I've used TurboTax in the past, and will use it if I have to this year.
I’ve been retired for five years and am over 70 years old. My mother passed away in July 2024. Her and I have lived in Massachusetts our entire lives. I have not filed federal or Massachusetts state taxes since retirement, as my only income has been social security, a small amount of bank account interest, and a few thousand dollars from my Required Minimum Distribution (RMD) from two retirement accounts.
I’ve been researching ways to save money or get any kind of tax breaks and I read about the “Senior Circuit Breaker tax credit” for Massachusetts and am looking into that.
Question 1:
Do you count only the real estate taxes I pay, or can you also count the quarterly Water & Sewer bills I pay?
I only ask because considering my mother passed away in July 2024, I have only paid 2 real estate tax bills and 1 Water and Sewer bill since, and I’m not sure if I would qualify for this tax credit in 2024.
Question 2:
My social security is counted when determining the Senior Circuit Breaker, correct?
Question 3:
One real estate tax bill had an “issue date” of 9/30/2024 and a “due date” of 11/1/24. The second real estate tax bill had an “issue date” of 12/31/2024 and a “due date” of 2/7/2025.
I also read on the actual bills that they are for the fiscal year from 7/1/2024 and ending 6/30/2025.
So, would both real estate tax bills that I paid count towards the Senior Circuit Breaker tax credit for 2024, or just the first bill? I’m trying to figure out if I’ll be able to get this tax credit for 2024, or if I need to wait for 2025, which I know I’ll be able to get for sure because I’ll end up paying all four real estate tax bills in 2025.
Question 4:
Finally, if I do qualify for this tax credit, would I file just Massachusetts state taxes and not federal, or would I need to file both Federal and Massachusetts state taxes?
Many thanks!
