mdtao31
Level 5
This widget could not be displayed.

HI all, stay safe!! i have a question. i have over 700 clients in maryland

now md unemployment is NOT taxable on the state.so what would you

do file fed and hold up filing state,since md website said they will

update in mid march ,or would you file both and wait and file 502x amendment?

i have about 130 appointments till then, many have unemployment.

would be gratefull for sugestions

regards,LARRY

Labels (1)
0 Cheers
chasetax
Level 7
This widget could not be displayed.

my suggestion-wait to file maryland--unless you want to increase your workload between mid-march and april 15th--because you know your clients are going to hound you to file 502X's

dkh
Level 11
This widget could not be displayed.

Good morning Larry,  full disclosure - I don't file Maryland returns.  However, if I did,  I would file the federal and hold the state returns. Why put yourself through filing amended returns unless it's a money making thing.      If I you explain to your clients they'd have to wait for the state refund because of the changes (which were beyond your control and to their benefit)  they should be happy to wait on state.  It would mean larger state refunds or less balance due.

View solution in original post

IRonMaN
Level 15
This widget could not be displayed.

I’ll third that.  The last thing I would do is create a situation of filing a bushel basket full of amended returns.

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
mdtao31
Level 5
This widget could not be displayed.

thank you guys, u r the greatest

makes sense

mdtao31
Level 5
This widget could not be displayed.

HI ironman,we will all have a basket full of amendments to file because

when the house passes the stimulas package today,first 10,000 of unemployment

will also non taxable on the federal. i personally have a load of these

regars,LARRY

stay safe good guys, and "girls"2222

IRonMaN
Level 15
This widget could not be displayed.

Yeah, it's been a fun tax season already and it is going to get even more funner before it is all over.  Does anybody know how much a Walmart greeter makes?  I'm contemplating a career change after this tax season.

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
dascpa
Level 8
This widget could not be displayed.

I agree.  Been working 7 days and nights. Haven't taken a day off since 2021, and I'm 20% behind last year, which was a messed up year too. Can't work any harder. This sucks, and it sucks more and more each year. Notice - CPA practice for sale - $10, and I'll pay you the $10.....

dascpa
Level 8
This widget could not be displayed.

I'll agree and disagree.

Don't amend returns where you don't have to. But MD has income thresholds for the subtraction modification of unemployment benefits received. Therefore you can weed out the ones who don't have unemployment and further weed out for those above the income threshold.  I'll bet you're left with just a handful to sit and wait on.

 

mdtao31
Level 5
This widget could not be displayed.

many more than a handfull! the income threshold is 75,000 for single and

100,000 for married filing joint.i have already have about 15 i have already

filed that woild meet income criteria.thank you for your input

regards, LARRY

0 Cheers
profrjm
Level 1
This widget could not be displayed.

I'm really hoping that Maryland just does adjustments on these UEI returns that have already been filed.  I'm in Maryland now, but its only my second year here.  California would just adjust all the ones filed before the law was passed.  It would take them months, but they wouldn't require an amended return for this.  Thoughts on Maryland doing the same?

chasetax
Level 7
This widget could not be displayed.

doubt it--at a seminar with a speaker from the comptroller's office(last year)--we were told they are still using COBOL!!!--back to the future

AlvinJr
Level 2
This widget could not be displayed.

On March 9th I received this reply to my question to the MD Comptroller's office:  "Please delay filing the MD income tax return when unemployment income is involved as neither the software nor the forms are updated at this time. The new forms should be available mid-April and they will be listed on our website. If you file before then you will have to file an amendment later."  So I suggest we all file extensions for our affected clients.

0 Cheers
sjrcpa
Level 15
This widget could not be displayed.

I'd hold federal, too, due to the pending legislation that will exempt it from tax if AGI is <$150,000.


ex-AllStar