Ever wondered how much money you’d have to make to be considered part of the top 1%?
In Massachusetts, there’s a high bar to clear.
It ranks second in states with the highest income threshold for residents to meet to make the top 1%, according to a study by SmartAsset.
Data from the Internal Revenue Service (IRS) shows that 32,795 tax returns were filed in the Bay State this year at the income level needed to make the cutoff.
See how your salary compares.
In Massachusetts, you would need to earn at least $965,170 annually to be considered part of the top 1%, according to the latest IRS tax return data.
To be part of the top 5% of earners in Massachusetts, you would need to earn at least $378,434 annually, tax return data shows.
Massachusetts has the second-highest income floor for top 1% earners in New England. Here’s what you’d have to earn in other local states to make the top 1% and top 5%.
Connecticut – $1,056,996 annual income to make top 1%; $362,263 annual income to make top 5%
Massachusetts – $965,170 annual income to make top 1%; $378,434 annual income to make top 5%
New Hampshire – $735,374 annual income to make top 1%; $311,145 annual income to make top 5%
Rhode Island – $603,162 annual income to make top 1%; $258,276 annual income to make top 5%
Vermont – $583,559 annual income to make top 1%; $249,931 annual income to make top 5%
Maine – $550,936 annual income to make top 1%; $236,338 annual income to make top 5%
West Virginia lands in last place for income needed to make the top 1%, according to SmartAsset.
You would have to earn at least $416,310 annually to be considered part of the top 1%, IRS data shows. And 7,316 West Virginians earn at least that.
To be part of the top 5% of earners in West Virginia, you would need to earn at least $196,335 annually.
This article originally appeared on Telegram & Gazette: MA ranks second in states with highest income threshold to make top 1%