Montana College Contribution Credit

College Contribution Credit You can claim a credit against your income tax liability for contributions that you made in 2021 to a foundation or general endowment fund of the Montana university system, a Montana private college, a community college, or a tribal college. Your credit is equal to 10 percent of the contribution that you made with a maximum credit allowed of $500. To qualify for this [...]

Montana Alternative Fuel Credit

Alternative Fuel Credit You can claim a credit against your income tax liability for the cost of converting your motor vehicle to operate on an alternative fuel. Your credit is equal to 50% of the cost to convert your motor vehicle for a maximum credit of up to $1,000. In order to qualify for this credit, your motor vehicle has to be licensed in Montana and the conversion has to be from [...]

Montana Elderly Homeowner/Renter Credit

The Montana elderly homeowner/renter credit is a property tax relief program that provides you with a refundable credit of up to $1,000 if you are age 62 or older, have resided in Montana for at least nine months during the year, occupied a Montana residence for at least six months during the year, and your gross household income is less than $45,000. You may use the Montana Elderly [...]

Montana Family Education Savings Account Deposits and Earnings

A person can establish a Family Education Savings Account (FESA), also known as a 529 plan, to reduce the cost of saving for college. To establish your Montana family education savings account or for additional information, call the Achieve Montana Program at (877) 486-9271 or visit https://achievemontana.com/. Benefit Deposits You may exclude up to $3,000 of your contribution per [...]

Montana Deductions

Standard or Itemized Deductions You must choose between the standard deduction or itemized deductions. To figure which is more beneficial (generally the larger of the two) complete the Standard Deduction Worksheet and the Itemized Deductions Schedule. When you and your spouse file, you must both use the standard deduction or itemize your deductions. You cannot use two different methods. If one [...]