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
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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.
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
stay safe good guys, and "girls"2222
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.
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.....
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.
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?
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.