3 Things To Check To Make Sure You Get Minnesota’s New Surplus Refund
During the final stages of the 2023 legislative session, state lawmakers passed a budget bill that Gov. Walz signed which includes a tax rebate payment for most Minnesotans. But there are three reasons why you might *NOT* get a payment.
While the final version of the budget bill that passed has authorized payments far less than some politicians had previously proposed previously (some had proposed $1,000 refund payments-- yeah, that's not happening!), many Minnesotans WILL still qualify for these tax rebate payments.
- $520 for married joint filers who had a 2021 adjusted gross income of $150,000 or less.
- $260 for all other filers who had a 2021 adjusted gross income of $75,000 or less.
- An additional $260 per dependent, up to three dependents, for filers who had a 2021 adjusted gross income at or below the thresholds above.
And, MDR says you WON'T have to apply for these rebate payments (unlike the special frontline Covid bonus payments in 2022.) However, there are three important items that could cause you to NOT get your payment.
As long as you qualify, MDR says these new refund payments will be deposited automatically and will be based on your 2021 tax information-- including the address listed on your 2021 return, as well as information regarding your financial institution.
So, if you moved to a new address or changed financial institutions since filing your 2021 return, you WILL need to update MDR 'this summer' to make sure the new payment makes its way to your new address or accounts. MDR said they will provide 'a secure way to update your information online, with details coming soon.'
- If You: Met the income limits and your bank information or address has not changed since filing your 2021 return... Then: You do not need to take any action. We will deposit the rebate payment into your bank account or mail a check to the address on your 2021 return.
- If You: Met the income limits and your bank information or address has changed since filing your 2021 return... Then: You will need to update your information with us this summer. We will provide a secure way to update your information online, with details coming soon.
- If You: Exceeded the income limits or did not file a 2021 return...Then: You do not qualify for this tax rebate payment.
MDR says that these new tax rebate payments are expected to start being sent out to qualifying Minnesotans in 'early fall.' You can read more about these payments, and other new laws just passed, HERE.
The following folks, though, likely won't be eligible for this-- or any-- refund. That's because they're the richest families in the US. Keep scrolling to see who they are-- and how much they're worth!
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