Tuesday, February 7, 2012

Miscellaneous 2011 MD Tax Return Changes

Libraries and Post Offices – The Comptroller’s Office will no longer supply area post offices and libraries with tax booklets. Each library will receive a CD Rom of all of our forms if requested.

Splitting a direct deposit – Taxpayers can now have a tax refund deposited into multiple bank accounts by using Form 588.

New Dependent Form 502B - Form 502B will be a required form to be attached to Form 502 to determine what exemption you are entitled to claim. Taxpayers claiming more than two exemptions must use Form 502.

Increased pension exclusion - Maryland's maximum pension exclusion, which is available to qualifying taxpayers 65 or older, increased from $26,100 to $26,300 for tax year 2011.

Nonresident Form 505SU/502SU - This year, other certain subtractions for which taxpayers may qualify will be reported on Form 505SU/502SU. If multiple subtractions apply, taxpayers should be sure to indicate all of them on Form 505SU/502SU and attach it to the Form 505/502.

Local Tax Rate Increase - For tax year 2012, Anne Arundel County has decreased their local tax rate to 2.49% and Queen Anne's County has increased their local tax rate to 3.20%. Please note the change on the Form 502D.

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