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Massachusetts No Tax Status and Limited Income Credit
Extracted from PDF file 2023-massachusetts-schedule-nts-l-nrpy.pdf, last modified February 2023No Tax Status and Limited Income Credit
FIRST NAME M.I. LAST NAME SOCIAL SECURITY NUMBER OF PROPRIETOR Schedule NTS-L-NR/PY No Tax Status and Limited Income Credit 2023 1 5.0% income from this return (from Form 1-NR/PY, line 12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 2 Adjustments to income (enter the total of Schedule Y, lines 1 through 10 and line 18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 3 Adjusted 5.0% income from this return. Subtract line 2 from line 1. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0 0 4 Interest exemption used (from Form 1-NR/PY, enter the smaller of line 7a or line 7b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0 0 5 Adjusted gross interest, dividends and certain capital gains (from Schedule B, line 35). If there is no entry in Schedule B, line 35, or if not filing Schedule B, enter the amount from Form 1-NR/PY, line 24. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0 0 6 Long-term capital gain income. From Schedule D, line 19. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0 0 7 Income/loss not included above in lines 1-6 while nonresident/part-year resident. See instructions. . . . . . . . . . . . . . . . 7 0 0 8 Total income. Combine lines 3 through 7. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 9 Additional adjustments to income while a nonresident/part-year resident. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0 0 10 0 0 Massachusetts Adjusted Gross Income (AGI). Subtract line 9 from line 8. Not less than 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 If you are single and the total in line 10 is $8,000 or less, you qualify for No Tax Status. Fill in the oval on line 31, enter 0 on line 32 and continue completing Form 1-NR/PY. However, if there is an amount entered on line 29, Credit Recapture Amount and/or line 30, Additional Tax on Installment Sales, enter that amount on line 32 and complete lines 34 and 35. If you are single but do not qualify for No Tax Status and your total on line 10 is $14,000 or less, go to line 13 to see if you qualify for the Limited Income Credit. 11 If married and filing a joint return, multiply the number of dependents (from Form 1-NR/PY, line 4b) by $1,000 and add $16,400 to that amount. If head of household, multiply the number of dependents (from Form 1-NR/PY, line 4b) by $1,000 and add $14,400 to that amount. If line 10 is less than or equal to line 11, you qualify for No Tax Status. See the instructions for Form 1-NR/PY, line 31. . . . . . . . . . . . . . . . . . . . . . . . . . 11 0 0 If you do not qualify for No Tax Status and you are married and filing a joint return, multiply the number of dependents (from Form 1-NR/PY, line 4b) by $1,750 and add $28,700 to that amount. If head of household, multiply the number of dependents (from Form 1-NR/PY, line 4b) by $1,750 and add $25,200 to that amount. Enter the result here. If line 10 is less than or equal to line 12, you may qualify for the Limited Income Credit. Go to line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0 0 13 No Tax Status threshold. Enter $8,000 if single. If married filing a joint return or head of household, enter the amount from line 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 0 0 14 Income for Limited Income Credit. Subtract line 13 from line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 0 0 15 Tax before adjustments (from Form 1-NR/PY, line 32 less any Credit Recapture Amount entered in line 29 and/or Additional Tax on Installment Sales entered on line 30). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 0 0 16 Tax for Limited Income Credit. Multiply line 14 by 10% (.10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 0 0 17 Limited Income Credit. Subtract line 16 from line 15 and enter the result here and in line 33 of Form 1-NR/PY. If line 15 is smaller than line 16, you are not eligible for this credit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 0 0 12
Schedule NTS-L-NR/PY
More about the Massachusetts Schedule NTS-L-NR/PY Corporate Income Tax Tax Credit TY 2023
We last updated the No Tax Status and Limited Income Credit in January 2024, so this is the latest version of Schedule NTS-L-NR/PY, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule NTS-L-NR/PY directly from TaxFormFinder. You can print other Massachusetts tax forms here.
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TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 2 | Fiduciary Income Tax Return |
| Schedule DRE | Disclosure of Disregarded Entity |
| Schedule D-IS | Long-Term Capital Gains and Losses Excluding Collectibles |
| Form 355-7004 | Corporate Extension Worksheet |
| Form 3 | Partnership Return |
View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Schedule NTS-L-NR/PY from the Department of Revenue in January 2024.
Schedule NTS-L-NR/PY is a Massachusetts Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Massachusetts Schedule NTS-L-NR/PY
We have a total of eleven past-year versions of Schedule NTS-L-NR/PY in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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