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Massachusetts Form 1098: What You Should Know

Program.  Massachusetts State Affiliate Apr 2, 2024 — Form 1098-MA is available for homeowners who are having difficulties qualifying for tax abatement or exemptions based on the income threshold provided by the Federal Income Tax Code. Taxpayer's Guide — Income Exemption Limits for Housing Program Property Tax Exemptions Mar 28, 2024 — As described in the state tax forms, the amount of income used to determine the income eligibility and the amount of allowable property tax exemptions is based on the Federal Income Tax Code's limitations (Form 1095-B) on the taxable income for a homeowner and the amount allowable for property tax exemptions per household. When using the federal income tax exemptions, taxpayers should use Form 1040EZ, Form 1040, or Form 1040NR as the most tax-efficient method. The maximum allowed for each taxpayer would be determined by using the following guidelines: For single taxpayers, taxpayers with a household size of two, and taxpayers with taxable household income below 120,600, the maximum allowable exemptions (not including the first 10,000) is 1,000; 1,000 – 2,000 for jointly filed joint returns, and for the first two taxpayers, 2,000; for all others, 2,000 or 25,000, but not less than 2,500; and 2,500 for all others, or 150,000 for married taxpayers filing separately. For married taxpayers filing separately, the maximum allowable exemptions (including the first 10,000) is also 1,000; 1,000 – 2,000 for jointly filed joint returns, and for the first two taxpayers, 2,000; 2,000 for all others, or 150,000 for married taxpayers filing separately.   Form 1095-B — Required for Individuals, and Required for Married Taxpayers who Doing Individual Federal Income Taxes Mar 7-Mar 30, 2024 — The income limits for married couples filing Federal returns are the same as those for single filers, and the following thresholds apply for married tax returns separately.  Married filing jointly or filing separately: 1,000; 2,500 each for joint filers and for singles; and 1,000 for married taxpayers incorporated as an S corporation or as a sole proprietor.

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