Montana made significant changes to its tax filing process for 2024. Taxpayers will see changes to their filing status, tax brackets, and the calculation of Montana taxable income.
In an effort to bring Montana’s taxation system into better alignment with federal structures, a taxpayer’s filing status and deduction amount will now match their federal return. A taxpayer and their spouse will no longer be able to file separately on the same form. Rather than having a separate deduction worksheet, your federal AGI and deduction be reflected on the Montana return. The Montana Medical Savings Account credit remains in effect, while the credits for unemployment compensation and tip income for certain service employees have been repealed. These changes, along with a new subtraction for taxpayers aged 65 and over, new tax brackets, and capital gains rates are among the many changes in effective for 2024.
Learn more about the sweeping changes for the 2024 tax filing on the Montana Tax Simplification Hub or make an appointment to sit down with us and evaluate your specific tax situation. Now is the time to prepare for these changes to avoid gnarly surprises next April.