Financial Benefits for Veterans in Maryland
2 Financial benefits for veterans in Maryland.
Military Retirement Pay Income Tax Subtraction
Maryland allows retired service members (and surviving spouses receiving military retirement income) to subtract a portion of military retirement pay from federal adjusted gross income before calculating Maryland state income tax.
Eligibility: Individuals receiving military retirement income. Taxpayers under age 55 may subtract up to $12,500; taxpayers age 55 and older may subtract up to $20,000.
Estimated value: Up to $12,500 (under 55) or up to $20,000 (55+) subtracted from taxable income
How to apply: Claim the subtraction on Maryland Form 502 following the resident tax booklet instructions when filing your state income tax return.
Maryland Veterans Trust Fund
The Veterans Trust Fund provides one-time emergency financial grants to Maryland veterans and their families facing temporary hardship, covering urgent needs such as rent, mortgage, utilities, and transportation.
Eligibility: Maryland veterans and surviving spouses of veterans experiencing a temporary financial emergency; surviving spouses must provide the deceased veteran's discharge and a death certificate.
Estimated value: One-time emergency grant for essential needs
How to apply: Apply through the Maryland Department of Veterans and Military Families financial support program; contact 410-260-3838 or 866-793-1577 for current application status.