Massachusetts Senior Circuit Breaker Tax Credit

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 taxpayer’s total income, not to exceed $1,170. The amount of the credit is subject to limitations [...]

Massachusetts Low-Income Housing Credit

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-income housing projects will qualify for the LIHTC, which properties may generate a LIHTC for investors, [...]

Massachusetts Student Loan Interest

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 [...]

Oklahoma Credit for Property Tax Relief

Credit for Property Tax ReliefAny person 65 years of age or older or any totally disabled person who is head of a household, a resident of and domiciled in this state during the entire preceding calendar year, and whose gross household income for such year does not exceed $12,000, may file a claim for property tax relief on the amount of property taxes paid on the household they occupied during [...]

Massachusetts Fees and Other 5.05% Income

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 an estate, and commission income or tips not reported in line 3 of Form 1 are taxable. Also, report [...]