Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

maryland unemployment benifits

Level 4

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
1 Solution

Accepted Solutions
Level 9

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

8 Replies 8
Level 7

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

Level 9

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

Level 15

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

This week's special - get a free set of ACME snow tires with every return prepared. ($300 extra if you want air in the tires)
Level 4

thank you guys, u r the greatest

makes sense

Level 7

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.

 

Level 4

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
Level 1

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?

Level 7

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