McCurdy Group - Insurance and Financial Consultants

Monday, January 11, 2010

Major Differences between Federal and Massachusetts Income Taxes

There are a several differences to be aware of this year when preparing your 2009 taxes. The following are three examples of items that may not be taxable on your Federal 1040 tax return but ARE taxable on your Massachusetts tax return:
· The first $2,400 of unemployment benefits in 2009 (Federal you pay on $2,401 to total received, State of MA you pay on ALL benefits received)
· Relief of indebtness or cancellantion of debt
· Teacher deductions

The State of MA is choosing to make all of these items fully taxable and are not matching the Federal rules.

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