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I see that the MD individual tax forms are now updated in proseries. But can anyone tell me how an S-corporation excludes the MD grants (such as the 3-R initiative) they received from income? Where does it go on the form 510?
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If it's tax-free Federal and MD it's a M-1 adjustment. If it's tax-free Federal only it's an addition adjustment on the K-1 of MD.
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Actually, it's taxable for Federal but tax free for MD. So what to do then? K1 subtraction on the 510?
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Yes but the forms are not ready for prime time yet.
The more I know the more I don’t know.
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Exactly correct.
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but I can't even find on the MD website what forms will be used for that. It keeps talking about a form for corporations but says that the S-Corps will report the change on the K1. So you think that the K1 will be updated to accommodate this adjustment?
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Maybe?
Maybe the elusive Form 511 will shed light?
Thank goodness MD returns are not due until July 15.
The more I know the more I don’t know.
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Thanks for updates. True - we have time but tell that to the clients lol. OK - keep me posted if you hear anything more.
