Client Alert: Revised Maryland Tax Forms are Available

All individual tax forms have been revised and are ready to use for Maryland’s 2020 tax year. Taxpayers who have been waiting for the revision of forms to amend their taxes to take advantage of an unemployment insurance subtraction can now file or amend with Maryland Form 502LU. Tax returns are due for the state of Maryland by July 15, 2021.

The Maryland RELIEF Act allows a subtraction on the state return for unemployment insurance benefits in excess of the $10,200 federal exclusion for taxpayers with a filing status of single, married filing separate, or dependent with a FAGI 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.

Comptroller of Maryland Tax Alert – https://www.marylandtaxes.gov/RELIEFAct/docs/RELIEF_Act_Tax_Alert.pdf

For more information, please visit www.marylandtaxes.gov.

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Chesapeake Financial Advisors is a fee-only financial planning, investment advisory and tax planning firm with offices in Towson, Columbia, and Frederick, Maryland.

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