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Inaccurate Maryland State Tax Calculation - Form 502U (Subtractions From Income)
For MD Form 502SU (Subtractions from Income) , neither TT Deluxe Online nor Desktop permit selection of Item U (Military Retirement Income). Consequently, MD Retired Military clients are not able to subtract $20,000 (55 & over) or $12,500 (under 55) from MD form 502, resulting in MD State Income Tax Overpayment.
In reviewing past returns, it appears this flaw has been in place for several years; and I will be needing to complete amended returns for 2019-2022.
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‎April 14, 2024
7:30 PM