Massachusetts Bank Interest

Effective for taxable years beginning on or after January 1, 2024, the deduction previously allowed for a deduction of up to $100 ($200 for joint filers) of interest from Massachusetts banks is repealed.

For tax years 2023 and prior:

You're allowed an exemption of $200 (if married filing jointly) or $100 (for all other filing statuses) for reporting Massachusetts bank interest. Massachusetts bank interest includes the total amount of interest received or credited to deposit accounts (term and time deposits, including certificates of deposit, savings accounts, savings shares, and NOW accounts.)

To report the exemption on your tax return (for tax years 2023 and prior) :

Enter the exemption amount on Form 1 (Line 5b) or Form 1-NR/PY (Line 7b). If married filing jointly, enter $200. Otherwise, enter $100