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CC MA
New Member

MA bank interest exclusion

I have entered interest from my MA 1099 INT and denoted that there is an uncommon situation and that all is not taxable in my state of MA.  However, when it pulls over to the state return it is not reduce by the $200 allowed exclusion based  on my married filing joint status.  Is there a software update that needs to happen to fix this?

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2 Replies
NicolleR1
Expert Alumni

MA bank interest exclusion

"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previously allowed for a deduction of up to $100 ($200 for joint filers) of interest from Massachusetts banks is repealed"

 

https://www.mass.gov/info-details/2024-personal-income-and-corporate-excise-tax-law-changes#:~:text=...

 

This information is being provided directly from the Massachusetts mass.gov website.

CC MA
New Member

MA bank interest exclusion

Thank you for the clarification. I didn't recall hearing about that change. I appreciate the link.

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