 and older of a property tax relief program they can take advantage of.

The Montana Elderly Homeowner/Renter Credit provides a refundable income tax credit of up to $1,000. According to Marsha Goetting, MSU Extension family economics specialist, Montanans are eligible for the credit if they are 62 or older as of Dec. 31, 2020; have lived in Montana for at least nine months; have rented, owned or leased a home in the state for six months; and have a household income under $45,000. Homeowners and renters may qualify for this program even if they do not file an income tax return, she added.

“The amount of credit is based on household income, rent and property tax,” Goetting said. “The person can calculate the amount of credit on page 10 of the Montana Individual Income Tax Return, also known as Form 2. If the person does not file pages 1, 2, 10 and 11 of Form 2, the Department of Revenue will not be able to process the claim.”

People can file their Montana Individual Income Tax Return and claim the credit with MTQuickFile in the TransAction portal for free by visiting http://mtrevenue.gov and searching homeowner/renter elderly tax credit. If they have a Montana filing requirement, Goetting reminds individuals to complete Form 2 and use the Elderly Homeowner/Renter Credit schedule on page 10.

For more information, contact Goetting at goetting@montana.edu.