Supported Forms

The following Maryland forms are supported in Drake Tax 2024. Forms denoted with can be e-signed.

Form	Description	IND	CRP	SCRP	PTR	FID
1	Business Personal Property Tax Return	t	t	t	t
1	Annual Report	t	t	t	t
2	Business Personal Property Return	t			t
500	Corporation Income Tax Return		t
500CR	Business Income Tax Credits	t	t	t	t
500D	Corporation Declaration of Estimated Income Tax		t
500DM	Decoupling Modification	t	t	t	t	t
500E	Application for Extension of Time to File Corporation Income Tax Return		t
500UP	Underpayment of Estimated Income Tax by Corporations and Pass-Through Entities		t	t	t
502	Resident Income Tax Return	t
502AC	Subtraction for Contribution of Artwork	t
502B	Dependents’ Information	t
502CR	Income Tax Credits for Individuals	t				t
502INJ	Injured Spouse Claim Form	t
502R	Retirement Income	t
502S	Heritage Structure Rehabilitation Tax Credit	t	t	t	t	t
502SU	Subtractions from Income	t
502TP	Computation of Tax Preference Income	t				t
502UP	Underpayment of Estimated Income Tax by Individuals	t
502V	Use of Vehicle for Charitable Purposes	t
502X	Amended Tax Return	t
504	Fiduciary Income Tax Return					t
504CR	Business Income Tax Credits for Fiduciaries					t
504D	Fiduciary Declaration of Estimated Income Tax					t
504E	Application for Extension to File Fiduciary Income Tax Return					t
504NR	Fiduciary Nonresident Income Tax Calculation					t
504UP	Underpayment of Estimated Income Tax by Fiduciaries					t
505	Nonresident Income Tax Return	t
505NR	Nonresident Income Tax Calculation	t
505SU	Nonresident Subtractions from Income	t
505X	Nonresident Amended Tax Return	t
510	Pass-Through Entity Income Tax Return			t	t
510/511D	Pass-Through Entity Declaration of Estimated Income Tax			t	t
510/511E	Application for Extension to File Pass-Through Entity Income Tax Return			t	t
510C	Composite Pass-Through Entity Income Tax Return			t	t
511	Maryland Pass-Through Entity Election Income Tax Return			t	t
548	Power of Attorney	t	t	t	t	t
588	Direct Deposit of Maryland Income Tax Refund to More Than One Account	t
EL101	e-File Declaration for Electronic Filing	t
EL101B	e-File Declaration for Businesses Electronic Filing		t	t	t	t
EL102B	Income Tax Payment Voucher for Business Electronic Filers		t	t	t
HTC60	Homeowner’s Property Tax Credit Application	t
MD4562	Depreciation and Amortization	t	t	t	t	t
PV	Personal Tax Payment Voucher for Form 502/505, Estimated Tax and Extensions	t
RTC60	Renter’s Property Tax Credit Application	t
Schedule A (504)	Fiduciary Income Tax Return Schedule A					t
Schedule A (510)	Computation of Apportionment Factor			t	t
Schedule A (511)	Computation of Apportionment Factor			t	t
Schedule B (510)	Pass-Through Entity Income Tax Return Members’ Information			t	t
Schedule B (511)	Pass-Through Entity Election Income Tax Return Members’ Information			t	t
Schedule K-1 (504)	Fiduciary Beneficiary's Information					t
Schedule K-1 (510/511)	Pass-Through Entity Member’s Information	t	t	t	t	t
ST-118A	Consumer Use Tax for Purchases	t

Tax Law Changes

• Form 500CR, Business Income Tax Credits – Part G - Catalytic Revitalization and Historic Revitalization Tax Credit – 2 new lines added: for completed projects and phased projects.

• Form 502B, Dependent's Information – Dependent Date of Birth is required on the form

• Form 502, Resident Income Tax Return

  • Line 1e – Increased investment income limit to $11,600

  • Line 10a – Increased maximum pension exclusion amount (per taxpayer) to $39,500

  • Earned Income Credit (EIC) and Refundable Earned Income Credit (REIC) max amounts and income limits increased.

  • The following local county rates have changed for tax year 2024:

    • Anne Arundel

    • Cecil

    • Frederick

• Form 502, Resident Income Tax Return, and Form 505, Nonresident Income Tax Return

  • Standard deduction changes:

    • Single and Married Filing Separately with Dependents statuses – Minimum deduction has been increased to $1,800; maximum deduction has been increased to $2,700; income range has been adjusted to $12,000 – $18,000.

    • Married Filing Jointly, Head of Household, and Qualifying Surviving Spouse statuses – Minimum deduction has been increased to $3,650; maximum deduction has been increased to $5,450; income range has been adjusted to $24,333 – $36,333.

  • Poverty income levels have been increased as follows:

    • One-person household – $15,060

    • Each additional personal – An additional $5,380

  • Filing thresholds have been adjusted as follows for tax year 2024:

Filing Status	Age Restriction	Income Equals or Exceeds
Single	Under 65 65 or older	$14,600 $16,550
Married Filing Separately	N/A	$14,600
Married Filing Jointly	Both spouses under 65 One spouse 65 or older Both spouses 65 or older	$29,200 $30,750 $32,300
Qualified Surviving Spouse	Under 65 65 or older	$29,200 $30,750
Head of Household	Under 65 65 or older	$21,900 $23,850

• Form 502CR, Income Tax Credits for Individuals

  • Part B – Child and Dependent Care Expenses and Part CC, Line 7 - Refundable Child and Dependent Care Expenses Tax Credit, Part B FAGI limits increased from $161,100 to $169,900 for MFJ and from $103,650 to $109,300 for all other statuses – Part CC limits increased from $84,500 to $89,100 for MFJ and from $56,300 to $59,400 for all other statuses. These credits are available to Residents only.

  • Part G and Summary – Venison Donation Tax Credit reinstated.

  • Part E – Long Term Care Credit: Credit for individuals under the age of 40 has decreased from $480 to $470.

  • Part CC, Line 5 – Refundable Credits; Catalytic Revitalization and Historic

  • Revitalization Tax Credit – 2 new lines added: for completed projects and phased projects.

• Form 502SU, Subtractions from Income, and Form 505SU, Nonresident Subtractions from Income

  • New Subtraction yd - Amount of the benefit payment provided to an individual or the family member of an individual as a result of the individual being injured or killed in the collapse of the Francis Scott Key Bridge MD502 and MD505

  • New Subtraction ye - Amount of tuition assistance provided to the taxpayer through the Fallen Workers Scholarship Fund MD502 and MD505

  • New Subtraction xx - Up to $1,000 for donations of certain disposable diapers, certain hygiene products, and certain monetary gifts made by a taxpayer during the taxable year to certain qualified charitable entities MD505

  • Subtraction code vb removed; amount from former subtraction vb will be claimed with subtraction va MD502 and MD505

  • Subtraction ww – Added two lines: money contributed to savings account without interest and interest earned from savings account MD502

• Form 502UP, Underpayment of Estimated Income Tax by Individuals – Updated interest rates (visit MarylandTaxes.gov)

• Form 502V, Use of Vehicle for Charitable Purposes – Increased mileage rate reimbursement to 67 cents per mile (01/01/2024 – 12/31/2024)

• Forms 502X, Amended Tax Return, and 505X, Nonresident Amended Tax Return – New check box for nonresident sale of property

• Form 505, Nonresident Income Tax Return – New check box for nonresident sale of property

e-File Reminder

The MD Department of Revenue requests that taxpayers include a driver’s license or state-issued identification number on their tax return. Doing so may expedite the return processing but is not required.