A full year resident taxpayer over age 65 who files single
Income:
| Wages | $8,000 |
| Dividends | $600 |
| Short-term capital gains | $2,400 |
| Long-term capital gains | $1,200 |
| Gross income | $12,200 |
Deductions:
| FICA | ($2,000) |
| Rental deduction | ($1,000) |
| Total deductions | ($3,000) |
Exemptions:
| Personal exemption | ($4,400) |
| Adoption exemption | ($1,325) |
| Medical exemption | ($3,950) |
| Total exemptions | ($9,675) |
| 2012 Massachusetts Form 1: | |
| Line 2f. Total Exemptions | $9,675 |
| Line 3. Wages | $8,000 |
| Line 10. TOTAL 5.25% INCOME | $8,000 |
| Line 11. Amount paid to Social Security | $2,000 |
| Line 14. Rental deduction | $1,000 |
| Line 16. TOTAL DEDUCTIONS | $3,000 |
| Line 17. 5.25% INCOME AFTER DEDUCTIONS | $5,000 |
| Line 18. Total exemption amount (from Line 2, item f) | $9,675 |
| Line 19. 5.25% INCOME AFTER EXEMPTIONS | $0 |
| Line 20. INTEREST AND DIVIDEND INCOME from Schedule B, line 38 | $0 |
| Line 23. 12% INCOME | $0 |
| Line 24. TAX ON LONG-TERM CAPITAL GAINS from Schedule D, | $0 |
| If excess exemptions were used in calculating lines 20, 23 or 24, fill in oval | |
| Line 27. TOTAL INCOME TAX | $0 |
| 2012 Massachusetts Schedule B: | |
| Part 1. Interest and Dividends: | |
| Line 9. Subtotal interest and dividends after excess trade or business deductions | $600 |
| Part 2. Short-Term Capital Gains/Losses & Long-Term Gains on Collectibles | |
| Line 19. Combined STCL and STCG | $2,400 |
| Line 24. STCG and LTCG on collectibles from line 19 | $2,400 |
| Line 26. STCG and LTCG on collectibles after applying long-term losses against short-term gains | $2,400 |
| Line 28. STCG after LTCG deduction | $2,400 |
| Part 3. Adjusted Gross Interest, Dividends, Short-Term Capital Gains and Long-Term Gains on Collectibles | |
| Line 29. Subtotal interest and dividends from line 9 | $600 |
| Line 31. Subtotal interest and dividends after applying STCL. See instructions | $600 |
| Line 33. Adjusted interest and dividends after applying LTCL | $600 |
| Line 34. STCG after applying LTCG deduction from line 28 | $2,400 |
| Part 4. Taxable Interest, Dividends and Certain Capital Gains | |
| Line 35. Adjusted interest, dividends and capital gains. Add lines 33 and 34 | $3,000 |
| Line 36. Excess exemptions (from worksheet in instructions) | $3,000 |
| Line 37. Adjusted interest and dividends after excess exemptions | $0 |
| Line 38. Taxable interest and dividends; also enter on Form 1, Line 20 or Form 1-NR/PY, Line 24 | $0 |
| Line 39. Capital gains to be reported on Form 1, Line 23a or Form 1-NR/PY, Line 27a | $0 |
| 2012 Massachusetts Schedule D: | |
| Line 1, LTCG | $1,200 |
| Line 11. LTCG after applying differences. See instructions | $1,200 |
| Line 13. Subtotal LTCG after removing LTCG from collectibles and pre-1996 installment sales | $1,200 |
| Line 15. Subtotal LTCG after applying capital losses against capital gains | $1,200 |
| Line 17. Subtotal LTCG after applying against interest and dividends | $1,200 |
| Line 19. Subtotal LTCG after applying allowable deductions from your trade or business | $1,200 |
| Line 20. Excess exemptions (from worksheet in instructions) only if single, head of household or married filing jointly | $1,200 |
| Line 21. Taxable LTCG | $0 |
| Line 22. Tax on long-term capital gains. Enter on Form 1, Line 24 or Form 1-NR/PY, Line 28 | $0 |
2012 Schedule B, Line 36 and Schedule D, Line 20 Worksheet - Excess Exemptions from Interest and Dividend Income, 12% Income and Long-Term Capital Gain Income (Only if Single, Head of Household, or Married Filing Jointly) Residents: If your total exemptions in Form 1, Line 18 are more than the amount of your 5.25% income after deductions in Form 1, Line 17, the excess may be applied against all your interest and dividend income and income taxed at 12%. Any remaining excess amount may then be applied against all your long-term capital gain income. Complete the following worksheet only if Form 1, Line 17 is less than Form 1, Line 18 to determine if you qualify for the excess exemption. Enter all losses as "0." Nonresidents and Part-Year Residents: If your total exemptions in Form 1-NRPY, Line 22 are more than the amount of your 5.25% income after deductions in Form 1-NRPY, Line 21, the excess may be applied against all your interest and dividend income and income taxed at 12%. Any remaining excess amount may then be applied against all your long-term capital gain income. Complete the following worksheet only if Form 1-NRPY, Line 21 is less than Form 1-NRPY, Line 22 to determine if you qualify for the excess exemption. Enter all losses as "0." | |
| Line 1. Enter amount from Schedule B, line 35. Not less than "0" | $3,000 |
| Line 2. Enter amount from Form 1, line 18 or Form 1-NR/PY, line 22 | $9,675 |
| Line 3. Enter amount from Form 1, line 17 or Form 1-NR/PY, line 21 | $5,000 |
| Line 4. Subtract Line 3 from line 2. If "0" or less, you do not qualify for this exemption. Omit remainder of worksheet | $4,675 |
| Line 5. Excess exemptions applied against interest and dividend income and 12% income. If line 1 is larger than line 4, enter line 4 here and in Schedule B, line 36. If line 4 is equal to or larger than line 1, enter line 1 here and in Schedule B, line 36. Complete lines 6 through 8 | $3,000 |
| Line 6. Subtract line 5 from line 4. If "0", omit remainder of worksheet | $1,675 |
| Line 7. Enter Schedule D, line 19. Not less than "0" | $1,200 |
| Line 8. Excess exemptions applied against long-term capital gain income. If line 7 is larger than line 6, enter line 6 here and in Schedule D, line 20. If line 6 is equal to or larger than line 7, enter line 7 here and in Schedule D, line 20 | $1,200 |
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