maryland unemployment benifits

Forum|Forum|5 years ago
February 21, 2021
16 replies
44 views

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

ProSeries Professional

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Best answer by dkh

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.

C

chasetax

Level 6

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

dkhAnswer

Level 15

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.

IRonMaN

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.

Slava Ukraini!

M

mdtao31Author

Level 6

thank you guys, u r the greatest

makes sense

dascpa

Level 11

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.

M

mdtao31Author

Level 6

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

P

profrjm

Level 2

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?

A

AlvinJr

Level 3

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.