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Montana tax tidbit: elderly homeowner
or renter credit

March 15, 2010

Montana flag The Treasure State has a nice prize for its elderly residents. They might be able to claim Montana's Elderly Homeowner/Renter Tax Credit.

As the name indicates, this tax break is available to renters as well as homeowners as long as they were 62 or older by Dec. 31.

The claimants also must have lived in Montana for at least nine months during the tax year and occupied a Montana residence for six months or more during that time frame. Homeowners calculate their credit based on property taxes paid; renters use the amount of rent paid.

Finally, the individuals must have gross household income of less than $45,000.

For eligible Montanans, the credit can be worth up to $1,000.

Even better, it's a refundable tax credit, which means that if the credit amount exceeds the filer's state tax liability, the taxpayer will get that extra amount as a refund.

If you or an older relative can claim the credit, you need to submit Form 2EC. The form can be sent as part of your state income tax filing or separately if you aren't required to file a Montana tax return. Form 2EC also can be e-filed.

Tax trip around the United
States: This post is part of our series highlighting tax
information from the 50 U.S. states and Washington, D.C. You can read other state tax blurbs at our Complete menu of tasty state tax tidbits.

The State Tax Departments page provides links to official state
and District of Columbia revenue Web sites so that you can find out more about
your home's tax laws and filing requirements.

As we work
through the 2010 tax season, a different state will be featured each day as
noted in Don't forget your state taxes! Check back to see what tax
tidbit we share about your home.

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