- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hi,
The Maryland Tax Alert (https://www.marylandtaxes.gov/RELIEFAct/docs/RELIEF_Act_Tax_Alert.pdf) indicates that unemployment compensation in excess of the $10,200 federal exclusion is eligible for subtraction at the Maryland level, for those within the income limit, which I am. This is what my account currently shows, as of today (April 23)- seemingly the account uses a Maryland-Source Net Unemployment Compensation figure for this purpose, calculated by taking the total unemployment compensation income minus the $10,200. However, this implies that I am still paying state unemployment taxes on the initial $10,200 of unemployment compensation (and simply subtracting those in excess of the $10,200). But, on the website of the governor of Maryland (https://governor.maryland.gov/reliefact/) it says "The RELIEF Act will repeal all state and local income taxes on unemployment benefits for 2020." The two premises directly contradict each other; so which is it? Are we only subtracting state unemployment taxes beyond the $10,200, or have all state unemployment taxes been repealed? And if state taxes on unemployment have been repealed, when will my account be updated?