Introduction
Massachusetts state is known for its stunning coastline, fresh seafood, and bustling cities like Boston. But, amidst its natural beauty, many seniors over 65 are unaware of the extra standard deduction they can claim on their state tax returns. This benefit is designed to ease the financial burden of seniors and provide them with a bit more comfort in their golden years. As a resident of Massachusetts, it’s essential to understand the Massachusetts Extra Standard Deduction for Seniors Over 65 and how it can benefit you.
Researching the tax laws can be overwhelming, especially for those who are new to the system. However, with the help of the Massachusetts Department of Revenue’s official website ( https://www.mass.gov/orgs/massachusetts-department-of-revenue ), you can navigate the complex tax structure with ease.
Who is Eligible for the Extra Standard Deduction?
To be eligible for the Massachusetts Extra Standard Deduction, you must be a senior citizen over the age of 65. According to the Massachusetts Department of Revenue’s website, you can claim the extra standard deduction if you meet the following criteria:
As stated on the Massachusetts Department of Revenue’s website ( https://www.mass.gov/division-of-taxation ), the MASSachusettS Extra Standard Deduction is a non-itemizable deduction that can be taken in addition to the standard deduction. This means you can claim it without itemizing your deductions. If you are unsure about your eligibility or have questions, be sure to consult with a tax professional or contact the Massachusetts Department of Revenue.
How Does the Extra Standard Deduction Work?
The Massachusetts Extra Standard Deduction for Seniors Over 65 is designed to provide financial relief to eligible seniors. Here’s how it works:
The extra standard deduction amount is $1,220 for the tax year (as stated on the Massachusetts Department of Revenue’s website ). This deduction can be taken in addition to the standard deduction. For the tax year, the standard deduction amount is $14,950 for single filers, and $29,520 for joint filers (according to the Massachusetts Department of Revenue’s website ). By claiming the extra standard deduction, you can reduce your taxable income and lower your tax liability.
For example, let’s say you are a single filer with a gross income of $20,000 and you are eligible for the extra standard deduction. By claiming this deduction, you can reduce your taxable income to $19,780, resulting in a lower tax liability.
Consult with a tax professional or contact the Massachusetts Department of Revenue for a more accurate calculation based on your individual situation.
Conclusion
The Massachusetts Extra Standard Deduction for Seniors Over 65 is an important tax benefit that can significantly reduce your tax liability. By understanding who is eligible and how it works, you can take advantage of this benefit and save money on your state taxes. If you are unsure about your eligibility or have questions, be sure to consult with a tax professional or contact the Massachusetts Department of Revenue for more information.
