Massachusetts Income Tax Guide for 2024
Overview
Massachusetts uses a progressive income tax system with rates ranging from 5% to 9%. Capital gains are taxed at a separate flat rate of 5%. The state offers personal exemptions of $4,400 and dependent exemptions of $1,000.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $1,053,749 | 5% |
| $1,053,750+ | 9% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $1,053,749 | 5% |
| $1,053,750+ | 9% |
Capital Gains Tax
Single Filers
| Income Range | Tax Rate |
|---|---|
| All income | 5% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| All income | 5% |
Deductions & Exemptions
| Type | Amount |
|---|---|
| Personal Exemption (Single) | $4,400 |
| Personal Exemption (Married) | $8,800 |
| Dependent Exemption | $1,000 |
Additional Information
- 4% surtax applies to the portion of taxable income over $1,053,750 for tax year 2024 (threshold indexed annually; the same threshold applies to every filing status)
- Short-term capital gains taxed at 8.5%
- Long-term capital gains taxed at 5% (long-term gains on collectibles 12%)
- Massachusetts has no standard deduction
Charts
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Sources
The 2024 figures for Massachusetts on this page were compiled from the following official government publications:
- 2024 Schedule 4% Surtax - Massachusetts Department of Revenue
- 2024 Massachusetts Form 1 instruction booklet - Massachusetts Department of Revenue
- Massachusetts 4% Surtax on Taxable Income - Mass.gov
- M.G.L. c. 62 s. 4 Rates of tax for residents, non-residents and corporate trusts (Massachusetts Legislature)
- M.G.L. c. 62 s. 3 Taxable income: adjusted gross income less deductions and exemptions (Massachusetts Legislature)
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