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2020 State & Local Tax Forms & Instructions

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2020 State & Local Tax Forms & Instructions MARYLAND2020 STATE & LOCAL TAX FORMS & INSTRUCTIONS For filing personal state and local income taxes for full or part-year Maryland residents In 1964, the Chesapeake Bay Retriever, named after the famous Bay region of the breed’s origin, was declared the official dog of Maryland Peter Franchot, Comptroller Scan to check your refund status after filing. Revised Effective 4/15/2021 A Message from Comptroller Peter Franchot Dear Maryland Taxpayers: Since I took office as your Comptroller in 2007, our agency has become a national model for efficiency, effectiveness and customer service. We continue to deliver first-class customer service while tackling emerging threats such as tax fraud and identity theft. The year 2020 delivered challenges not seen in generations. It tested our resolve and its impact will reverberate for years. From a fiscal standpoint, the COVID-19 pandemic rattled our state’s economy, but did not shatter it. Maryland has a strong economic base that should help accelerate our recovery. Through it all, our 1,100-person agency remains committed to our core mission: being respectful, being responsive and getting results for Maryland taxpayers. Last year, we disbursed $2.9 billion in refunds, with most electronic payments issued in less than three business days. Our agency’s state-of-the-art fraud detection system has been widely lauded, and combined with the investigative and prosecutorial powers granted to my office via the 2017 Taxpayer Protection Act, we are keeping Marylanders safe from criminals engaging in identity theft and tax fraud. Since 2007, our office has suspended the processing of returns from more than 230 preparers at 250 locations. In total, during my tenure, nearly 120,000 fraudulent returns worth $225 million have been blocked. As Comptroller, I also understand that while we stress the importance of consistency and predictability in the tax code, small changes occur each year. Below are a few bills that became law following the 2020 General Assembly session: • SB523 authorizes a pass-through entity to elect to be taxed at the entity level on resident members’ shares of income. • HB980 increases to $150,000 the maximum tax credit that may be claimed for installing an energy storage system on commercial property. • SB751 extends the termination date of the apprenticeship income tax credit under the More Jobs for Marylanders Program to June 30, 2025, and increases the credit from $1,000 to $3,000 for each eligible apprentice. • HB276 expands eligibility for a subtraction modification to law enforcement officers of the Maryland-National Capital Park Police and Washington Suburban Sanitary Commission Police Force. • HB1326 exempts the following parts and equipment for an artificial hearing device from sales and use tax: custom- made earmolds, battery chargers and receivers. • SB843 creates a sales and use tax exemption for the sale of materials, equipment or supplies used by a caterer to perform a contract for catering services and intended for resale by the caterer and used directly or predominantly in performing the catering contract. Also, it has been determined that Maryland is automatically decoupled from provisions of the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) related to tax year 2020; however, conforms to the provisions of the CARES Act for certain tax years prior to 2020. Taxpayers whose federal taxes for tax years prior to 2020 are impacted by provisions of the CARES Act related to net operating losses, business interest expense deductions, or loss limitations may need to file amended Maryland returns for those prior years. If you have questions about these changes or anything else regarding your returns, do not hesitate to call my office at 1-800-MD-TAXES or email us at [email protected]. As we begin the 2021 Tax Filing Season with these changes in effect, our agency will continue to provide the level of service that you expect and deserve. As always, I will continue to promote policies that benefit the long-term fiscal health of the State of Maryland. Sincerely, Peter Franchot Comptroller NEW FOR 2020 TABLE OF CONTENTS Form 502: Filing Information. ii • Direct Deposit of Refund section on page 4 of Form 502 and its Instruction 22 were expanded for taxpayers to authorize the State Assembling your return. iii of Maryland to disclose to their bank and to National Automated Five Fast FAQs . iii Clearing House Association (NACHA) any tax return information necessary to make the deposit, such as their name and the INSTRUCTION. PAGE name(s) (Line 51d.) as it appears on the bank account, in order for the Comptroller’s office to deposit the refund directly into their 1. Who must file?. 1 account at a bank or other financial institution in the United States. 2. Use of federal return. 2 Local Tax Income Tax Rate: For a complete list of counties and city 3. Maryland Healthcare Coverage. .2 local tax rates, see Instruction 19 or visit www.marylandtaxes. 4. Name and address. .2 gov. 5. Social Security Number(s). 2 New Subtraction Modifications: There are two subtraction 6. Maryland Political Subdivision information. .3 modifications that have been updated and two new subtraction modifications. For more information, see Instruction 13 (Line 13., 7. Filing status. 4 Code Letters oo., uu., va., and vv.). 8. Special instructions for married filing separately.. .4 Tax Credits (individual/business): There are no new tax credits available. 9. Part-year residents. .5 Refundable Tax Credits: There is one new tax credit available. See 10. Exemptions. 5 Instruction 21. 11. Income. .5 The CARES Act of 2020: In response to the COVID-19 pandemic, 12. Additions to income . 5 the United States Congress passed the Coronavirus Aid, Relief, 13. Subtractions from income. 7 and Economic Security Act, also known as the CARES Act. The 14. Itemized Deductions. .11 Act temporarily altered several tax provisions enacted under the Tax Cuts and Jobs Act (TCJA) intended to increase cash flow 15. Figure your Maryland Adjusted Gross Income 12 and reduce the income tax burden on corporations, partnerships, 16. Figure your Maryland taxable net income . 12 and individuals. Relief includes: the temporary and retroactive 17. Figure your Maryland tax. 12 reinstatement of Net Operating Loss (NOL) carryback provisions 18. Earned income credit, poverty level credit, for tax years 2018, 2019, and 2020 previously repealed under the credits for individuals and business tax credits 13 TCJA in Internal Revenue Code (IRC) § 172; a decreased limitation on business interest expenses subject to deduction in tax years 2019 19. Local income tax and local credits . .15 and 2020 under IRC § 163(j); and the elimination of loss limitations 20. Total Maryland tax, local tax imposed on non-corporate taxpayers by the TCJA under IRC § 461(l) and contributions. .16 for tax years 2018, 2019, and 2020. The CARES Act also provided 21. Taxes paid and refundable credits.. .16 a technical correction giving qualified business improvements (QIP) 22. Overpayment or balance due. .17 a 15-year recovery period, thereby making those assets eligible for 100% bonus depreciation under IRC § 168. For more information on 23. Telephone numbers, code number, signatures Maryland’s conformity to the CARES Act, see the Tax Alert issued and attachments.. .18 July 24, 2020 at www.marylandtaxes.gov. 24. Electronic filing, mailing and payment Senate Bill 987, Acts of 2020: This bill passed by Maryland instructions, deadlines and extension. 18 General Assembly provides for the redevelopment of Laurel Park in 25. Fiscal year. .19 Anne Arundel County and Pimlico Race Course in Baltimore City, by 26. Special instructions for part-year residents.. 19 allowing a subtraction modification of a resident for gain recognized 27. Filing return of deceased taxpayer. .20 as a result of the direct or indirect transfer or conveyance of any property located, or used, at or within Laurel Park and Pimlico sites; 28. Amended returns. .21 and any portion of the Bowie Race Course Training Center Property; 29. Special instructions for military taxpayers. 21 and the amount of income recognized as a result of any expenditure of funds directly or indirectly by the State investment in the sites. • Tax Tables. 22-28 Senate Bill 523, Acts of 2020: This is a result of Senate Bill Forms and other information included in this booklet: 523 (Acts of 2020), adding a definition of “pass-through entity’s taxable income,” which requires pass-through entities to pay the • Form 502 tax imposed on distributive or pro rata shares of nonresident and • Form PV nonresident entity members, and gives pass-through entities the option to pay the tax imposed on distributive or pro rata shares of • Form 502B income of resident members. • Form 502R House Bill 276, Acts of 2020: This bill modifies the definition • Form 502SU of law enforcement officers to include members of the Maryland- National Capital Park Police (MNCPP) or The Washington Suburban • Form 502UP Sanitary Commission Police Force (WSSCPF) who live in Maryland- • Privacy act information Washington Regional district with crime rates higher than the State’s crime rate. These officers are now eligible for the subtraction of • Maryland Payment Voucher Worksheet (PVW) $5,000 of income. for Estimated Tax and Extension Payments House Bill 1510, Acts of 2020: This bill adds as a subtraction of • State Department of Assessments and the value of a subsidy for rental expenses received by a resident of Taxation Information Howard County under the “Live Where You Work” program of the Downtown Columbia Plan. i Senate Bill 496, The RELIEF Act of 2021: The purpose 410-260-7701. of the Recovery for the Economy, Livelihoods, Entrepreneurs, and Families Act, referred to as RELIEF Act, is to relieve some FILING ELECTRONICALLY of the effects of the coronavirus pandemic.
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