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Get your taxes done using TurboTax
Correct. Only certain capital gains are included in income.
Massachusetts Adjusted Gross Income
+ All other income excluded from Massachusetts gross income
- Minus the personal income, dependent, over age 65 and blindness exemptions
= Total income for purposes of the credit
Income added back:
- Estate income (Schedule CB worksheet) - Earned income from an estate, e.g. the estate is in probate, or cannot be settled due to a pending lawsuit; any interest income earned from funds left in the account, or rental income earned from rental property that is part of the estate is included. Generally reported to beneficiaries on a K-1.
- Gains included in U.S. Schedule D (not including losses) - CB Worksheet, Part 3., Lines 12 -17
- Interest income from U.S. and Massachusetts government bonds, notes and bills - CB Worksheet, Part 2, Line 8
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March 24, 2023
7:58 PM