Senate Bill 592-This bill increases the existing subtraction modification on certain military retirement for individuals who are at least 65 years old. ( This means me since I am 65 this August) The maximum amount of retirement that an be excluded from Maryland adjusted gross income for purposes of calculating MD income tax is increased from $5,000 to $10,000.
Our Wheaton Library VITA site finished its last library session on April 9th helping over 50 taxpayers and bring out totals to over 600 successful e-files, with another 30 taxpayers filing paper returns. In addition, Dave Heiser, one of our preparers (who has set a Tax Help site at the Warrior Center at Bethesda/Walter Reed USO) and I have has helped over 100 military taxpayers file their returns with IRS Free File. We usually have to turn away taxpayers who come in after 7pm due to the immense popularity of our site and because we don’t have enough preparers…..at least until a bunch comes after their regular work hours. Our tax help is further complicated by the fact the IRS is at a low point in taxpayer service help this year. With their budget cut over a billion dollars in the last four years, and employees leaving the agency like rats from a sinking ship, we get more requests for assistance than we can handle at our Thursday afternoon site. But we have also been very lucky to get some new volunteers that show great promise for the future.