Massachusetts Tax Information for Seniors and Retirees

Up to 50 percent of your benefits will be taxed if you file an individual tax return and make $25,000 to $34,000 in total income — or if you file jointly and as a couple make $32,000 to $44,000 in total income. Anyone who files a Massachusetts state tax return https://www.bookstime.com/ is given a personal exemption amount based on their tax-filing status. Taxpayers may also be eligible for additional exemptions, such as those for having qualifying dependents or for having paid certain types of medical or dental costs throughout the tax year.

• For tax year 2022, people who are required to file a Massachusetts tax return will see the entirety of their taxable income charged at a flat 5% rate.
• The agreement must have you pay a specific fee as a condition for the home’s promise to provide lifetime care that includes medical care.
• If your spouse works in NH and earns $100k, and you inadvertently include their income, that’s about an extra $5k of taxes annually!
• For more on taxes, here’s how to set up an account on the IRS website and how to file your taxes on your phone.
• The standard deduction, which Massachusetts does not have, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.

The latest articles and tips to help parents stay on track with saving and paying for college, delivered to your inbox every week. If you would like help reviewing your tax situation and your overall financial plan we’d love to get in touch. Visit our Contact Page to schedule an appointment or reach out to our team . Alternatively, if your employer reclassifies you as a NH employee this additional tax can likely be avoided. If you are working entirely remotely in New Hampshire, and have been for some time, it is worth asking your employer to reclassify you as an NH employee.

How High Are State and Local Tax Collections in Your State?

If you want to check the status of your Massachusetts tax refund, you can visit the Massachusetts Income Tax Refund page. By law, the IRS must wait until mid-February to issue refunds to taxpayers who claimed the Earned Income Tax Credit or Additional Child Tax Credit. According to the agency, those payments should be received by Feb. 27, 2024, for taxpayers who use direct deposit and have no other issues. The IRS says taxpayers who file electronically and are due a refund can expect it within 21 days — if they choose direct deposit and there are no issues with their return.

Using deductions is an excellent way to reduce your Massachusetts income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Massachusetts tax returns. For details on specific deductions available in Massachusetts, ma income tax rate see the list of Massachusetts income tax deductions. The official deadline to file federal tax returns is Monday, April 15, 2024. (ll) For taxpayers with federal AGI that exceeds $150,000, the taxpayer will pay the greater of state income tax or 3 percent of federal AGI.