The Australia Under-20 international made 11 appearances for Town after being brought to Portman Road by previous boss Paul Jewell.
But the 20-year-old has not featured for the first team since coming on as a substitute in the 2-1 home defeat to Cardiff on 6 October.
New Ipswich boss Mick McCarthy told the club's official website: "Massimo has gone back.
"He's a good footballer, but you'd expect that coming from Tottenham, but I need a different type of player.
"He's not been playing games and Tottenham said that if he's not playing football here, then they will take him back. We wish Mass well."