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Maryland allows deductions for 529 accounts, Where is this addressed in the online product for Maryland?
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State tax filing
- Log into your return and click Take me to my return
- Click on State and then Your State Returns at top of screen
- If you have already entered your state, click Edit/Continue
- Go through state portion until you see the screen that says Here’s the income that Maryland handles differently
- Scroll down to Education section and click Start/Revisit next to Maryland College Savings Plan Contributions
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State tax filing
I followed these instructions but I don't think the form is calculating correctly. To my understanding, the deduction should be capped at 2500 per dependent per adult. The issue is the system only ask for one number (not by parent or dependent), then appears to deduct the whole value. It does not appear to cap it at the 2500 limit. Keep in mind that the contributions beyond that could be rolled over.
I contacted customer service but they barely seem to understand the issue. Anyone know of how to enter it considering my contributions go past the limit and I'd like to carry the additional over?
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State tax filing
The Turbo Tax program has been approved for use with the MD return, including the 502SU. All are aware of the group total not being broken up. You will need to keep track of your carryovers.
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State tax filing
I don't understand how the program can be correct. I'm entitled to a deduction of $25k (married couple with 5 beneficiaries) but when I input this amount, in the system, my MD tax liability increases by about $1000 vs. when I input a contribution amount of, say, $12,500. I spoke to a rep (not a tax expert) who was unable to explain this and generally was not helpful. I thought about upgrading for "expert tax advice" but the cost would be $100 (50 for federal and 50 for state) and I suspect the outcome would be equally unsatisfactory. At this point, I'm thinking I may have to do my taxes with a professional tax preparer/accountant to ensure I'm getting it right.
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State tax filing
Your program sounds stuck. When I input $25,000 the liability goes down. Let's try troubleshooting.
I suggest you delete the forms and try entering them again. Please do these things:
- Delete the form 502SU:
- Open or continue your return in TurboTax.
- In the left menu, select Tax Tools
- then select Tools.
- In the pop-up window named Tool Center,
- choose Delete a form.
- Select Delete next to the form/schedule/worksheet in the list and follow the instructions.
- Log out of your return.
- Try one or more of the following:
- Don't use Internet Explorer.
- Clear cookies and cache, instructions on the links.
- Sign in using a different browser.
- Sign in using a different device.
- Log back into your return.
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