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I am trying to compute estimates for my client for 2023 for Maryland. They enacted a new law in 2022 increasing the pension exclusion and reduction for soc sec benefits. While the law states the exclusion increases to $55,000 it also has an inflation provision. I have no clue how to compute the exclusion for estimated taxes for my clients 2023.
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For Indiana 2023 estimates are supposed to be at least 100% of 2022 tax liability. Aren't Maryland estimates calculated the same? Will the 2023 adjustment be so significant that it will reduce a taxpayer's estimate enough to matter?
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thanks for you reply, but yes maryland enacted a new law last year that excludes a significant portion of senior pensions.
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I understand 2022 has the new exclusion for senior pensions. Your dilemma was how to calculate 2023 estimates because you don't know what the 2023 exclusion amount will be since it will change for an inflation adjustment. I'm wondering if that inflation adjustment is significant enough to worry about for the 2023 estimates.
