Massachusetts Circuit Breaker Credit for Tax Year 2010
Maximum Credit Amount is $970
Who Qualifies?
General:
Age: Must be 65 or older (even if only one spouse is over 65)
Renter: If you receive a federal or state rent subsidy, you do NOT qualify. If you rent from a tax-exempt entity, you do NOT qualify.
Homeowner: If the assessed value of your home is over $764,000 (as of January 1, 2010) you do NOT qualify.
Qualifying Income:
Income: Includes wages, pensions, annuities, and IRA distributions, alimony, rental income, social security, and cash public assistance. Interest from banks in Massachusetts and tax-exempt interest. Dividends and capital gains (NOT including any losses).
Income Exemptions
Dependents [$1,000 per dependent]
Over age 65 [$700 for you and $700 for your spouse]
Blindness [$2,200 for you and $2,200 for your spouse]
Qualifying Income
Income minus Exemptions = Qualifying Income
Single ≤ $51,000
Head of Household ≤ $64,000
Married filing Jointly ≤ $77,000
Married filing Separately NO CREDIT ALLOWED
For more information, please visit the Department of Revenue website
