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State of Massachuseets allows $200.00 of interest from Mass banks to be exempt from income. Turbo Tax does not seem to be picking that exemption up this year?

 
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3 Replies
IreneS
Intuit Alumni

State of Massachuseets allows $200.00 of interest from Mass banks to be exempt from income. Turbo Tax does not seem to be picking that exemption up this year?

To make sure you receive the $200 interest exclusion on your MA return, please follow these steps:

  1. After you enter the interest in the federal return, you will see a screen, Tell us if any of these uncommon situations apply to you.
  2. Mark the box My interest isn't taxable in my state.   (See Screenshot #1, below.)
  3. Select Massachusetts from the dropdown list and click Continue.
  4. When you get to the MA return, you will see an Interest and Dividends screen that shows the $200 excludable bank interest.  (Screenshot #2)
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State of Massachuseets allows $200.00 of interest from Mass banks to be exempt from income. Turbo Tax does not seem to be picking that exemption up this year?

So is this correct for filing State of Mass taxes for tax year 2019?

JohnB5677
Expert Alumni

State of Massachuseets allows $200.00 of interest from Mass banks to be exempt from income. Turbo Tax does not seem to be picking that exemption up this year?

Yes, I have confirmed this.  After you've entered the interest there is a section with checkboxes.  The third one down says  Our state doesn't tax all of this interest and you can select Massachusetts. 

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