March 13, 2024
Maryland SALT Cap (2023 Update)
For the 2023 tax year, Maryland has updated its rules regarding the state tax cap on federal returns and what to do for Maryland returns. Here's the updated information compiled from the MarylandTaxes.com website: Instructions for FORM 502 — itemized deduction calculation: "Copy the amount from federal Form 1040, Schedule A, line 17, Total Itemized Deductions, on line 17a of Form 502. Certain items of federal itemized deductions are not eligible for State purposes and must be subtracted from line 17a. State and local income taxes used as a deduction for federal purposes must be entered on line 17b." New...
