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StacyStacy
Level 3
April 24, 2021
Question

MD grants for S-Corps?

  • April 24, 2021
  • 7 replies
  • 28 views

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?

This topic has been closed for replies.

7 replies

dascpa
dascpa
Level 11
April 24, 2021

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.

StacyStacyAuthor
Level 3
April 24, 2021

Actually, it's taxable for Federal but tax free for MD.  So what to do then?  K1 subtraction on the 510?

sjrcpa
sjrcpa
Level 15
April 24, 2021

Yes but the forms are not ready for prime time yet.

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