Maine Part 1A (Including Schedules A, B, C, D and Drops) is a set of tax forms for individuals and businesses in the state of Maine. This includes the individual income tax return (Form 1040ME) and the corporate income tax return (Form 1120ME), as well as Schedule A (itemized deductions), Schedule B (Interest and Dividends), Schedule C (Business Income and Expenses), Schedule D (Capital Gains and Losses) and Drops (Deduction Reimbursement Plans). The DRP allows taxpayers to deduct certain expenses from their taxable income to reduce their tax liability. Additionally, Schedule C allows for the deduction of certain business expenses, such as advertising, supplies, office rent, and other business expenses.
Maine Part 1A (Including Schedules A, B, C, D and DRPs)
State:
Maine
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ME-SKU-0128
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Part 1A (Including Schedules A, B, C, D and DRPs)
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FAQ
You were a Maine resident during any part of the tax year. Your household ?adjusted gross income? is not more than: $33,333 a year for a household of 1 (filing as single individual), $43,333 for a household of 2 (filing jointly or as head of household with 2 personal exemptions), or.
Owned or rented a home in Maine during any part of the tax year and lived in that home during the year as a primary residence; Paid property tax or rent on the primary residence in Maine during the tax year; Meet certain income and property tax and/or rent paid limitations during the tax year; and.
The State Property Tax Deferral Program is a lifeline loan program that can cover the annual property tax bills of Maine people who are ages 65 and older or are permanently disabled and who cannot afford to pay them on their own.
Maine Property Tax Deferral Program In 2021, the Maine Legislature reinstated this property tax deferral program to help seniors and the fully disabled stay in their homes and age in place. For qualified and approved applicants, the State of Maine will pay the property taxes each year.
The 2022 Maine personal exemption amount is $4,450 and the Maine basic standard deduction amounts are $12,950 for single and $25,900 for married individuals filing joint returns.
Maine reduces the itemized/standard deduction for a taxpayer with an adjusted gross income over the limit for the taxpayer's filing status. The limits for 2023 are: $91,500 if filing Single or Married Filing Separately. $137,300 if filing Head of Household.
To qualify, your household income must be $53,333 or less (depending on your filing status and number of exemptions). Your property tax on your home in Maine must be more than 6% of your adjusted gross income. If you pay rent, your rent was more than 40% of your adjusted gross income.
For State of Maine Forms visit The Maine Tax Portal. If you have any questions regarding State of Maine taxes you can email taxpayerassist@maine.gov with ?Portal? in the subject line. You can also reach the State of Maine Revenue Service by telephone at 207-624-9784 between the hours of 9 AM and 12 PM.