When Are You Exempt From State Income Tax In Massachusetts?
The IRS will start accepting tax filings on Jan. 29. If you're expecting a return, you'll likely file as soon as possible. You can expect your return usually within 21 days.
When Are You Exempt From State Income Tax In Massachusetts?
42 states in the country have state income tax. The seven who don't are: Florida, Tennessee, Texas, Nevada, Wyoming, South Dakota, Washington, and Alaska. New Hampshire has no state income, but tax dividends and interest.
Individuals in Massachusetts earning $8,000 or more must file a state tax return.
You're exempt from paying state income tax on less than $8000, but can still file for any refundable tax credits.
Massachusetts State Child Tax Credit 2023 - 2024
People may have seen a little less in there tax returns last year due to expired pandemic benefits. Filers with children, however, will see a little bump due to an increase in the state child tax credit.
Families expecting tax return money for tax year 2023 (sent in 2024), will see $130 per child under 13, and $260 more per child in tax year 2024 (sent in 2025).
The new Child and Dependent Tax Credit will help families by providing a refundable credit each year for each child under 13 and dependent adults over 65 years of age or with disabilities.
The new credit simplified existing benefits and removed the existing penalty for large families. The credit will be $310 per dependent in 2023 and $440 per dependent in 2024, and the value of the credit is not adjusted for inflation. -massbudget.org
The IRS will start accepting returns on Monday, Jan. 29.
LOOK: Baby names losing popularity in the 21st century
Gallery Credit: Stacker