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sjmiller1
New Member

I cannot find Maryland MW506NRS.I sold rental property in November 2016 but can't find form on state taxes.

 
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2 Replies
TerryA
Intuit Alumni

I cannot find Maryland MW506NRS.I sold rental property in November 2016 but can't find form on state taxes.

You don't need the "form" in TT/Maryland, you only have to enter the amount of the MD withholding again so that it can be put into the correct line on Form 502 or 505. Here's the whole process:

Enter the Maryland tax on Form MW506NRS in the federal return so that the withholding can be included in your federal itemized deductions. TT/Maryland will pick it up from there.

Federal Taxes (or Personal if H&B)
Deductions and Credits
I'll choose what I work on
Scroll down to Estimates and Other Taxes Paid
Select Other Income Taxes
Under Other Income Taxes Paid in 2016 is
Withholding not already entered on a W-2 or 1099
Enter the $$ withheld in the State box and select Maryland from the dropdown

Now, In TT/Maryland click through to the screen Take a look at Maryland credits. On that screen select Maryland Withholding on Real Estate Sales. Click Yes on the next screen and enter the withholding on the following screen.


arcmason
New Member

I cannot find Maryland MW506NRS.I sold rental property in November 2016 but can't find form on state taxes.

Thank you for this! Tracked this down and locked in a $1,964 refund.

 

Some additional notes on this:

You can avoid this step by filling out Form MW506R, "Application for Tentative Refund of Withholding on 2020 Sales of Real Property by Nonresidents" at least 90 days after you close on the sale of your property.

 

MW506R can be found here:

https://www.marylandtaxes.gov/individual/income/forms/2020_Withholding_Forms.php

 

If you don't file MW506R by Dec 1 of the year in which you sold your property, you'll have to follow TerryA's directions above to receive your refund/excess withholding (like I did).

 

Cheers!

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