Montana deduction 2025

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The document provides worksheets for calculating standard deductions and qualified mortgage insurance premiums deductions for Montana individual income tax returns for the year 2017. It outlines specific steps and amounts based on different filing statuses, including married filing separately, single, joint, and head of household. The worksheets guide users through determining their maximum and minimum standard deductions, as well as itemized deduction limitations.

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What is the Montana state income tax rate?

Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate Federal 22.00% 11.19% FICA 7.65% 7.65% State 5.90% 4.86% Local 0.00% 0.00%4 more rows Jan 1, 2025

What are the tax advantages of Montana?

Montana is unique in providing a tax credit of 2% on all capital gains, whether invested in Montana or not. State and local individual income taxes in Montana are slightly above average on a per capita basis and above average as a percentage of income.

What is the Montana standard deduction?

What is the standard deduction in Montana? Montana no longer offers a separate state-specific standard deduction. Instead, your Montana taxable income starts with your federal taxable income as a base.

How much does Montana take out for taxes?

Overview of Montana Taxes Montana has a progressive income tax system comprised of just two brackets, with rates ranging from 4.70% to 5.90%. Depending on your filing status, your bracket amounts will differ. No cities in the state levy local income taxes.

What is the itemized deduction for Montana?

Montanas itemized deductions are the same as federal itemized deductions with a few differences: Montana law allows a federal income tax deduction of up to $5,000 (or $10,000 for MFJ). Taxpayers itemizing on the federal return receive the deduction for state income taxes paid.

What is my standard tax deduction?

Standard deduction amounts The standard deduction for 2024 is: $14,600 for single or married filing separately. $29,200 for married couples filing jointly or qualifying surviving spouse.

What is Montana withholding?

Resident and nonresident employers who pay wages for services performed in Montana are required to withhold Montana income tax. Employers subject to Montana wage withholding requirements must register for a withholding account with the Montana Department of Revenue (MDOR).

Montana deduction 2025

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