Massachusetts Clauses Relating to Capital Withdrawals, Interest on Capital
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FAQ
Tangible personal property is taxable in Massachusetts, with a few exceptions. These exceptions include clothing costing less than $175, most non-restaurant food and groceries, several health care and sanitation items, prescribed medical devices, and periodicals.
830 CMR 62.5A. 3 sets forth the sourcing rules that apply to income earned by a non-resident employee who telecommutes on behalf of an in-state business from a location outside the state due to the COVID-19 pandemic.
What Is the 4% Surtax? Starting with tax year 2023, personal income taxpayers must pay an additional 4% (4% surtax) on taxable income over $1,000,000, increased annually for inflation (surtax threshold). See M.G.L.
As a result of a recent change in Massachusetts tax law, noncorporate taxpayers in Massachusetts can generally take into account the full available federal tax exclusion for sales of QSB stock on or after January 1, 2022. For sales prior to that date, the exclusion under Section 1202 is generally limited to 50%.
If you only made deductible contributions to a traditional IRA, then all distributions from the IRA are fully taxable to the owner or beneficiary as ordinary income. However, if you made nondeductible contributions, you have a cost basis in the IRA.
When someone sells a capital asset, the difference between the asset's basis, or original cost, and its selling price is the capital gain (if a profit is made) or capital loss. Capital gains are taxable at both the federal level and the state level.
Effective for taxable years beginning on or after January 1, 2002, the new capital gains tax law establishes a limit of $2,000 for the deduction of net capital losses against Part A income consisting of interest and dividends. G.L. c. 62, § 2(c)(2).
For tax year 2022, Massachusetts has a 5.0% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends, and capital gains) income.
