cpabsd Posted March 11, 2021 Report Share Posted March 11, 2021 Client received following email regarding 1099 from MD and taxability of funds received. These are not PPP funds. These are a grant from the state of MD. Question is how specifically is this to be reflected on MD Form 510? I cannot find a place for the subtraction. I emailed the address shown but so far.... no response. Dear COVID-19 relief recipient, We will soon be sending you a 1099 for the Maryland Small Business COVID-19 Relief Grant you received. We apologize for the delay. Please be aware that due to the passage of the Relief Act of 2021, your grant is not taxable by the State of Maryland. However, it may be taxable at the federal level. The Internal Revenue Service has not issued any guidance deeming non-federal government COVID-related loans and grants to be exempted at the federal level. Please direct all questions concerning this to [email protected]. We apologize again for the inconvenience. Your 1099 will be mailed to you promptly. Maryland Department of Commerce Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 11, 2021 Report Share Posted March 11, 2021 Maybe the form is not ready. The same way it is not ready to reduce the Unemployment benefits individuals received. Quote Link to comment Share on other sites More sharing options...
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