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Investors & landlords
I've experienced the same issue. I'm a nonresident that sold an investment property in Maryland, had $4.5k (8%) withheld at sale, and now I'm getting seemingly incorrect results on TurboTax's Maryland state return. For me, in TurboTax, Maryland Form 505 line 7 capital gains is $16.7k and line 23 other is -$80.5k with the code letters BB. This yields a negative net income and the full amount of the MD withholding shows as a refund. Meanwhile, outside of TurboTax, I manually filled out Maryland Form MW506R and calculated line 9 estimated gain to be $16.7k (equal to the capital gains amount in TurboTax) and line 13 tentative refund to be $1.3k of the $4.5k withholding. Has anyone gotten resolution on this issue yet?
‎September 30, 2020
2:41 PM