Tax credits available for elderly
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News from Area VI Agency on Aging
POLSON — There are three programs that can save Montana seniors a significant amount of money on their taxes. One of these is the Montana Elderly Homeowner/Renter Credit. This benefit is an income tax refund, for both homeowners and renters. If you are 62 or older, a Montana resident, and have a household income of $45,000 or less, you may receive up to a $1,000 refundable tax credit, even if you do not have to file an income tax return. Completing the form will tell you how much, if any, your refund will be. This is based on the ratio of your income to your property tax or rent paid. If you have not filed for this program before, you may also file for the four previous years. To file for this program, file Form 2EC with your Montana income tax Form 2 or Form 2M. File Form 2EC alone if you are not required to file a Montana tax return.
You may be eligible for property tax assistance in addition to the Elderly Homeowner/Renter Credit. The Property Tax Assistance Program (PTAP) is a reduction on your property tax bill, based on your occupancy and income. To qualify for this program, household income must be less than $21,144 for those living alone, or less than $28,192 for households of more than one. This includes taxable income from all sources. If you qualify for PTAP your property taxes could be reduced significantly.
If you are a 100-percent disabled American veteran whose disability is service connected, or the spouse of someone who was, your property taxes could be reduced even more. Eligibility for the Disabled American Veteran Property Tax Relief Program (DAV) is based on your military disability, occupancy, and income. Income limits are considerably more generous.
The deadline to file for these programs is April 15 to be considered for the current tax year. You can call your county office of the Department of Revenue for forms or information on any of the three programs. You can also go to the website at revenue.mt.gov, click on Property Owners, and go to Property Tax Relief Programs. The 2013 2EC form can be filed online. For help applying for these and other senior benefit programs you can call Area VI Agency on Aging at (406) 883-7284 or 1-800-266-4188.
