User talk:Dougglestm

Massachusetts tax rates
Hi Doug,

I got your message on this topic. I must've edited that article before I had an account, but this is my account now.

You're right that non-Mass bank interest goes on Schedule B, but the result from Schedule B interest goes back to Form 1, line 20. So rather than appearing on Form 1, line 5 (Mass bank interest), non-Mass bank interest appears on Form 1, line 20, "interest and dividend income". But both are 5.3% income, as you can see that line 21 is "total of 5.3% income".

What ends up on Form 1, line 22, is only any positive short term capital gains.

I would be happy to describe Schedule B in more detail to prove that this is the case if you'd like (although Schedule B is one of the more confusing tax forms I've ever had to read through).

I've lived in Mass for a few years, I get interest from non-Mass banks, and every year I read over the tax forms that the software spits out to make sure its correct, so I am definitely sure that non-Mass bank interest is only taxed at 5.3% (but doesn't receive the $100 exemption). I hope I've shown that sufficiently, but if not, I'm happy to discuss it more.

Thanks,

Fred Fredct 16:07, 13 April 2007 (UTC)