Maryland Announces Changes for TY 2018 Reporting

The Comptroller’s Office of Maryland has updated their “What’s New” page with information for Tax Year 2018 Reporting. 

First, the Taxpayer Services Office in Annapolis office has changed addresses. The new address is 60 West Street, Suite 102, Annapolis.

Second, the tax year 2018 standard deduction is increased to a maximum value of $2,250 for single taxpayers and to $4,500 for head of household, a surviving spouse, and taxpayers filing jointly. 
Third, Maryland’s maximum pension exclusion has increased from $29,900 to $20,600 for tax year 2018. 

Fourth, the annual interest rate decreases from 11.5% per annum to 11% per annum on January 1, 2019. The annual interest rate changes again on January 1, 2020. Interest is due at a rate of 11% annually or 0.9167% per month for any month or part of a month that a tax is paid after the original due date of the 2018 return but before January 1, 2020.

Additionally, there have been changes to Maryland law regarding tax return preparers. The Department of Revenue has included a link providing new information in the “What’s New” page.
To view the What’s New page in full, please follow the link.

Author

Nicolette Chasse

Nicolette Chasse is a Junior Regulatory Counsel at Sovos Compliance. Her main areas of focus are Automatic Exchange of Information (AEOI) reporting under FATCA and CRS and 1099 Federal Withholding Reporting. Nicolette received her B.A. at Trinity College and her J.D. at Penn State’s Dickinson School of Law. She is a member of the Massachusetts Bar.
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