Tax simplification changes now in effect for Montana
Taxpayers preparing their 2024 Montana tax return may be noticing the effect of Senate Bill 399 from the 2021 Legislature.
According to a press release from the Montana Department of Revenue, the bill aligns the Montana tax system more closely to the federal system and the calculation of Montana taxable income starts with federal taxable income.
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.
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