Hello,
I use Turbotax Deluxe Desktop (2024 - Mac) and am trying to file my state and federal returns. However, during the "Reviewing" stage after selecting "Transmit Returns Now" I receive the following message:
"We need a little more information before you e-file"
Selecting "Continue", the next page states:
Check This Entry
Form 502SU: First Time Homebuyer Account Contributions must be less than or equal to $5000
However, this is incorrect. According to Md. Code Regs. 03.04.02.18 - Subtraction for Contributions to First-Time Homebuyer Savings Accounts:
B. Availability of Subtraction.
(1) Subject to the limitations in §B(2) of this regulation, the following amounts are allowed as a subtraction from the federal adjusted gross income to determine Maryland adjusted gross income:
(a) Up to $5,000 of the amount contributed by an account holder to a first-time homebuyer savings account during the taxable year; and
(b) The earnings, including interest and other income on the principal, from the account during the taxable year.
(4) Joint Returns.
(a) Each spouse on a joint return who is the sole account holder of a first-time homebuyer savings account may claim up to the full amount of the subtraction under §B(1) of this regulation.
(b) The amount claimed by each spouse is limited to their:
(i) Contributions to the account on which they are the account holder; and
(ii) Earnings on the account on which they are the account holder.
Having met the above criteria, my wife and I should be able to deduct a total of $10,000 ($5,000 per person) for "Home acct contributions" on form 502SU (MFJ). However, Turbotax prevents us from filing our return unless we reduce the number in the box to $5000, thus preventing us from taking the full deduction that we qualify for.
Is there a way to fix this?
Yes
No
