Massachusetts Taxable IRA/Keogh and Roth IRA Distributions

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 contributed to an IRA or Keogh, the distributions are not taxable until the full amount of your [...]

Massachusetts College Tuition Deduction

College Tuition Deduction A deduction is allowed for tuition payments paid by you, for yourself or a dependent, to a qualifying two- or four-year college leading to an undergraduate or associate’s degree, diploma or certificate. Tuition payments for students pursuing graduate degrees at such a college or university are not eligible for the college tuition deduction. The deduction is equal [...]

Am I Eligible for the Massachusetts Rental Deduction?

50% Rental Deduction You may be entitled to a rental deduction equal to one-half (50%) of the rent you paid during 2020 (up to a maximum of $3,000 per return) for your principal residence in Massachusetts. Enter the total amount of qualified rent paid by you during 2021 in line 14a. Divide line 14a by 2 and enter the result, or $3,000 ($1,500 if married filing a separate return) — [...]

Are My Massachusetts Pensions and Annuities Taxable?

Taxable Pensions and Annuities Income from most private pensions or annuity plans is taxable in Massachusetts. Certain government pensions, however, are exempt under Massachusetts law. In general, exempt pensions include contributory pensions from the U.S. Government or the Commonwealth of Massachusetts and its political subdivisions, and noncontributory military pensions. The following section [...]

Can I Deduct the Amounts Paid to Social Security, Medicare, Railroad, U.S. or Massachusetts Retirement System?

Railroad, U.S. or Massachusetts Retirement Systems, Social Security (FICA) or Medicare If you have paid into any of the retirement systems listed above, you may deduct those contributions, up to a maximum of $2,000. Enter in lines 11a and 11b the amount you, and your spouse if filing jointly, paid to Social Security (FICA), Medicare or Railroad Retirement and the U.S. or Massachusetts retirement [...]