By WV News Report
West Virginia residents preparing their 2024 state tax returns should be on the lookout for an important update. The West Virginia Tax Division has started mailing out MV-1 letters, which include the tax credit information needed to claim the first-time vehicle property tax rebate.
The MV-1 letters have been mailed. This letter is crucial for claiming the vehicle property tax rebate introduced in the 2023 legislation. The rebate allows taxpayers to claim a refund on vehicle property taxes paid to their county.
If a person hasn’t received the MV-1 letter by mail, one can access it online at mytaxes.wvtax.gov. Simply use the online portal to find and print one’s letter, which will contain all the necessary details to complete a state tax return.
Electronic Filing: Taxpayers filing electronically must include the claim number from their MV-1 letter when filling out the appropriate section of their tax form.
Paper Filing: Those submitting paper returns should include a copy of the MV-1 letter with their filing.
For the rebate, taxpayers need to enter the “eligible amount paid on time” from the MV-1 letter on Line 21 (A) of the IT-140 form.
Even West Virginians who are not required to file a personal income tax return may still be eligible for the vehicle property tax refund. To claim the credit, visit mytaxes.wvtax.gov and click on “Claim the MV-1 Credit.” One will need to provide a West Virginia driver’s license or another state-issued ID to complete the claim process.
Taxpayers are encouraged to avoid rushing to file their returns before all necessary information is available. Filing too early can lead to errors or missed credits, which may require amendments to your return later.
The West Virginia Tax Division continues to update tax preparers and software for this year’s filing season, ensuring the process runs smoothly for all taxpayers.
This new rebate is a result of legislation passed in 2023, designed to refund vehicle property taxes paid on time starting with the 2024 tax season. Eligible taxpayers will benefit from this refund, helping to ease the financial burden of vehicle ownership in the Mountain State.
For more information and updates, visit the West Virginia Tax Division’s website at mytaxes.wvtax.gov.