Form 1 (2023): Massachusetts Resident Income Tax Return
The Massachusetts Department of Revenue (DOR) uses Form 1 to help residents of the state declare their income and calculate any taxes owed for the previous tax year (2023 in this case).
Who Needs to File Form 1?
A. Residents: If you were a legal resident of MA for all of 2023, you generally need to file Form 1 if your gross income was more than $8,000.
B. Part-Year Residents: If you lived in MA for part of 2023, you may need to file Form 1-NR/PY, the Nonresident or Part-Year Resident Income Tax Return.
What Information Do I Need?
- Federal Tax Return: You'll need your federal tax return (Form 1040) to complete Form 1.
- Income Documentation: Gather all your W-2s, 1099s, and other documents showing your income for 2023.
- Deduction Documentation: Keep records of any deductions you plan to claim, such as charitable contributions, mortgage interest, or student loan payments.
Key Sections of Form 1:
Filing Information: Enter your personal details, filing status, and dependency information.
Income: Report all your taxable income from wages, interest, dividends, and other sources.
Adjustments: Subtract certain amounts from your income to arrive at your Massachusetts Adjusted Gross Income (MAGI).
Deductions: Claim standard deductions or itemize your deductions to further reduce your taxable income.
Tax Credits: Calculate and claim any tax credits you qualify for.
Taxes: Calculate your tax liability based on your taxable income and tax rates.
Payments and Credits: Report any estimated tax payments or withholding you made during the year.
Refunds or Amounts Due: Determine if you owe taxes to MA or are eligible for a refund.
What to Know Before Filing Form 1?
Filing Deadline: Generally, April 15th of the following year (April 15, 2024 for tax year 2023). However, extensions may be available.
Tax Rate: MA has a flat income tax rate of 5%.
Deductions and Credits: You may be eligible for deductions that reduce your taxable income and credits that lower your tax liability.
To access the current year Form 1, click here.