The Maryland 504 Form is a Fiduciary Income Tax Return used by estates and trusts to report their income and calculate tax liabilities. This form is essential for fiduciaries managing the financial affairs of a decedent’s estate or a trust, ensuring compliance with Maryland tax regulations. To get started on your Maryland 504 Form, click the button below.
The Maryland 504 form serves as a crucial document for fiduciaries managing estates and trusts within the state. It is primarily used to report income, deductions, and taxes owed by these entities, ensuring compliance with Maryland's tax regulations. This form is specifically tailored for various types of entities, including decedent's estates, simple trusts, complex trusts, and grantor-type trusts, among others. Each section of the form requires detailed information, such as the fiduciary's name, address, and federal employer identification number, alongside specifics related to the decedent's estate, like the date of death and domicile. Additionally, it addresses resident and non-resident status, allowing fiduciaries to accurately report their tax obligations. A unique aspect of the Maryland 504 form is its inclusion of modifications to federal income, which can affect the taxable income calculation. Furthermore, the form provides a mechanism for claiming deductions for non-resident beneficiaries and credits for taxes paid to other states, thus ensuring a comprehensive approach to fiduciary tax reporting. As such, understanding the intricacies of this form is essential for fiduciaries to navigate their tax responsibilities effectively.
Md Department of Assessments and Taxation - Maintaining this form in loan files ensures clear records for future reference.
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Maryland State Tax Forms - Filing the 505Nr form aids nonresidents in understanding their Maryland tax responsibilities.
MARYLAND
FIDUCIARY INCOME
FORM
TAX RETURN
504
OR FISCAL YEAR BEGINNING
2022, ENDING
Federal Employer Identification Number (9 digits)
Name of Estate or Trust
Black Ink Only
Name and Title of Fiduciary
Current Mailing Address of Fiduciary - Line 1 (Street No. and Street Name or PO Box)
Using Blue or
Current Mailing Address of Fiduciary - Line 2 (Apt No., Suite No., Floor No.)
Print
2022
$
STAPLE CHECK HERE
City or Town
State
ZIP Code
+4
Country Name
Foreign Province/State/County
Foreign postal code
TYPE OF ENTITY - Check the box(es) on the return corresponding to your federal return.
1.
Decedent's estate
4.
Grantor type trust
7.
Electing Small Business Trust
2.
Simple trust
5.
Bankruptcy estate
8.
Other
3.
Complex trust
6.
Qualified funeral trust
DECEDENT'S ESTATE INFORMATION
If Decedent's estate:
Date of death
Decedent's Social Security Number
Domicile of decedent
Check here if final return.
(do not enter / or -)
RESIDENT STATUS
AMENDED RETURN
Check box if resident and complete the following
Check applicable box(es).
Subdivision Code
This is an amended return. (Attach documentation)
County
Net operating loss is being carried back.
City, town or taxing area
Name or address has changed.
Check box if nonresident. See Form 504NR
Federal taxable income of fiduciary (from line 23 of federal Form 1041). See Instruction 9
.00
Exemption claimed on federal return
.. .Income from Electing Small Business Trust (ESBT). Do Not Prorate. See Instruction 10
Federal taxable income plus nonallocable additions (Enter the sum of line 1 through line 3.)
.. . . . .
Fiduciary’s Share of Maryland Modifications (Enter the positive or negative number from Form 504
Schedule A line 8, 9d or 10f.)
. . . . . . . . .
. . . 對
Line 4 plus or minus line 5
Nonresident beneficiary deduction from Form 504 Schedule A, line 13
..
.
. .
. . . . . . . .
. . .
. . . . .
.. . . . . . . .Maryland adjusted gross income (Subtract line 7 from line 6.)
9.
. .. . .Maryland exemption. See Instruction 10
10.
Fiduciary's Maryland taxable net income. (Subtract line 9 from line 8.)
NOTE: Nonresident fiduciary - see instruction for Form 504NR.
11.
Maryland tax (Use rate schedule in instructions or enter amount from Form 504NR, line 21.) .. . .
COM/RAD-021
page 2
NAME
FEIN
12.Special nonresident tax Nonresidents: Enter the amount from Form 504NR, line 22.
(See Instruction 14.) Residents: Enter zero. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Total Maryland tax (Add lines 11 and 12.).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
14.Credit for fiduciary income tax paid to another state and/or credit for preservation and conservation
easements from Part AA, line 1 and Part AA, line 6 of Form 502CR (Attach Form 502CR.).. . . . 14.
15. Enter the Nonrefundable Business Tax Credits from Part AAA of Form 504CR. . . . . . . . . . . . . . . 15.
16. Total credits (Add lines 14 and 15).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
17. Maryland Tax after credits (Subtract line 16 from line 13, if less than zero, enter zero)... . . . . . . 17.
18.Local tax (Multiply the fiduciary's Maryland taxable net income from line 10 by
19.
.0
). See Instruction 15. Non-residents: enter zero
. . . . . . . . . . .
18.
Local Credit for fiduciary income tax paid to another state from Part BB of Form 502CR
20.
Local tax after credit. (Subtract line 19 from line 18.) If less than zero, enter zero
21.
Total Maryland and local tax. (Add lines 17 and 20.)
22.
Contribution to Chesapeake Bay and Endangered Species Fund
23.
. . . .Contribution to Developmental Disabilities Services and Support Fund
24.
Contribution to Maryland Cancer Fund
25.
.. . . . . . . . . . . . . . . . . . . .Contribution to Fair Campaign Financing Fund
26.
Total Maryland income tax, local income tax and contributions (Add lines 21 through 25.).
27.
Maryland and local tax withheld. See Instruction 17
28.Estimated tax payments and payments made with extension request and
with Form MW506NRS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.
29.Nonresident tax paid by pass-through entities.
(Attach Maryland Schedule K-1 (510/511)).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.
30.Refundable Business and/or Heritage Structure Rehabilitation tax credits
(Attach Form 504CR and/or Form 502S.)
. . . . . . . . . .
30.
31.
Total payments and credits (Add lines 27 through 30.)
32.
Balance due (If line 26 is more than line 31, enter the difference.)
33.
Overpayment (If line 26 is less than line 31, enter the difference.)
34. Amount of overpayment to be applied to 2023 estimated tax
34.
35.
.. . . . . . .Amount of overpayment to be refunded (Subtract line 34 from line 33.)
REFUND
36.
Interest charges from Form 504UP
or for late filing
. . . . Total
37.
TOTAL AMOUNT DUE (Add lines 32 and 36.)
AMENDED RETURNS
If you are filing an amended fiduciary income tax return, check the applicable boxes and draw a line through any bar codes on the front. Explain the changes you are making in the space below. Attach a copy of the amended federal Form 1041 if the federal return is being amended, and any other required documentation.
________________________________________________________________________________________________________
page 3
DIRECT DEPOSIT OF REFUND (see Instruction 18)
Verify that all account information is correct and clearly legible. If you are requesting direct deposit of your refund, com- plete the following. For Splitting Direct Deposit, use Form 588.
Check here if this refund will go to an account outside of the United States.
Check here if you authorize the State of Maryland to issue your refund by direct deposit.
38.For the direct deposit option, complete the following information clearly and legibly:
38a.
Type of account:
Checking
Savings
38b.
Routing Number (9-digits):
38c.
Account number:
38d.
Name(s) as it appears on the bank account
. 38d.
SIGNATURE AND VERIFICATION
Check here
if you authorize your preparer to discuss this return with us.
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements and to the best of my knowledge and belief it is true, correct and complete. If prepared by a person other than taxpayer, the declaration is based on all information of which the preparer has any knowledge.
Signature of Fiduciary or Officer representing Fiduciary
Date
Printed name of the Preparer / or Firm's name
Street address of Preparer or Firm's address
City, State, ZIP Code + 4
Signature of preparer other than fiduciary (Required by Law)
Telephone number of preparer
Preparer’s PTIN (Required by Law)
Daytime telephone number (Fiduciary)
CODE NUMBERS (3 digits per line)
Nonresidents must include Form 504NR.
Make checks payable to and mail to:
Comptroller Of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001
(Write Your Federal Employer Identification Number On Check Using Blue Or Black Ink.)
In reality, this form is specifically designed for fiduciaries, which include estates, trusts, and other entities. It is not limited to individual taxpayers.
Filing is mandatory for fiduciaries that meet certain income thresholds or have tax liabilities. It is important to understand the requirements to avoid penalties.
While the form is typically filed annually, fiduciaries may need to file amended returns if changes occur or if errors are discovered. This flexibility allows for accurate reporting.
Not all income is subject to Maryland taxation. Certain deductions and exemptions can reduce the taxable income reported on the form, which fiduciaries should take into account.
Nonresident fiduciaries who have Maryland-source income are also required to file this form. This includes income generated from property or businesses located in Maryland.
Maintaining accurate records is essential. Documentation supports the information reported on the form and is necessary in case of an audit or review by the state.
The Maryland 504 form is distinct from personal income tax returns. It involves different calculations, deductions, and reporting requirements specific to fiduciaries.
After filing, fiduciaries may need to respond to any inquiries from the Maryland Comptroller's office. Additionally, they should monitor for any changes in tax laws that may affect future filings.
Filling out the Maryland 504 form can be a daunting task, and many individuals make common mistakes that can lead to delays or issues with their tax returns. One frequent error is failing to select the correct type of entity. The form provides several options, including decedent’s estate, simple trust, and complex trust. Choosing the wrong type can affect the entire tax calculation and may result in an incorrect filing status.
Another common mistake is not providing accurate decedent’s estate information. This section requires specific details such as the date of death and the domicile of the decedent. Omitting this information or entering it incorrectly can lead to complications in processing the return. It is essential to double-check these details to ensure they match official documents.
People often overlook the importance of indicating resident status. The form includes options for both residents and nonresidents, and failing to check the appropriate box can lead to significant tax implications. Nonresidents, in particular, must provide additional information, and neglecting this can result in the return being flagged for review.
Another area where mistakes frequently occur is in calculating the Maryland adjusted gross income. This figure is crucial for determining the tax owed. Errors in arithmetic, such as miscalculating the nonresident beneficiary deduction or failing to correctly sum the lines, can lead to an inaccurate tax liability. It’s advisable to verify calculations or seek assistance if needed.
Lastly, many individuals forget to sign and date the form. This may seem trivial, but without a signature, the return is considered incomplete. The fiduciary or an authorized officer must provide their signature, ensuring the form is valid. Taking the time to review the entire form before submission can help prevent this oversight.
When filling out and using the Maryland 504 form, there are several important points to keep in mind to ensure a smooth and accurate filing process.
By keeping these key takeaways in mind, you can navigate the Maryland 504 form process more effectively, ensuring that you meet all requirements and obligations with confidence.
The Maryland 504 form is essential for fiduciaries managing estates or trusts in Maryland. However, several other forms and documents are often used in conjunction with it to ensure compliance and accurate reporting. Below is a list of these forms, each serving a specific purpose in the tax process.
Using these forms alongside the Maryland 504 ensures a comprehensive approach to fiduciary income tax compliance. Each document plays a vital role in accurately reporting income, deductions, and tax obligations, thus facilitating smoother tax processes for fiduciaries and beneficiaries alike.
The Maryland 504 form is comparable to the IRS Form 1041, which is the U.S. Income Tax Return for Estates and Trusts. Both forms serve the purpose of reporting income, deductions, and tax liability for estates and trusts. The IRS Form 1041 requires similar information regarding the fiduciary's share of income, deductions, and credits. Just like the Maryland 504, the 1041 also allows for adjustments based on distributions made to beneficiaries. Both forms ultimately determine the tax obligations of the fiduciary on behalf of the estate or trust.
Another similar document is the IRS Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return. While the Maryland 504 focuses on income tax, Form 706 is concerned with estate tax. Both forms require detailed information about the decedent's estate, including assets and liabilities. They are both filed by the fiduciary and are essential for ensuring compliance with federal and state tax laws. The information provided in both forms is critical for determining tax obligations and potential liabilities for the estate.
The Maryland 504 form also resembles the IRS Form 990, which is the Return of Organization Exempt from Income Tax. This form is typically used by non-profit organizations, but like the Maryland 504, it requires detailed financial information. Both forms require a breakdown of income and expenses, and both serve to ensure transparency and compliance with tax regulations. While the context differs—one being for estates and trusts and the other for non-profits—the underlying principles of reporting and accountability are quite similar.
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Another related document is the Maryland Form 502, the Maryland Resident Income Tax Return. While the Maryland 504 is specifically for fiduciaries, Form 502 is for individual residents. Both forms require similar types of income reporting and deductions, and both ultimately determine the tax liability for the filer. They share common elements, such as the calculation of taxable income and the application of tax credits, emphasizing the consistent framework of Maryland's tax reporting system.
Additionally, the Maryland Form 504NR, which is the Nonresident Fiduciary Income Tax Return, closely parallels the Maryland 504 form. Both forms are used to report income for fiduciaries, but the 504NR specifically addresses nonresidents. The structure and required information are largely the same, including details about income, deductions, and tax credits. This similarity allows for a streamlined process for fiduciaries who may be dealing with multiple tax jurisdictions.
Lastly, the Maryland Form 515, the Maryland Nonresident Income Tax Return, is another document that shares characteristics with the Maryland 504 form. While the 515 is for individual nonresidents, both forms require reporting of income earned in Maryland and allow for the calculation of tax liability. They both emphasize the importance of accurately reporting income and claiming appropriate deductions or credits, reinforcing the state's tax compliance framework for both fiduciaries and individual taxpayers.