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Massachusetts Taxable IRA/Keogh and Roth IRA Distributions
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Complete the Schedule X, Line 2 Worksheet to calculate the taxable portion of any amount you received from an Individual Retirement Account (IRA), Keogh, qualified charitable IRA distribution or Roth IRA conversion distribution. Since Massachusetts does not allow a deduction for amounts originally ...
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Massachusetts Fees and Other 5.05% Income |
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The following items should be reported on line 4 of Schedule X. Do not enter less than 0. Enclose additional statements if more space is needed. --All fee income, such as payments for jury duty, election worker payments, director’s fees, compensation received as executor or administrator of ...
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Massachusetts Student Loan Interest
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Student Loan Interest Deduction Student Loan Interest Deduction Enter the amount from U.S. Form 1040, Schedule 1, line 20, not to exceed $2,500. This deduction is only allowed if not claiming the same expenses in line 12 of Schedule Y, Undergraduate Student Loan Interest Deduction....
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Massachusetts Low-Income Housing Credit |
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Low Income Housing Tax Credit Taxpayers subject to tax under MGL ch 62 who invest in a qualified low-income housing project located in Massachusetts may be eligible for the Low Income Housing Tax Credit (LIHTC). The Department of Housing and Community Development (DHCD) determines which low-incom...
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Massachusetts Senior Circuit Breaker Tax Credit
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Annual Update of Circuit Breaker Tax Credit Taxpayers age 65 or older who own or rent residential property located in Massachusetts are allowed a credit equal to the amount by which their real estate tax payments, or 25% of the rent constituting a real estate tax payment, exceeds 10% of the taxpa...
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What is Included in Massachusetts Other Interest and Dividends Calculations? |
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Enter the following amounts and their sources (enclose additional statement if more space is necessary): -Interest from obligations of other states and their political subdivisions (including your share, if any, from a partnership, an S corporation and a grantor-type trust or non-Massachusetts tr...
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What is Included in Massachusetts Excludable Interest and Dividends Calculations?
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Other Interest and Dividends to Be Excluded Enter the total interest and dividends from the following sources (enclose an additional statement, if necessary) only if it has been included in lines 1 or 3 of this schedule: -Interest on U.S. debt obligations. Enter interest received on treasury bi...
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Massachusetts Payment Options |
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Make your check or money order payable to the Commonwealth of Massachusetts and write your Social Security number on the front of your check or money order in the lower left corner. Complete Form PV, Massachusetts Income Tax Payment Voucher (this voucher is included with your forms). Failure to f...
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How Do I Determine My Massachusetts Residency Status?
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There are three different categories of resident status under Massachusetts tax law: 1. You are a Full-Year Resident if your legal residence (domicile) is in Massachusetts or if you maintain a permanent place of abode in Massachusetts and during the year spend more than 183 days, in the aggregate,...
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Who Is Eligible to Exclude Income Under MGL Ch. 41, Sec 111F or US Tax Treaty? |
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Massachusetts Amounts Excludible Under MGL Ch. 41, Sec 111F or US Tax Treaty Massachusetts allows an exclusion from income of amounts received by a firefighter or police officer incapacitated in the line of duty, per MGL Ch. 41, sec. 111F, and an exclusion from income of amounts received by qualif...
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What is the Massachusetts Qualified Contributory Pension Deduction?
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Deductible Amount of Qualified Contributory Pension Income from Another State or Political Subdivision Included in Form 1, Line 4 Massachusetts allows a deduction for contributory pension income received from another state or one of its political subdivisions that does not tax such income from Ma...
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Massachusetts Income Tax Paid To Another State |
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Taxes Due Any Other State If any of the income reported on this return is subject to taxation in another state or jurisdiction and you have filed a return and paid taxes in the other state or jurisdiction, complete the following worksheet and enter the amount of credit in line 30. Do not include ...
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What is Included in Massachusetts Other Credits?
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See Schedule CMS for a complete list: Angel Investor Credit Taxpayers subject to tax under MGL ch 62 may be eligible for an Angel Investor Credit (AIC) equal to 20% of the amount of qualifying investments in a qualifying business, and 30% of the amount of qualifying investments made by a taxpayer ...
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Massachusetts Underpayment Penalty |
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Underpayment of Estimated Tax: You will generally be subject to this addition to tax if you did not have withholding and/or estimated payments equal to 80% of the total tax liability required to be paid and your 2021 tax due after credits and withholding is greater than $400. The 80% requirement is...
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Massachusetts Interest and Penalty
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What Are Interest and Penalties? Interest. If you fail to pay the tax when due, interest will be charged. For an explanation of how interest is compounded in Massachusetts, see TIR 92-6, available at mass.gov/dor. Penalty for late payment. The penalty for late payment is 1% per month (or fracti...
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