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Does anyone know if turbo tax has updated the software for this yet. I'm waiting to file until it is.
Per the State of Maryland, the tax forms related to the RELIEF Act signed into law on February 15, 2021, will not be ready until sometime in March. Updates on the availability of forms will be posted on their website on the page RELIEF Act Information.
Once these forms are updated by the State of Maryland, TurboTax will be able to update the return.
The tax free unemployment waiver only appears to apply to single filers who reported under $75,000 or joint filers who reported under $100,000.
For more information, please see the Relief Act Tax Alert.
[Edited 3/2/2021 l 10:19AM]
Lena, why do you keep saying joint filers can make up to $150,000 and be eligible for the unemployment taxable income subtraction when the article you keep referring to clearly says the limit is $100,000?
The Maryland Comptroller put out a Tax Alert notice on 2/16/21. It can be found on their website. Regarding subtractions from income for individuals (as opposed to businesses) they say (this is copied and pasted from the Alert):
Unemployment Benefits: To the extent included in federal adjusted gross income, taxpayers may
subtract the amount of unemployment benefits received during the taxable year on their Maryland
return. This subtraction is only available to taxpayers with a filing status of single, married filing separate, or dependent with a **bleep**I of less than $75,000, and filers with married filing joint, head of
household, or surviving spouse status with a FAGI of less than $100,000.
I have edited the posts above to reflect the correct waiver amount for joint filers.
Thank you Lena!
Do you know when Maryland will have amended it's tax forms to reflect the RELIEF act changes - and when will Turbo Tax be ready to process the same?
The forms must first be revised by the State of Maryland. Once that is done, TurboTax will then update the Maryland state return in the program. Since the forms have not been released from the State of Maryland, the instructions to complete this in TurboTax are not known at the time.
Also, please keep in mind that the tax free unemployment waiver only appears to apply to single filers who reported under $75,000 or joint filers who reported under $150,000.
For more information, please see the Relief Act Tax Alert. The state website states that the forms will not be ready until sometime in March.
Thank you very much for the update on the Maryland forms. It's a big waiting game at this point.
Is the 502lu form out yet and if so, where do I get it
No. Per the State of Maryland, the tax forms related to the RELIEF Act signed into law on February 15, 2021, will not be ready until March. Updates on the availability of forms will be posted here when they become available. Once they become available, TurboTax will update the software accordingly.
It is also important to note that the tax free unemployment waiver only applies to single filers who reported under $75,000 or joint filers who reported under $100,000. For more information, please see RELIEF ACT FAQ's.
Furthermore, the State of Maryland released a Tax Alert on 3/11/21, which states that all individual, corporate, pass-through entity, and fiduciary income tax returns that otherwise would have been due on varying dates between January 1, 2021 and July 15, 2021, inclusive, are now due on or before July 15, 2021.
@Krisys
According to this page on the official Maryland Taxes website, TurboTax is approved 502LU software partner. So...where is the form on the TT website if you were approved to file it?
Although we are approved to file, the State of Maryland has yet to release the updated return.
Updates on the availability of forms will be posted on their website on the page RELIEF Act Information. Once these forms are updated by the State of Maryland, TurboTax will be able to update the return.
Furthermore, the State of Maryland released a Tax Alert on 3/11/21, which states that all individual, corporate, pass-through entity, and fiduciary income tax returns that otherwise would have been due on varying dates between January 1, 2021 and July 15, 2021, inclusive, are now due on or before July 15, 2021.
@HockeyCoachBen
I appreciate your reply and explanation.
However, something doesn't add up. According to the Comptroller's website, in order for a software or online tax preparer to be approved to file new forms, they first must be trained on the new form. So, how exactly can a company be trained on a form that supposedly doesn't exist?
When I email the Comptroller's Office, they state the form has been sent to software and online tax preparers to implement into their software.
Are you saying the Comptroller's Office isn't telling the truth?
No, I doubt anyone is saying that anyone else is not telling the truth here. The form does exist (it was created weeks ago) but it has not been finalized yet. Maryland has created the form and the form and instructions have been given to preparers to format for their systems. The training and testing that has to be completed are being done now. Once all of that is done, Maryland will finalize the form and then the preparers will use the finalized version to update their platforms. @HockeyCoachBen
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