Things to understand
As being a senior, you are entitled to claim a refundable credit on your own individual state income tax return. The Circuit Breaker income tax credit is dependent on the particular estate that is real paid regarding the Massachusetts domestic home you have or lease and occupy as the major residence.
The maximum credit quantity for income tax 12 months 2019 is $1,130. In the event that credit you are owed surpasses the total amount of the tax that is total for the season, you’re going to be refunded the excess level of the credit without interest.
That is qualified
- You should be a Massachusetts part-year or resident resident.
- You need to be 65 or older by 1, 2020 january.
- You need to register a Massachusetts income tax return that is personal.
- You need to obtain or lease domestic home in Massachusetts and occupy it as the main residence.
- For taxation 12 months 2019, your Massachusetts that is total incomen’t meet or exceed:
- $60,000 for a solitary individual that is maybe perhaps maybe not your head of children.
- $75,000 for the mind of home.
- $90,000 for married people filing a joint return.
- If you’re a home owner, your Massachusetts home income tax re re re payments, as well as 1 / 2 of your water and sewer cost, must go beyond 10% of the Massachusetts that is total income the income tax 12 months. Continue reading “Senior Circuit Breaker Tax Credit. You should be a Massachusetts part-year or resident resident.”