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Level 2
June 28, 2021
Question

Maryland Form 500LU

  • June 28, 2021
  • 3 replies
  • 17 views

when will form be avaialble

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3 replies

sjrcpa
Level 15
June 28, 2021

Which module?

The more I know the more I don’t know.
dlccpallcAuthor
Level 2
June 28, 2021

1120S

sjrcpa
Level 15
June 28, 2021

Why do you think you need it? The consensus on the MD Assoc of CPAs list serve is that pass thru entities do not use this form. It is for individuals only who have one of the modifications. S Corps and Partnerships report their RELIEF act modifications the same way they do other modifications - to the owners.

The more I know the more I don’t know.
Level 2
June 28, 2021

Called MD practicioner hotline just now and she said a form 511 is coming out tomorrow.   Ref also admin 6

Level 5
June 29, 2021

Here's a copy-paste from some correspondence I had with the comptroller's office:

Like other PTE subtractions, subtractions for coronavirus relief grants received by the PTE are passed to the member on the 510K-1, part C., line 5. The PTE will specify the source and amount of the grant on the K-1 part G.

Coronavirus relief payments received by a PTE and passed to a member do not need to be reported on the 502LU. Only Coronavirus relief grants or forgiven loans received by an individual themself should be reported on the 502LU.

So, if you don't need the 511, you should be able to file the 510 and report the subtraction appropriately (as an other subtraction).

Also, as an FYI to those who received MD loans that were converted to grants (COVID-19 Emergency Relief Loan Fund), that conversion took place in 2021 (despite the governor's announcement of the conversion in December 2020) and you'll therefore receive a 2021 1099, with a MD subtraction in 2021. 

Level 3
June 29, 2021

This is quite helpful. Thank you very much!!

sjrcpa
Level 15
June 30, 2021

MD Form 511 and 511 Instructions  were released with in the last hour.

Administrative Release 6 has not been revised/posted yet.

So my links don't work. Try these:

https://www.marylandtaxes.gov/forms/20_forms/511.pdf

https://www.marylandtaxes.gov/forms/20_forms/PTE_Booklet_511.pdf

Why isn't the software updated yet? 😏

The more I know the more I don’t know.