How do you enter a 502CR for Maryland?

Forum|Forum|5 years ago
January 25, 2021
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How do you enter the 502CR for Maryland? I see Turbotax supports this form yet I can not easily jump to it?

TurboTax Premier Online

ErnieS0

There is no jump to for Maryland Form 502CR because the form is used for multiple credits. Most of these credits are on the screen Take a look at Maryland Credits.

Tax Credits for Income Taxes Paid to Other States and Localities (Other State Tax Credit Summary)
Credit for Child and Dependent Care Expenses (this transfers if you have a daycare credit on federal taxes)
Quality Teacher Incentive Credit (Take a look at Maryland Credits)
Credit for Aquaculture Oyster Floats (Take a look at Maryland Credits)
Long-Term Care Insurance Credit (Take a look at Maryland Credits)
Credit for Preservation and Conservation Easements (Take a look at Maryland Credits)
Venison Donation (Take a look at Maryland Credits)
Community Investment Tax Credit (Take a look at Maryland Credits)
Endow Maryland Tax Credit (Take a look at Maryland Credits)
Preceptors In Areas With health Care Workforce Shortages Tax Credit (Take a look at Maryland Credits)
Independent Living Tax Credit (Take a look at Maryland Credits)
Endowments of Maryland Historically Black Colleges and Universities Tax Credit (Take a look at Maryland Credits)

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bryanc767Author

Thanks, that is true the 502CR is the general form to enter in the credits.
My question was related to PART CC- REFUNDABLE INCOME TAX CREDITS - Student Loan Debt Relief Tax Credit.

It turns out, you have to print and paper file your taxes + supporting documents for this credit

Emg1111

Were you able to complete all the calculations and such with TurboTax and then just print and mail with the supporting documentation, or did you have to compete the entire return by hand, outside of TT, to get the credit to work?

bryanc767Author

I had to complete the entire 502CR form by hand and include that + retrieving payment history from the Fed Loan Servicer website showing the payments made in full (this part is a little tricky, you will need to modify the date range so you ONLY extract the payment which is equal to your 502 credit amount that the State gave you. I then had to send all of this via Fedex (I wanted a tracking number and insurance) to the IRS.

That said, most of the information on the 1st page of 502CR is pulled straight from your tax document. Heres the fields I filled in:
Page 1: Fields 1-14 (mostly all from your tax document after TT creates it)
Page 2: Field 5
Page 3: Part AA - Field 1
Page 4: Part CC - Field 1 and Field 8
Everything was blank - the state accepted this and in my portal it shows the verification is completed. Please keep in mind, taxes are different for everyone, just because I didnt have anything in the blank fields doesn't mean you wont.

MikeFletch

I think I am elegible for the Senior Credit on Maryland Form 502CR, Part M. How can I claim it in Turbotax?

wnorris3

Individual goes to school in another state and lives in Maryland.

Why does TT require her to complete a 502CR? She did not work in another state and pay taxes just

went to college.

BillM223

Then how did TurboTax know that she went to school in another state? You must have entered a form with the other state's withholding (meaning that she did work out of Maryland) or she indicated that she lived in another state besides Maryland, which would not be correct if all she did was go to college out of state.

A college student who goes out of state to school is still considered to live with her parents.

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