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C
CC MA
March 9, 2025
Question

MA bank interest exclusion

  • March 9, 2025
  • 1 reply
  • 0 views

I have entered interest from my MA 1099 INT and denoted that there is an uncommon situation and that all is not taxable in my state of MA.  However, when it pulls over to the state return it is not reduce by the $200 allowed exclusion based  on my married filing joint status.  Is there a software update that needs to happen to fix this?

    1 reply

    N
    NicolleR1
    March 13, 2025

    "Effective for taxable years beginning on or after January 1, 2024, the deduction previously allowed for a deduction of up to $100 ($200 for joint filers) of interest from Massachusetts banks is repealed"

     

    https://www.mass.gov/info-details/2024-personal-income-and-corporate-excise-tax-law-changes#:~:text=Repeal%20of%20the%20Deduction%20of%20Interest%20from%20Massachusetts%20banks

     

    This information is being provided directly from the Massachusetts mass.gov website.

    C
    CC MAAuthor
    March 13, 2025

    Thank you for the clarification. I didn't recall hearing about that change. I appreciate the link.

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