topic Re: Software issue in State tax filing

Software issue

pmaz49 — Sun, 02 Feb 2025 19:04:21 GMT

In the 2024 premium edition, all of the Massachusetts bank interest is included in the final determination of taxable state income. The exemption for the first $200 of interest in Massachusetts banks is not deducted from the final taxable total, even though the checkboxes for certain states is checked when entering the interest figures from the financial institution.

This leads to paying more taxes than you should!!

Re: Software issue

Vanessa A — Tue, 25 Feb 2025 13:29:15 GMT

This is correct. There is no longer a deduction for bank interest. MA repealed this law as of Jan 1, 2024.

Repeal of the Deduction of Interest from Massachusetts banks

Effective for taxable years beginning on or after January 1, 2024, the deduction previously allowed for a deduction of up to $100 ($200 for joint filers) of interest from Massachusetts banks is repealed.