ANNAPOLIS, Md. (WJZ) — Despite it being April 15, it is not tax day!
The federal tax deadline was moved to May 17 and Maryland state taxes are due on July 15.READ MORE: Second Alarm Dwelling Fire In Southeast Baltimore
But here’s what you need to know about filing taxes this year.
Comptroller Peter Franchot announced Thursday all individual tax year 2020 forms were updated and ready to use effective immediately.
“It’s been a trying year for so many Maryland families and businesses, but the tax changes approved by state and federal lawmakers will bring additional relief to many taxpayers,” Comptroller Franchot said in a statement. “I want to thank Marylanders for their patience as our team worked as quickly as possible to update these forms. As always, my pledge to taxpayers is we will process tax returns efficiently and securely, issue refunds within days, and provide the highest level of customer service that Marylanders deserve.”
“This is in effect a 90-day, interest-free, penalty-free, loan from the State of Maryland,” Franchot added.
If you already filed your return and were awaiting revisions of forms to amend their taxes, you must submit amended filings using Maryland Form 502LU.READ MORE: Caught On Camera: Baltimore County Officer Rescues Ducklings In White Marsh
The federal American Rescue Plan Act of 2021 excludes the first $10,200 of unemployment insurance benefits from federal income for taxpayers with federal adjusted gross income (FAGI) of less than $150,000.
The Maryland RELIEF Act allowed a subtraction on the state return for unemployment insurance benefits in excess of the $10,200 federal exclusion for taxpayers with a filing status of single, married — filing separate or dependent with a FAGI of less than $75,000 — and those married filing joint, head of household or surviving spouse status with a FAGI of less than $100,000.
“Taxpayers who qualify for the newly expanded Earned Income Tax Credit (EITC), including those who file using an Individual Tax Identification Number (ITIN), can now use the EITC Assistant on the Comptroller’s website to determine the amount of their credit. Most eligible taxpayers who already submitted their returns do not need to file an amended return to receive the adjusted EITC amount,” the comptroller’s office said. “If the only income sources are W-2, 1099-MISC, and 1099-NEC, the Comptroller’s Office will automatically make the adjustments and send the additional refund payment to those who are due refunds.”
The tax forms ready for use as of today (April 15) are:
- 502 Maryland Resident Income Tax Return
- 502CR Maryland Personal Income Tax Credits for Individuals and Instructions
- 502LU Legislative Updates Addition/Subtraction Modifications *(New Form)*
- 502X Maryland Amended Tax Form and Instructions
- 505 Nonresident Income Tax Return
- 505X Nonresident Amended Tax Return
You can also now find the updated/new tax forms for individual filing on the comptroller’s website at www.marylandtaxes.govMORE NEWS: Rombauer Wins The Preakness Stakes, Medina Spirit In The Money
For more information or if you have questions about your return, email email@example.com or call 410-260-7980 from Central Maryland or 1-800-MD TAXES from elsewhere. Assistance is available Monday – Friday, 8:30 a.m. – 4:30 p.m.