This Is The Best Thing About Filing Taxes In Minnesota
It's that time of year again! If you rent in Minnesota, here's a nice reminder for when it comes to filing your taxes.
My husband and I filed ours over the weekend. I like to get them out of the way as early as possible!
Since we moved to Rochester in July, we've seen a lot of benefits to living here! However, this one has to be best of all.
We were pleasantly surprised when we learned what a M-1PR form is. Simply put, if you've paid rent in Minnesota, and meet certain qualifications, you've got a chance at scoring some of that money back! This was seriously awesome news for us! If you're wondering, here's some of the qualifications for 2017 when it comes to renters...
- You had to have to been either a full or part-year resident of Minnesota in 2016.
- Not named as anyone else's dependent on their federal return.
- Earn less than $58,879 in 2016.
If you think you meet any of these qualifications and want to know more, head to www.taxes.state.mn.us for more. Your landlord probably already informed you though.
The scenario listed above doesn't sound like you just yet? No worries!
Homeowners may catch a break too! According to the Minnesota Department Of Revenue,
Minnesota has two property tax refund programs for homeowners:
- The regular Homeowner's Homestead Credit Refund is based on your household income and the property taxes paid on your principal place of residence.
- The special Homeowner's Homestead Credit Refund is based on the increase of your property tax over the previous year.
You may qualify for either or both of these refunds, depending on your income and the size of your property tax bill. The information below will help you determine if you qualify and how to claim a refund. For more information, see Eligibility Requirements for the Homestead Credit Refund (for Homeowners) and Renter's Property Tax Refund.
Whether you're a homeowner, or renter, the key thing is turning in this form by August 15th, 2017.