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HJR 13 Study -- Spreadsheet summary of Montana income tax deductions, exemptions, and credits

HJR 13 Study -- Spreadsheet summary of Montana income tax deductions, exemptions, and credits 2025

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The document is a comprehensive summary of Montana's income tax deductions, exemptions, and credits, prepared for the Revenue and Transportation Interim Committee in April 2012. It outlines various components affecting the calculation of Montana income tax, including federal adjusted gross income (FAGI), additions and reductions to AGI, itemized deductions, standard deductions, personal exemptions, and various tax credits available to taxpayers. The document serves as a reference for understanding the fiscal impacts of these provisions but notes that it does not provide complete tax advice.

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What are my Montana itemized deductions?

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 taxes do you not pay in Montana?

Montana Tax Rates, Collections, and Burdens Montana does not have a sales tax. Montana has a 0.69 percent effective property tax rate on owner-occupied housing value. Montana does not have an estate tax or inheritance tax.

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.

Are health insurance premiums tax deductible in Montana?

Some subtractions and deductions, such as the subtraction for certain tips and the Montana deductions for 100% of medical insurance premiums, were eliminated. However, some new deductions were added, including a $5,500 subtraction for taxpayers 65 and older.

Is Montana a good state for taxes?

Montana has a modestly progressive personal income tax. The top tax rate of 6.9% is the 13th highest in the nation, but Montana is one of only six states that allows Federal taxes to be deducted on the state return.

How does Montana make up for no sales tax?

HISTORY. Montana does not impose a state-wide sales tax. However, the state does impose a tax on sales of medical marijuana products, a sales and use tax on accommodations and campgrounds, a lodging facility use tax, and a limited sales and use tax on the base rental charge for rental vehicles.

What is the standard deduction for Montana taxes?

Montana no longer has a specific standard deduction. The calculation of Montana taxable income will begin with federal taxable income (less the federal qualified business income deduction). This means that if you take the federal standard deduction, it will be used to figure your Montana taxable income.

Is Montana a tax-friendly state for retirees?

Montana is moderately tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

HJR 13 Study -- Spreadsheet summary of Montana income tax deductions, exemptions, and credits 2025

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Got questions?

What are my Montana itemized deductions?

What taxes do you not pay in Montana?

What are the tax advantages of Montana?

Are health insurance premiums tax deductible in Montana?

Is Montana a good state for taxes?

People also ask

How does Montana make up for no sales tax?

What is the standard deduction for Montana taxes?

Is Montana a tax-friendly state for retirees?

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HJR 13 Study -- Spreadsheet summary of Montana income tax deductions, exemptions, and credits 2025

Here's how it works

How to rapidly redact HJR 13 Study -- Spreadsheet summary of Montana income tax deductions, exemptions, and credits online

Complete this form in 5 minutes or less

Got questions?

What are my Montana itemized deductions?

What taxes do you not pay in Montana?

What are the tax advantages of Montana?

Are health insurance premiums tax deductible in Montana?

Is Montana a good state for taxes?

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People also ask

How does Montana make up for no sales tax?

What is the standard deduction for Montana taxes?

Is Montana a tax-friendly state for retirees?

Related links

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