MA has 5% income and 12% income. My guess is that you have capital gains.
See MA instructions here state:
2022 Personal Income Tax Rates Effective for tax years beginning on or after January 1, 2020, the tax rate on most classes of taxable income is 5%. The tax rate on short-term gains from the sale or exchange of capital assets and on long-term gains from the sale or exchange of collectibles (after a 50% deduction) is 12%.
I have no capital gains. There is no other income other than $122,000 in wages and $96 on savings interest. The site breaks down the Federal tax calculation but not state, so frustrating. I dont get why I am being taxed higher than the 5%.
That does not sound right. Please take a look at your MA Form 1. Line 21 has your taxable 5% income. Line 22 has the 5% tax. Do these lines have the correct numbers on them? Continue looking through your form to find any errors.
I wonder if you work out of state and some of the income is doubling. The w2 would need correction in the state area to correct that.
To see your forms:
Yes, for my federal return Turbo Tax entered the total I quoted above but on my MA state form, they input $243,782 and I have no idea where that is coming from since its transferred over. Im not sure what to do now, guess I shouldnt have waited, but I dont usually have any issues. I will see if there is a way I can update my state wages in Turbo Tax or maybe seek an extension. Thank you for your help in confirming where I can look.