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M
mbknief
February 28, 2021
Question

If on the federal income tax form there is zero under retirement information, why did i get a $2,000 deductible deduction?

  • February 28, 2021
  • 1 reply
  • 0 views
Should I receive a $2,000 deductible on the MA state tax form if I do not have any retirement funds or ira's

1 reply

T
ToddL99
March 1, 2021

If you paid into Social Security (W-2 or self-employment income), you will qualify for up to a $2000 deduction on your MA tax return.

 

Massachusetts allows a deduction for up to $2000 for contributions to a pension or retirement fund - contributions that employees (or employers on their behalf) pay into Social Security qualify for this deduction.

 

From MA View tax treatment of retirement plan contributions and distributions:  Social Security/FICA - Taxable (deduction up to $2,000)

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