Who qualifies for the Circuit Breaker Credit?
The following qualifications must be met to generate the MA Schedule CB:
- The taxpayer must be over 65 years old.
- The taxpayer must meet the income limitation.
- This is $61,000 for single, $76,000 for Head of Household and $92,000 for Married Filing Jointly, who spend more than 10% of their total MA income on taxes and utilities.
- If the taxpayer is a renter, 25% of their annual MA rent must exceed 10% of their total MA income for the tax year.
- The assessed value of the real estate as of January 1, 2020, before residential exemptions but after abatements, can't exceed $848,000.
Refer to this Massachusetts Department of Revenue resource for more information.
How do I generate Schedule CB in Lacerte?
Use the applicable set of instructions below to generate Schedule CB for a homeowner or a renter.
Follow these steps to generate MA Schedule CB for homeowners:
- Go to Screen 53, Other Credits.
- Select Massachusetts Circuit Breaker Credit from the left navigation panel.
- Click on the 1 from the lower-left navigation panel under the Residence section.
- Complete any applicable fields in the Homeowner Information section.
Follow these steps to generate MA Schedule CB for renters:
- Go to Screen 51, Modifications.
- Select Massachusetts Rental Deduction from the left navigation panel.
- Locate the Landlord Information subsection and enter the following fields:
- ZIP code
- Locate the Occupancy Information subsection and enter the following fields:
- Rents paid in 2021
- Date occupied
- Date vacated