It’s now July 15th, 2021.
Annapolis, Md (KM) If you haven’t filed your state income returns yet, don’t panic. The Maryland Comptroller’s Office has extended the deadline. Instead of April 15th, it’s now July 15th.
Comptroller Peter Franchot says this is a way to help Marylanders who have suffered from the COVID-19 pandemic. “Tens of thousands of small businesses and individual taxpayers have been hammered by the pandemic,” says Franchot. “We have to recognize that there’s a tremendous amount of economic damage.”
“This deferral for 90 days allows folks to keep—the total is several billion dollars among the folks that take advantage of this. They don’t have to pay that money to us for 90 days. They don’t have to pay any increased interest,” he continues
The IRS also extended the federal tax deadline from April 15th to May 17th.
The federal government has also exempted the first $10,200 of unemployment insurance benefits for taxpayers whose federal gross income is less than $150,000. The Maryland RELIEF Act allows for a subtraction on the state return for unemployment insurance benefits in excess of the federal exclusion of $10,200 for taxpayers filing as single, married filing separately or dependents with less than $75,000 , and those who are married filing jointly, head of household or surviving spouse with a federal adjusted income of less than $100,000..
“While the normal taxation of that as been changed, it’s been removed for several year by the state completely,. and feds have given a $10,000 exemption. So in other words, you don’t have to pay taxes on most of the unemployment you’ve gotten,”: says Franchot.
He says the forms have been updated to reflect this change. Those forms are ready to download on the Comptroller’s Office website . (www.marylandtaxes.gov)
“But if you’re one of the 1.7-million Marylanders who have filed, and you received unemployment and you were charged tax on that unemployment, you’re going to have to file an amended return to get that reflected correctly,” says Franchot.
The Comptroller’s Office says 1.7-million tax returns have been processed so far this year, and $1.17-billion in refunds have been sent out to approximately 1.22-million taxpayers.
By Kevin McManus