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What is non Massachusetts portion of income?

Non-Massachusetts portion of income would refer to income that did not come from a Massachusetts source. For example, income earned from another state such as working in another state or having a rental property in another state.

What is Massachusetts Part A income?

Part A (Massachusetts Schedule B) income is total interest, dividends and certain capital gains. Included in Part A income: Current year short-term capital gains (including collectibles) Long-term capital gains on collectibles and pre-1996 installment sales.

What is not taxed in Massachusetts?

Traditional Goods or Services Prescription medicine, groceries, gasoline, and clothing are all tax-exempt. Some services in Massachusetts are subject to sales tax.

Is interest income taxable in Massachusetts?

DISCUSSION: Generally, interest is included in a Massachusetts taxpayer's Part A income, taxed at 10%. G.L.

Do I pay taxes on interest income?

Most interest income is taxable as ordinary income on your federal tax return, and is therefore subject to ordinary income tax rates.

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