Montana Tax Information
- Standard Deduction for Montana
- Property Tax Deadline and Calculation
The standard deduction for Montana in 2024 is different for various filing statuses:
- $14,600 for single taxpayers and married couples filing separately
- $21,900 for head of household filers
- $29,200 for married couples filing jointly
The standard deduction in Montana for 2023 is as follows:
- $5,540 for single taxpayers (under 65)
- $8,500 for those 65 or older
- $11,080 for head of household filers (under 65)
- $14,040 for head of household filers (over 65)
Tax Changes for Montana in 2024
Beginning in 2024, Montana will implement two tax rates:
- 4.7% on income up to $20,500 for single filers and $41,000 for married couples filing jointly
- 6.5% on income over these amounts
Key changes include:
- Revision of tax rates, filing statuses, and Montana taxable income calculation
- Elimination of the separate filing status for married couples, except for federal purposes
- Overhaul of tax forms and education of the public on changes
Montana does not have state sales or inheritance tax. The state enforces property taxes collected locally. Residents and nonresidents are taxed on their Montana income. Qualifying low-income residents can seek assistance through the Property Tax Assistance Program (PTAP) for property tax payments.