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Solved

1099 INT, do I need to check the checkbox if the bank's address is not in MA but there is a branch in MA?

Forum|Forum|1 year ago
March 19, 2025
1 reply
0 views

I am in MA. 1099-INT from Fidelity, its address is in NJ. But our accounts were opened in its branch in MA. Should I check that checkbox?

TurboTax Home & Biz Windows

Best answer by NicolleR1

Yes, if the bank has a branch or an ATM in Massachusetts, you can mark the checkbox. However, this rule only applies to the years 2023 and prior. Beginning Jan 1, 2024, this option was revoked, meaning, even if you select the checkbox, the interest will still be taxable in MA. See the link below for additional information.

https://www.mass.gov/info-details/massachusetts-personal-income-tax-exemptions#:~:text=Effective%20for%20taxable%20years%20beginning%20on%20or%20after%20January%201%2C%202024%2C%20the%20deduction%20previously%20allowed%20for%20a%20deduction%20of%20up%20to%20%24100%20(%24200%20for%20joint%20filers)%20of%20interest%20from%20Massachusetts%20banks%20is%20repealed.

NicolleR1Answer

Yes, if the bank has a branch or an ATM in Massachusetts, you can mark the checkbox. However, this rule only applies to the years 2023 and prior. Beginning Jan 1, 2024, this option was revoked, meaning, even if you select the checkbox, the interest will still be taxable in MA. See the link below for additional information.

https://www.mass.gov/info-details/massachusetts-personal-income-tax-exemptions#:~:text=Effective%20for%20taxable%20years%20beginning%20on%20or%20after%20January%201%2C%202024%2C%20the%20deduction%20previously%20allowed%20for%20a%20deduction%20of%20up%20to%20%24100%20(%24200%20for%20joint%20filers)%20of%20interest%20from%20Massachusetts%20banks%20is%20repealed.