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Elderly woman outside home

If you are 65 years or older at the close of the taxable year and your principal residence is in Massachusetts, you may be eligible for the Senior Circuit Breaker, a refundable credit against personal income taxes.  First, you have to meet income thresholds:

For single taxpayers you can’t make more than $55,000 in tax year 2013, $69,000 for a head of household and $82,000 for married couples.

Next, the assessed value of your home, before you take any residential exemptions but after any amount that’s abated may not exceed $700,000.

For homeowners, the credit is based on any property tax payments after an abatement or exemption that may exceed 10% of your total income.  The maximum credit for tax year 2013 is $1,030, all fully refundable.

Seniors can also claim the credit if they rent a residence.

Taxpayers who are eligible for the Senior Circuit Breaker must file Schedule CB with the 2013 state tax return, even if they don’t pay any taxes or have a need to file a tax return.

In tax year 2011, the most complete year for statistics, more than 86 thousand Massachusetts seniors took advantage of the tax credit, receiving nearly $67 million dollars in credits. The average Senior Circuit Breaker Credit that went into their pocket was $774.

Check out the new Schedule CB for this year.

 

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Communications Intern at the Department of Revenue

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