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On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

 
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7 Replies
DaveF1006
Employee Tax Expert

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

It depends. You would enter a percentage of carryover to reflect the time you lived in Maryland. For an example, if you lived in Maryland for 6 months, you would allocate 50% of that carryover as Maryland income. If you lived there five months, it would be 5/12 of the carryover.

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On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

Thats what I figured. The Federal column shows (-3000). Hypothetically then, would I enter in the Non-Maryland column (-1500) or (+1500) as the GUI permits both entries. Oddly entering (-1500) results in more taxes than entering (0) so presumably I would enter (+1500)? 

DaveF1006
Employee Tax Expert

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

Yes, I would enter these as  positive numbers. The reason why the federal shows (-$3000) is that this is a reduction of federal income because of the capitol loss carryover.

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kmartin88
New Member

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

I have a similar situation in the sense that I work in Maryland and my husband works in Delaware where we reside. He also owns a business in Delaware and this year we had a loss on our Federal Taxes.

 

I am unsure if I am to put a (-) amount or just type the amount. For example if we had a $5000 loss on our Federal Total [-$5,000] do I enter -$5,000 on the Non-Maryland column or simply $5,000?

DMarkM1
Employee Tax Expert

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

You would enter the negative number in the NON-Maryland column since none of the loss was "earned" in MD.  

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hicham123
Returning Member

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

According to DaveF1006 from above, we would enter a positive number in the non maryland. However, from your post, we would enter a positive number. Could you please review and advise which is correct ?

The main reason being it makes a big difference in Maryland taxes, either due or, to no due, based on if the number is positive or negative.

  

ThomasM125
Employee Tax Expert

On the Non-Maryland Income Allocation, as a part time resident, what portion of the capitol loss carryover do I enter? Do I use a negative sign?

The entry in the Non-Maryland column would have the same sign as the entry in the Federal Total column. In the non-Maryland column you are being asked to enter the amount from the Federal column that does not pertain to Maryland, so it could be anything from $0 to the amount in the federal column, but not less or more than that amount.

 

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