Maryland Form 502lc - State And Local Tax Credit For Income Taxes Paid To Other States And Localities

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MARYLAND
STATE AND LOCAL TAX CREDIT FOR
FORM
INCOME TAXES PAID TO OTHER STATES
502LC
AND LOCALITIES
Attach to your tax return.
CALENDAR TAX YEAR 201
OR FISCAL YEAR BEGINNING
/
/201 , ENDING
/
/201
.
First Name
Initial
Last Name
Social Security Number
Spouse's First Name
Initial
Spouse's Last Name
Spouse's Social Security Number
Current Mailing Address (PO Box, number, street and apt. no)
City or Town
State
ZIP Code
If you were a part-year resident, do not claim a credit for tax paid on "Income received during period of nonresidence"
line of the Form 502.
.
1.
Enter your taxable net income from Form 502 (or Form 502X; or Form 504) . . . . . . . . . . . . . . . . . .1.
2.
Taxable net income in other state. Write on this line only the net income which is taxable in both
the other state and Maryland. If you are taxed in the other state on income which is not taxable
in Maryland, do not include that amount here. NOTE: When the tax in the other state is a
percentage of a tax based on your total income regardless of source, you must apply the same
percentage to your taxable income in the other state to determine the income taxable in both
.
states. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.
.
3.
Revised taxable net income (Subtract line 2 from line 1.) If less than zero, enter zero. . . . . . . . . .3.
4.
Enter the Maryland tax from Form 502 (or Form 502X; or Form 504).
.
This is the Maryland tax based on your total income for the year. . . . . . . . . . . . . . . . . . . . . . . . .4.
5.
Tax on amount on line 3. Compute the Maryland tax that would be due on the revised taxable
net income by using the Maryland Tax Table or Computation Worksheet contained in the
.
instructions for Forms 502 or 504. Do not include the local income tax. . . . . . . . . . . . . . . . . .5.
.
6.
Tentative State tax credit (Subtract line 5 from line 4.) If less than zero, enter zero. . . . . . . . . . .6.
7.
Enter the Local tax from Form 502 (or Form 502X; or Form 504). This is the Local tax based on
.
your total income for the year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
8.
Local tax on amount on line 3. Compute the Local tax that would be due on the revised taxable
.
net income by multiplying line 3 by your Local tax rate .0
. . . . . . . . . . . . . . . . . . . . . . . . . .8.
.
9.
Tentative Local tax credit (Subtract line 8 from line 7.) If less than zero, enter zero. . . . . . . . . . .9.
.
10. Tentative Total Tax Credit (Add line 6 and line 9.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10.
11. Total state and local tax shown on tax return(s) filed with the state of (Enter 2-letter state code,
code must be entered for credit to be allowed)
Enter the amount of your income tax liability
(after deducting any credits for personal exemptions) to the other state and locality in the other
state (where applicable.). Do not enter state or locality tax withheld from your W-2 forms. It is
important that a copy of the tax return that was filed with the other state and/or locality
.
be attached to your Maryland return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.
12. Credit for income tax paid to other state and/or locality. Your credit for taxes paid to another state
and/or locality is the smaller of the tax actually paid (line 11) or the reduction in Maryland tax
resulting from the exclusion of income in the other state and/or locality (line 10). Write the lesser
.
of line 11 or line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.
.
13. State Credit for Income Tax Paid to other state (Lesser of line 6 or line 12.).. . . . . . . . . . . .
13.
.
14. Local Credit for Income Tax Paid to other state (Subtract line 13 from line 12.) . . . . . . . . . .
14.
If the amount on line 14 is not greater than zero, you do not qualify for the local credit.
Form 502LC and Form 502CR must be attached to the annual return (Form 502, 502X or 504) and filed with the
Comptroller of Maryland, Revenue Administration Division, P.O. Box 2601, Annapolis, MD 21404-2601.
FAILURE TO MAIL THE RETURN TO THIS ADDRESS WILL RESULT IN THE DELAY OF THE CLAIMED CREDIT(S).
COM/RAD-012a

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