Montana taxes 24/25

[Rie Bread]

What’s the deal!?? Nearly everyone I know owes this year. Some form or something changed? Make it easy for the billionaires to save?

 

[Schaaf]

What’s the deal!?? Nearly everyone I know owes this year. Some form or something changed? Make it easy for the billionaires to save?

The legislature “simplified” everything effective for 2024 so now you’re required to file the same as federal. Didn’t notice any difference on my withholding but I know the return was about 1k net difference to me owing a few hundred for this year.

 

[BigHornRam]

We got a refund this year, and it's already been deposited.

 

[Nameless Range]

It's funny, a friend of mine who is very frugal and focused on their money put up a post on the FB asking folks if their state taxes went up this year. Seemed near unanimous from middle class people with families that yes, their state taxes went up.

I did ours a few days ago, and was surprised that I owed the state over a grand. First time that has ever happened. Hadn't changed anything really that would make me expect that to happen. Pretty sure it was a result of this:

Big changes coming to Montana's income tax structure

Back in 2021, the Montana Legislature approved a major overhaul to the state income tax structure, with the most significant adjustments set to take effect at the start of 2024.

www.ktvh.com

 

[YukonGold]

I used to get a big deduction for charitable contributions in Montana but it was never enough to do anything on my federal return. Now charitable contributions don't matter for either. I owed taxes this year for MT for the first time ever. I'm a lower middle class taxpayer.

Isn't one of the GOP's big things to incentivize people to donate more to charity? So much for that.

 

[Rie Bread]

Thanks everyone. It’s good to know I wasn’t the only one who owed.
Roads are gonna look super nice next summer I’m sure