You may need to file the amendment, but only if the change in the credit affects you. If you qualify for the federal earned income tax credit, you also qualify for the Maryland earned income tax credit. The credit is equal to 50% of the federal tax credit. The additional payments will be sent out like the IRS sent stimulus payments. They are not claimed on your tax return, but the change in the refundable part of the credit may change your tax return.
However, if the law was just passed, the credit is not updated in TurboTax, so you will need to wait to file the amendment until the credit has been modified.
This relief begins with immediate payments of $500 for families and $300 for individuals who filed for the Earned Income Tax Credit. Similar to federal stimulus payments, no application for relief is necessary.
Marylanders would qualify for these payments who annually earn:
- $50,954 ($56,844 married filing jointly) with three or more qualifying children
- $47,440 ($53,330 married filing jointly) with two qualifying children
- $41,756 ($47,646 married filing jointly) with one qualifying child
- $15,820 ($21,710 married filing jointly) with no qualifying children
The payments provide $178 million in relief to 400,000 Marylanders. In addition, the legislation increases the refundable Earned Income Tax Credit to 45% for families and 100% for individuals. If this change will increase your refund amount, you will want to amend, but later, after the change has been made in TurboTax.
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