Massachusetts retains issues easy for its taxpayers with a flat state revenue tax price of 5% for many earners. This flat price means you owe the identical proportion no matter your revenue.
That simplicity makes submitting your Massachusetts state revenue tax return simpler than in states with tiered tax brackets, the place completely different revenue ranges are taxed at various charges. Nevertheless, within the state of Massachusetts, not all revenue is equal. Sure short-term capital positive factors are taxed at a price of 8.5% and long-term capital positive factors from the sale of collectibles are taxed at a price of 12%.
Whether or not you’re a full-time Massachusetts resident, a part-year resident, or a nonresident who earns revenue within the Bay State, understanding how these tax charges affect you is important for environment friendly tax planning. The next information outlines what you’ll want to know when submitting Massachusetts state revenue taxes for 2024 (the taxes you file in 2025).
Who has to file Massachusetts state revenue tax?
Anybody who earned $8,000 or extra in gross revenue in Massachusetts through the tax yr is required to file a state tax return. That applies to residents, part-year residents, and nonresidents with Massachusetts-sourced revenue. Even in case you are not required to file a federal return, you continue to have to file a state tax return when you earn greater than the brink.
How Massachusetts residency impacts tax submitting
Massachusetts has 4 residency statuses for tax functions: resident, part-year resident, nonresident, and a mixed nonresident and a part-year resident. Your residency standing determines how a lot of your revenue the state of Massachusetts taxes. The desk beneath explains every standing, who qualifies, and the way the state taxes revenue from every group.
Residency standing Definition How Massachusetts taxes revenue Resident You’re a resident if your private home is in Massachusetts for the complete tax yr otherwise you preserve a house within the state and spend greater than 183 days there through the yr. All revenue earned, irrespective of its supply, is taxed. Half-year resident Half-year residents transfer into or out of Massachusetts through the tax yr. For the nonresident interval, there isn’t any Massachusetts supply revenue earned.Solely revenue earned whereas a resident is taxed. Nonresident Authorized residence will not be in Massachusetts for the complete yr. Solely Massachusetts-sourced revenue is taxed. Nonresident and part-year residentPart-year residents transfer into or out of Massachusetts through the tax yr. For the nonresident interval, there’s Massachusetts supply revenue earned.Revenue earned whereas a resident and Massachusetts sourced revenue earned whereas a nonresident is taxed.
Supply: Massachusetts Division of Income
Different revenue tax issues in Massachusetts
Massachusetts applies particular tax guidelines to completely different sorts of revenue, which could affect your total tax legal responsibility. Widespread revenue tax issues embrace the next:
Retirement and pension tax revenue: Most non-public pensions and IRA withdrawals are taxable, however many authorities pensions are exempt.
Funding revenue: Lengthy-term capital positive factors from dividends and curiosity are taxed at 5%. Brief-term positive factors from the sale or trade of capital belongings are taxed at 8.5%. Lengthy-term positive factors from the sale of collectibles are taxed at 12%. Revenue over $1,053,750, is topic to a 4% surtax.
Social Safety revenue: Massachusetts doesn’t tax Social Safety advantages.
Navy revenue: Lively-duty fight pay is excluded from Massachusetts gross revenue. Non-active responsibility service is taxable when you meet residency guidelines.
Speak to a tax professional free of charge
Do you may have tax questions? Get solutions from one in all our tax specialists. Specialists accessible 5am – 8pm PST – 7 days every week
Massachusetts state tax deductions and credit
Massachusetts provides a number of state-specific deductions and credit to assist scale back your tax burden. The desk beneath lists key choices you might have as you put together your Massachusetts tax return:
Tax credit score/deduction Description Quantity Commuter Tax Deduction Deduction for Massachusetts Bay Transportation Authority (MBTA) passes or work-related commuting prices exceeding $150. As much as $750. Deductions on Hire Paid Deduction for hire paid in your main residence in Massachusetts. As much as 50% of hire, capped at $4,000. Earned Revenue Tax Credit score (EITC) Refundable credit score for low-to-moderate revenue working people. 40% of federal EITC; most federal EITC is $7,830 for 2024 tax yr. Senior Circuit Breaker Tax Credit score Credit score for seniors whose property taxes or hire exceeds 10% of revenue. As much as $2,730. Baby and Household Tax Credit score Credit score for every qualifying dependent. $440 per dependent.
Supply: Massachusetts Division of Income
Easy methods to file Massachusetts state revenue tax
Massachusetts’s flat tax price ought to make submitting your state revenue tax return straightforward, however residency guidelines, deductions, and credit can typically complicate the method. TurboTax simplifies the method, whether or not you need to do your taxes your self or get professional assist.
We make it easier to discover deductions and credit you qualify for in Massachusetts, and maintain extra of your hard-earned cash. Get began submitting your Massachusetts state revenue tax return at the moment.
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