Once the forms are revised by the State of Maryland, TurboTax will update the Maryland state return to reflect all changes under the RELIEF Act.
Per the State of Maryland, filers claiming the federal EITC may also be eligible for a refund of a percentage of this amount through their Maryland tax return. The RELIEF Act increases this percentage from 28% for tax year 2019 to 45% for tax years 2020 through 2022, resulting in an increased refund amount for some taxpayers. Additionally, for tax years 2020 through 2022, taxpayers without qualifying children will be allowed to use the full amount of their federal EITC as a refundable credit against Maryland income tax, up to a maximum of $530.
These changes do not require any action on behalf of taxpayers or preparers and will incorporated into the revised forms and instructions pursuant to passage of the Act. Individuals who qualify for the enhanced state REIC but who have already filed need not take any action. The Comptroller will make any adjustment necessary based on the law change and will adjust the amount of the credit, including sending an additional refund if applicable.
For more information, please see the Maryland RELIEF Act Tax Alert.
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