Being in the top 1% of earners in Massachusetts requires about $127,000 more than it did five years ago.
That's according to data from the Internal Revenue Service, which shows the cutoff for each adjusted gross income by percentile in each state. The data is based on the 2020 tax year and percentiles are based on total tax filers, so they don't distinguish by marital or household status.
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In the Bay State, the cutoff for being in the top 1% of earners was $777,052 in 2020, 19.6% higher than in 2015. That's the third-highest in the entire U.S., behind only the District of Columbia and Connecticut.
More on this story from Boston Business Journal
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