Montana has made the following changes for the 2023 tax year.
Tax Laws
- The due date for filing a Montana income tax return is extended to April 15, 2024
- The Montana Standard deduction amounts have changed to the following for 2023
- Single
- under age 65, $5,540
- age 65 or older, $8,500
- Head of Household
- under age 65, $11,080
- age 65 or older, $14,040
- Married Filing Jointly
- both under age 65, $11,080
- one spouse age 65 or older, $14,040
- both spouses age 65 or older, $17,000
- Married Filing Separately
- under age 65, $5,540
- age 65 or older, $8,500
- Single
Tax Credits
- Adoption Tax Credit - Montana House Bill 225 created a refundable tax credit for those who adopt and eligible child on or after July 1, 2022. The credit is $7,500 for adopting an eligible child who was in the Montana foster care system. The credit is $5,000 if the eligible child was not apart of the Montana foster care system.
Tax Forms
- Additions Schedule - Montana has added a new line for individuals to add back any state income tax taken as a deduction from federal AGI.
- Nonrefundable Credits Schedule - Individuals claiming the Jobs Growth Incentive Credit will now report the Credit Certificate Number. This number is now required to claim the credit.
- Other Payments and Refundable Credit Schedule - New lines were added to allow taxpayers to report their pass-through entity tax and adoption credit.
Further Information
For a list detailing what's new for Montana in 2023, please click here.