The 502D Maryland form is the Personal Declaration of Estimated Income Tax, which allows taxpayers to report and pay their estimated income tax for the year. This form is essential for individuals who expect to owe more than $500 in state taxes not withheld from their income. To ensure compliance and avoid penalties, it is important to fill out this form accurately and submit it on time.
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The 502D Maryland form, formally known as the Personal Declaration of Estimated Income Tax, is an essential tool for Maryland residents who need to manage their estimated tax payments throughout the year. This form is part of the state’s pay-as-you-go tax system, which requires individuals to pay taxes on income as it is earned, rather than waiting until the end of the tax year. Taxpayers must file this declaration if they expect to owe more than $500 in taxes beyond what is withheld from their wages. The form allows individuals to calculate their estimated tax liability based on expected income, deductions, and credits, ensuring they stay compliant with state tax regulations. Notably, the form includes a worksheet to help users estimate their taxable income, and it provides deadlines for quarterly payments, which are typically due on April 15, June 15, September 15, and January 15 of the following year. Additionally, taxpayers have the option to file electronically, simplifying the process and allowing for future payments to be scheduled at the same time. Understanding how to accurately complete the 502D form can help individuals avoid penalties and ensure that they meet their tax obligations in a timely manner.
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FORM
MARYLAND PERSONAL DECLARATION
502D
OF ESTIMATED INCOME TAX
2012
OR FISCAL YEAR BEGINNING
2012, ENDING
YOU MAY FILE AND PAY YOUR ESTIMATED TAXES ELECTRONICALLY. VISIT US AT WWW.MARYLANDTAXES.COM AND LOOK FOR ONLINE SERVICES.
IN ADDITION TO MAKING A SINGLE ESTIMATED PAYMENT, YOU MAY ALSO CHOOSE TO SET UP FUTURE ESTIMATED PAYMENTS AT THE SAME TIME.
Print Using Blue or Black Ink Only
CHECK HERE IF THIS IS
A CHANGE OF ADDRESS
A JOINT DECLARATION
Social Security number
Spouse's Social Security number
Your First Name
Initial
Last Name
Spouse's First Name
Number and Street
City or Town
State
Zip Code
ME
For Office Use Only
YE
EC
Please
IF YOU RECEIVE THE DECLARATION OF ESTIMATED PERSONAL INCOME TAX PACKET WHICH INCLUDES THE FOUR PREPRINTED VOUCHERS FOR SUBMITTING ESTIMATED PAYMENTS, PLEASE USE THE PREPRINTED VOUCHERS INSTEAD OF THIS FORM OR FILE ELECTRONICALLY.
IF YOU DID NOT RECEIVE THE PACKET AND DO NOT ELECT TO FILE ELECTRONICALLY, USE THIS FORM TO REMIT ANY PAYMENT DUE AT THIS TIME. IF VOUCHERS ARE NEEDED FOR REMAINING INSTALLMENTS OF THE CURRENT TAX YEAR, CHECK HERE
STAPLE CHECK HERE
IMPORTANT: Please review the instructions before completing this form. If you are using this form for subsequent estimated payments and you have previously calculated the amounts you must pay for each quarter, you do not need to complete this worksheet.
ESTIMATED TAX WORKSHEET
1.
Total income expected in 2012 (federal adjusted gross income)
1.________________
2.
Net modifications (See instructions)
2.________________
3.
Maryland adjusted gross income (line 1, plus or minus line 2)
3.________________
4.Deductions:
a. If standard deduction is used, see instructions.
b. If deductions are itemized, enter total of federal itemized deductions less state and local income taxes.. . .
4.
________________
5.
Maryland net income (Subtract line 4 from line 3)
6.
Personal exemptions (See instructions)
7.
Taxable net income (Subtract line 6 from line 5)
8.
Maryland income tax (See instructions)
9.
Personal and business income tax credits
10.
Subtract line 9 from line 8 (If less than 0 enter 0)
11.
Local income tax or special nonresident income tax: Multiply line 7 by .0
(See instructions)
12.
Total 2012 Maryland and local income tax (Add lines 10 and line 11)
13.
Maryland income tax to be withheld during the year 2012
14.
Total estimated tax to be paid by declaration (Subtract line 13 from line 12)
15.
Amount to be submitted with declaration (Divide line 14 by 4)
For payment by credit card see payment instructions.
ESTIMATED TAX PAID FOR 2012 WITH THIS DECLARATION (If filing and paying electronically or by credit card
do not submit this form) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
Make checks payable to and mail to:
COMPTROLLER OF MARYLAND
REVENUE ADMINISTRATION DIVISION.
Annapolis, Maryland 21411-0001
(It is recommended that you include your Social Security number on check using blue or black ink)
COM/RAD-013 11-49
PAGE 2
INSTRUCTIONS
Purpose of declaration The filing of a declaration of estimated Maryland income tax is a part of the pay-as-you-go plan of income tax collection adopted by the State. If you have any income such as pensions, business income, lottery, capital gains, interest, dividends, etc., from which no tax is withheld, or wages from which not enough Maryland tax is withheld, you may have to pay estimated taxes. The law is similar to the federal law.
Who must file a declaration You must file a declaration of estimated tax if you are required to file a Maryland income tax return AND your gross income would be expected to develop a tax of more than $500 in excess of your Maryland withholding.
You must file a declaration with payment in full within 60 days of receiving $500 or more of income from awards, prizes, lotteries or raffles, whether paid in cash or property if Maryland tax has not been withheld. A husband and wife may file a joint declaration.
When to file a declaration You must pay at least one-fourth of the total estimated tax on line 14 of this form on or before April 15, 2012. The remaining quarterly payments are due June 15, 2012, September 15, 2012 and January 15, 2013. You may pay the total estimated tax with your first payment, if you wish. If you are filing on a fiscal year basis, each payment is due by the 15th day of the 4th, 6th, 9th and 13th months following the beginning of the fiscal year.
Overpayment of tax If you overpaid your 2011 income tax (Form 502 or 505) you may apply all or part of the overpayment to your 2012 estimated tax. If the overpayment applied equals or exceeds the estimated tax liability for the first quarterly payment, you are not required to file the declaration. If the overpayment applied is less than the estimated tax liability, you should file the declaration and pay the balance of the first installment. Preprinted vouchers will be mailed to you for the remaining payments.
How to estimate your 2012 tax The worksheet on page 1 is designed to develop an estimate of your 2012 Maryland and local income tax. Be as accurate as you can in forecasting your 2012 income. You may use your 2011 income and tax as a guide, but if you will receive more income than you did in 2011, you must pay at least 110% of your prior year tax to avoid interest for underpayment of estimated tax. For the purpose of estimating, rounding all amounts to the nearest dollar is recommended.
Nonresidents may use the Nonresident Estimated Tax Calculator at www.marylandtaxes.com.
Specific Instructions:
Line 1. Total income expected in 2012 is your estimated federal adjusted gross income.
Line 2. Net modifications. You must add certain items to your federal adjusted gross income. See Instruction 12 of the tax booklet. You may subtract certain items from federal adjusted gross income. See Instruction 13 of the tax booklet. Enter on this line the net result of additions and subtractions.
Line 4. Deductions. You may compute your tax using the standard deduction method or the itemized deduction method.
Standard deduction. Compute 15% of line 3.
For Filing Status 1, 3, 6: if the amount computed is less than $1,500, enter $1,500; if the amount is between $1,500 and $2,000, enter that amount; if the amount is more than $2,000, enter $2,000.
For Filing Status 2, 4, 5: if the amount computed is less than $3,000, enter $3,000; if the amount is between $3,000 and $4,000, enter that amount; if the amount is more than $4,000, enter $4,000.
Itemized deductions. Enter the total of federal itemized deductions less state and local income taxes.
Line 6. Personal exemptions. If your FAGI will be $100,000 or less, you are allowed:
a. $3,200 each for taxpayer and spouse.
b. $1,000 each for taxpayer and spouse if age 65 or over and/or blind.
c. $3,200 for each allowable dependent, other than taxpayer and spouse. The amount is doubled for allowable dependents age 65 or over.
If your AGI will be more than $100,000, see chart below to determine the amount of exemption you can claim for items a and c above.
If you will ile your tax return
Single or
Joint, Head of
If Your federal AGI is
Household
Married Filing
or Qualifying
Separately
Widow(er)
Your
Exemption is
$100,000 or less
$3,200
Over
But not
over
$100,000
$125,000
$1,600
$150,000
$800
$175,000
$0
$200,000
In excess of $200,000
Line 8. Maryland income tax. Use the tax rate schedules below to compute your tax on the amount on line 7.
For taxpayers filing as Single, Married Filing Separately, or as Dependent Taxpayers. This rate is also used for taxpayers filing as Fiduciaries.
Tax Rate Schedule I
If taxable net income is:
Maryland Tax is:
At least:
but not over:
$1,000
2.00%
of taxable net income
$2,000
$20.00
plus
3.00%
of excess over $1,000
$3,000
$50.00
4.00%
of excess over $2,000
$90.00
4.75%
of excess over $3000
$4,697.50
5.00%
of excess over $100,000
$5,947.50
5.25%
of excess over $125,000
$250,000
$7,260.00
5.50%
of excess over $150,000
--
$12,760.00
5.75%
of excess over $250,000
For taxpayers iling Joint Returns, Head of Household, or for Qualifying Widows/Widowers.
Tax Rate Schedule II
$7,072.50
$225,000
$8,322.50
of excess over $175,000
$300,000
$10,947.50
of excess over $225,000
$15,072.50
of excess over $300,000
PAGE 3
Line 11. Local or special nonresident income tax. Maryland counties and Baltimore City levy an income tax on residents that is a percentage of taxable net income. The amount you entered on line 7 is your taxable net income. Multiply that amount by your local tax rate (see below) and enter on line 11.
Baltimore City. . . . . . . . . . . . . . . .0320
Allegany County . . . . . . . . . . . . . .0305
Anne Arundel County . . . . . . . . . .0249
Baltimore County . . . . . . . . . . . . .0283
Calvert County . . . . . . . . . . . . . . .0280
Caroline County . . . . . . . . . . . . . .0263
Carroll County. . . . . . . . . . . . . . . .0305
Cecil County . . . . . . . . . . . . . . . . .0280
Charles County . . . . . . . . . . . . . . .0290
Dorchester County . . . . . . . . . . . .0262
Frederick County. . . . . . . . . . . . . .0296
Garrett County . . . . . . . . . . . . . . .0265
Harford County . . . . . . . . . . . . . . .0306
Howard County . . . . . . . . . . . . . . .0320
Kent County . . . . . . . . . . . . . . . . .0285
Montgomery County . . . . . . . . . . .0320
Prince George’s County . . . . . . . . .0320
Queen Anne’s County . . . . . . . . . .0320
St. Mary’s County . . . . . . . . . . . . .0300
Somerset County . . . . . . . . . . . . .0315
Talbot County . . . . . . . . . . . . . . . .0225
Washington County . . . . . . . . . . . .0280
Wicomico County. . . . . . . . . . . . . .0310
Worcester County . . . . . . . . . . . . .0125
Nonresidents use. . . . . . . . . . . .0125
Filing a return instead of fourth payment Instead of making the fourth declaration payment on or before January 15, 2013, you may file your 2012 personal income tax return, provided you file it on or before January 31, 2013 and pay in full with the return any balance of tax due.
Farmers and fishermen If your estimated gross income from farming or fishing is at least two-thirds of your total estimated gross income for the year, special provisions may apply. Your 2012 declaration and full payment of the estimated tax are due on or before January 15, 2013. You do not have to file the declaration if you file your complete tax return (Form 502 or 505) and pay the full amount of tax due on or before March 1, 2013.
Changes in income or exemptions Your situation may not require you to file a declaration on April 15, 2012. However, a large increase in income after that date may require you to file a declaration. If at any time during the year you need to amend your original declaration, simply increase or decrease the remaining payments.
Forms and information Declaration of estimated tax forms and any additional information may be obtained from the Comptroller of Maryland, Revenue Administration Division, 110 Carroll Street, Annapolis, Maryland 21411-0001 (410-260-7980 or 1-800-MDTAXES) or from any of its branch offices.
Electronic filing You may file and pay your 2012 estimated taxes electronically. When you use our iFile program, we give you the ability to make a single estimated tax payment, as well as providing the convenience of scheduling all of your payments at one time. These scheduled payments will be deducted from your bank account on the dates that you specify. Visit us at www.marylandtaxes.com and look for on-line services.
Payment by credit card You may pay your balance by using your MasterCard, Discover, American Express or Visa. Credit card payments may be made by telephone or over the Internet. The internet option is available to everyone. You must have filed a 2010 Maryland income tax return to use the telephone option.
Both options will be processed by Official Payments Corporation who will charge a convenience fee on the amount of your payment. The State will not receive this fee. You will be told the amount of the fee before you complete your transaction. Do not include the amount of the convenience fee as part of the tax payment.
To make a credit card payment call 1-800-2PAYTAX (1-800-272-9829) or visit their Web site at: www.officialpayments.com
Payment by check or money order Make your check or money order payable to “Comptroller of Maryland.” Write the type of tax, year of tax, and tax being paid on your check. It is recommended that you include your Social Security number on check using blue or black ink.
DO NOT SEND CASH.
Mailing instructions Mail your declaration of estimated tax to: Comptroller of Maryland
Revenue Administration Division 110 Carroll Street Annapolis, Maryland 21411-0001
Penalties and interest If you are required by law to file a declaration of estimated tax for any tax year and you either (1) fail to file on the date prescribed, (2) fail to pay the installment or installments when due or
(3)estimate a tax less than ninety (90) percent of the developed tax shown on the return for the current taxable year and which estimate was less than 110% of the tax that was developed for the prior year, you will be subject to the penalties and interest as provided by law for the failure to file a return and the failure to pay a tax when due.
This is not true. The 502D Maryland form is required for anyone who expects to owe more than $500 in Maryland income tax, regardless of their income level. If you have income from sources where no tax is withheld, such as business income or pensions, you may need to file this form.
Actually, there are specific deadlines for filing. The first payment is due by April 15, with subsequent payments due on June 15, September 15, and January 15 of the following year. Missing these deadlines can lead to penalties.
Filing the 502D form is not a substitute for your annual tax return. You still need to file your complete Maryland income tax return (Form 502 or 505) by the due date, even if you have made estimated payments.
This is incorrect. If your income changes significantly during the year, you can adjust your estimated payments. Simply increase or decrease the remaining payments as needed to reflect your new financial situation.
In fact, you have the option to file and pay electronically. Maryland offers an online service that allows you to make a single payment or schedule future payments, making the process more convenient.
This is a common misunderstanding. If you underestimate your tax liability and fail to pay at least 90% of the current year's tax or 110% of the previous year's tax, you may incur penalties and interest. It's crucial to estimate your income as accurately as possible.
Filling out the Maryland Personal Declaration of Estimated Income Tax (Form 502D) can be a straightforward process, but many people make common mistakes that can lead to complications. One frequent error is failing to review the instructions thoroughly before starting. This form has specific requirements and guidelines that are crucial for accurate completion. Skipping this step can result in incorrect calculations or missing information, leading to delays or penalties.
Another common mistake involves using the wrong ink color when filling out the form. The instructions clearly state that you should use blue or black ink only. Using any other color can make the form difficult to read or process, potentially causing issues with your submission. Ensuring that you follow this simple guideline can save you from unnecessary headaches.
Many individuals also overlook the importance of accurately estimating their income. It's easy to guess, but providing an inaccurate figure can lead to underpayment or overpayment of taxes. This can result in penalties or a larger tax bill later. It’s best to take your time and use your previous year’s income as a reference while being mindful of any expected changes for the current year.
Additionally, people often forget to include personal exemptions correctly. This section is essential for determining your taxable income. Miscalculating exemptions can lead to a higher tax liability than necessary. Carefully check the instructions regarding personal exemptions to ensure you claim everything you are entitled to.
Finally, many filers neglect to sign and date their forms before submission. This might seem minor, but an unsigned form is considered incomplete and can lead to processing delays. Always double-check that you’ve signed and dated the form to confirm your agreement with the information provided.
1. The 502D Maryland form is used to declare estimated income tax for the year, which is part of Maryland's pay-as-you-go tax system.
2. You can file and pay your estimated taxes electronically. Visit www.marylandtaxes.com for online services.
3. Use blue or black ink only when filling out the form. This ensures clarity and prevents processing issues.
4. If you receive a preprinted voucher packet, use those vouchers instead of the 502D form to submit your payments.
5. Make sure to complete the estimated tax worksheet accurately. This will help you determine your expected income and tax liability for the year.
6. Pay at least one-fourth of your estimated tax by April 15. Remaining payments are due on June 15, September 15, and January 15 of the following year.
7. If you overpaid your previous year's taxes, you can apply that overpayment to your estimated tax for the current year.
8. If your income changes significantly during the year, you may need to adjust your estimated tax payments accordingly.
9. Be aware of penalties and interest for failing to file or pay your estimated taxes on time. It's crucial to stay compliant to avoid additional costs.
When filing the Maryland Personal Declaration of Estimated Income Tax (Form 502D), several other forms and documents may also be necessary. These documents assist in ensuring compliance with tax obligations and help taxpayers accurately report their income and deductions. Below is a list of commonly used forms and documents that accompany the 502D Maryland form.
Understanding these forms and documents is crucial for accurate tax reporting and compliance. Each document serves a specific purpose in the tax filing process, allowing taxpayers to manage their obligations effectively and avoid potential penalties. It is advisable to consult with a tax professional for personalized guidance based on individual circumstances.
The Maryland Personal Declaration of Estimated Income Tax Form 502D is similar to the IRS Form 1040-ES. Both forms serve the purpose of estimating income tax payments for the upcoming tax year. They require taxpayers to project their income and tax liability, allowing them to make quarterly payments to avoid penalties. The IRS Form 1040-ES, however, is used for federal income tax, while the 502D is specific to Maryland state income tax.
Another document comparable to the 502D is the California Estimated Tax Form 540-ES. Like the Maryland form, it is designed for individuals who expect to owe tax of $500 or more. Both forms require a calculation of expected income, deductions, and credits to determine the estimated tax owed. The key difference lies in the specific tax laws and rates that apply in each state.
The New York State Estimated Income Tax Payment Voucher (Form IT-2105) is also similar. This form allows New York residents to estimate their state income tax payments. Both the IT-2105 and the 502D require taxpayers to report expected income and calculate estimated taxes based on that income. However, the tax rates and specific calculations differ according to state regulations.
The Florida Estimated Income Tax Form is another relevant document. While Florida does not have a state income tax, the form is similar in concept for those who may owe taxes on other income types, such as rental income. Both forms involve estimating potential tax liabilities and making payments accordingly, even though the context differs due to Florida's tax structure.
The Texas Franchise Tax Report resembles the 502D in that it requires businesses to estimate their tax obligations. Both documents necessitate an understanding of income projections and applicable deductions. However, the Texas form is specifically for businesses, while the 502D is for individual taxpayers.
Understanding various legal documents can be quite complex, and if you're navigating through a divorce, it is crucial to be aware of the necessary forms. One important document is the Florida Divorce Settlement Agreement form, which you can find at https://floridadocuments.net/fillable-divorce-settlement-agreement-form. This legal document outlines the agreements made by both spouses, covering essential aspects like property division and child custody, ensuring a smooth transition during the divorce process.
The Virginia Estimated Income Tax Payment Voucher (Form 760ES) is another comparable document. It allows Virginia residents to estimate and pay their state income taxes. Both forms require similar calculations of income and deductions, but they are governed by the respective tax laws of Virginia and Maryland.
The Pennsylvania Estimated Income Tax Form (Form REV-421) also shares similarities with the 502D. It is used by individuals to estimate their state income tax liabilities. Both forms require projections of income and tax calculations, but the specific rates and rules differ based on state tax laws.
The Illinois Estimated Income Tax Payment (Form IL-1040-ES) is another document that parallels the Maryland form. It is designed for individuals to estimate their state income tax. Both forms include sections for income estimation and tax calculation, but they differ in the rates and deductions applicable in Illinois compared to Maryland.
Finally, the Massachusetts Estimated Income Tax Form (Form 1-ES) is similar to the 502D. It requires taxpayers to estimate their income tax obligations and make quarterly payments. Both forms are structured to help individuals manage their tax liabilities, but they are specific to their respective state tax regulations.