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Maine Revenue Services Individual Income Tax

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Maine Revenue Services Individual Income Tax Maine Revenue Services Individual Income Tax IMPORTANT UPDATE Tax Year 2020: Note the following changes relative to conformity with federal tax law changes made after December 31, 2019. If applicable, follow the form instructions below to properly file or amend your Maine return. Unemployment Compensation – Conformity: • Form 1040ME, line 14 • Form 1040ME, Schedule PTFC/STFC, line 1e or line 2a If you have not filed your 2020 Maine individual income tax return: First, complete your federal individual income tax return (Form 1040 or Form 1040-SR), including Schedule 1, following the instructions for completing your federal form. Federal Schedule 1, lines 7 and 8 are used for reporting unemployment compensation income and exclusion amounts. See www.irs.gov. Next, complete your Maine individual income tax return (Form 1040ME). On Form 1040ME, line 14, enter your federal adjusted gross income from federal Form 1040 or Form 1040-SR, line 11. This amount will reflect the amount of unemployment compensation you received that is excluded from federal and Maine income tax. Finally, if applicable, complete Form 1040ME, Schedule PTFC/STFC. If you complete Schedule PTFC/STFC, lines 1a through 1e, include on line 1e the total unemployment compensation you and your spouse, if applicable, received during the year. If you complete Schedule PTFC/STFC, lines 2a through 2d, include on line 2a the sum of the total income from federal Form 1040 for Form 1040-SR, line 9 plus the unemployment compensation included in calculating federal Form 1040 or Form 1040-SR, Schedule 1, line 8. If you have already filed your 2020 Maine individual income tax return: You must file an amended Maine individual income tax return based on your federal adjusted gross income that excludes the eligible amount of unemployment compensation you and your spouse, if applicable, received during the year. If your federal return was automatically adjusted by the Internal Revenue Service for the excludable amount of unemployment compensation, you will need to obtain your updated federal adjusted gross income amount that reflects the exclusion in order to properly file an amended Maine income tax return. Enter on Form 1040ME, line 14 the updated federal adjusted gross income amount and complete the remainder of the Maine return following the instructions, including the updated instructions for Schedule PTFC/STFC. Continued on next page Above-the-line charitable contributions: Conformity - Follow the line instructions for the forms listed below: • Form 1040ME, Schedule NR, line 3 • Form 1040ME, Schedule NRH, line 3 • Form 1040ME, Worksheet B, line 12 Educational Opportunity Tax Credit: • Work Requirement Suspended for tax years beginning in 2020: Maine residents who were employed in Maine prior to, or during, the COVID-19 pandemic and who became unemployed as a result of COVID-19 but who are still making student loan payments may claim the EOTC, to the extent otherwise qualified. • Loan Forbearance /Deferment: For tax years beginning on or after January 1, 2020, student loan payments made by individuals in deferment or forbearance, including those subject to a federal student loan administrative forbearance pursuant to the federal Coronavirus Aid, Relief, and Economic Security ("CARES") Act or federal Executive Order, will qualify for the EOTC as long as all other eligibility criteria are met. Your required loan amount due will be the amount that would be otherwise due but for forbearance or deferment. If the amount cannot otherwise be determined, the amount considered due will be equal to the benchmark loan payment. See instructions for the 2020 Educational Opportunity Tax Credit Worksheet, Loan Payment Schedule, Column B. Credit for Tax Paid to Another Jurisdiction: For tax years beginning in 2020, a Maine resident who began teleworking in Maine due to the COVID-19 pandemic and who was performing the same services from a location outside of Maine immediately prior to the COVID-19 state of emergency declared by the Governor, or declared by the jurisdiction where the employee was performing the services, is allowed to claim the tax credit for income tax paid to other jurisdictions to the extent that: • the services were performed during 2020 during the state of emergency period; • the other jurisdiction is asserting the income is sourced to that jurisdiction; and • the employee does not qualify for an income tax credit in that jurisdiction for income taxes paid as a result of the compensation. See instructions for the Credit for Income Tax Paid to Other Jurisdiction Worksheet for Tax Year 2020. NOTE: The instructions you are looking for begin on the next page. 2020 MAINE Resident, Nonresident, or Part-year Resident Individual Income Tax Booklet Form 1040ME Maine FastFile Electronic fi ling and payment services For more information, see www.maine.gov/revenue Free internet access is available at most local libraries in Maine. See your librarian for details about free internet access. TAXPAYER ASSISTANCE and FORMS Visit www.maine.gov/revenue to obtain the latest tax updates, Income Tax Assistance: (207) 626-8475 - Weekdays 9:00 view frequently asked questions (FAQs), pay your tax, or email a.m.- 12:00 p.m. tax-related questions. Collection problems and payment plans: (207) 621-4300 To download or request forms or other information: Visit - Weekdays 8:00 a.m.- 5:00 p.m. Call this number if you have www.maine.gov/revenue/tax-return-forms or call (207) 624- a tax balance due that you would like to resolve. 7894 - Every day 24 Hours. Tax violations hot line: (207) 624-9600 - Call this number or TTY (hearing-impaired only): 711 - Weekdays 9:00 a.m.- 12:00 p.m. send an email to [email protected] to report possible tax violations including failure to fi le tax returns, failure to report Form PTFC/STFC questions: call (207) 624-9784 - all income and failure to register for tax fi ling. Weekdays 9:00 a.m. - 12 p.m. Federal income tax information and forms: Call the Internal Get refund status: Visit www.maine.gov/revenue or call (207) Revenue Service at (800) 829-1040 or visit www.irs.gov. 624-9784 - Weekdays 9:00 a.m.- 12:00 p.m. Form 1040ME due date: Thursday, April 15, 2021 Printed Under Appropriation 010 18F 0002.07 AUGUSTA, ME 04332-1060 ME AUGUSTA, P.O. BOX 1060 BOX P.O. MAINE REVENUE SERVICES REVENUE MAINE IMPORTANT CHANGES for 2020 Reporting use tax on income tax return. 36 M.R.S. §1861-A. For tax Property tax fairness credit. 36 M.R.S. § 5219-KK. For tax years years beginning on or after January 1, 2020, the requirement that a tax beginning on or after January 1, 2020, the property tax fairness credit is table be used to calculate use tax reportable on individual income tax increased to 100% of the benefi t base that is greater than 5% (previously returns is repealed. However, taxpayers may continue to report unpaid 6%) of the individual’s income, up to $750 ($1,200 for individuals 65 use tax liability on Maine individual income tax returns. For taxable years of age or older). items having a sales price no greater than $1,000, the use tax may be estimated by multiplying Maine adjusted gross income by .04%. For Earned income credit. 36 M.R.S. §5219-S. For tax years beginning on items with a sales price greater than $1,000 but no more than $5,000, or after January 1, 2020, the Maine earned income credit is increased the actual unpaid use tax liability for each taxable purchase must be from 5% to 12% of the federal earned income tax credit (25% for reported. Use tax on items that cost more than $5,000 must be reported eligible individuals who do not have a qualifying child). The credit is on an individual use tax return by the 15th day of the month following also extended to individuals who are 18 to 24 years of age, have no the purchase. qualifying children, and are otherwise qualifi ed for the federal earned income tax credit. ABLE savings account subtraction modifi cation. 36 M.R.S. § 5122(2) (QQ). For tax years beginning on or after January 1, 2020, earnings Maine capital investment credit. 36 M.R.S. § 5219-NN. For property on funds held in a qualifi ed Achieving a Better Life Experience (ABLE) placed in service in Maine during a tax year beginning on or after account are deductible in calculating Maine taxable income. January 1, 2020, the Maine capital investment credit is reduced to 1.2% of the bonus depreciation addition modifi cation required with respect to Bonus depreciation / Maine capital investment credit. 36 M.R.S. that property under 36 M.R.S. § 5122(1)(KK)(1). See discussion above §§ 5122(2)(RR) and 5219-NN. For property placed in service during a regarding the recapture of the bonus depreciation addition modifi cation tax year beginning on or after January 1, 2020, the bonus depreciation in future tax years. addition modifi cation with respect to property for which the Maine capital investment credit is claimed (36 M.R.S. § 5122(1)(KK)(1)) Maine Children’s Cancer Research Fund. 36 M.R.S. §§ 5283-A may be recaptured in future tax years over the life of the asset. Thus, and 5292. For tax years beginning on or after January 1, 2020, a new aff ected property may, for Maine tax purposes, qualify for both regular voluntary contribution check-off is added to the Maine individual income depreciation and the Maine capital investment credit. tax form, Schedule CP, for the Maine Children’s Cancer Research Fund. The purpose of the fund is to provide grants and other funding to support Student loan payment subtraction modifi cation.
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