Form 502 Up - Underpayment Of Estimated Maryland Income Tax By Individuals - 1999
ADVERTISEMENT
1FORM
UNDERPAYMENT OF ESTIMATED
99
1 1 9 9
502 UP
MARYLAND INCOME TAX
BY INDIVIDUALS
SEE EXPLANATION ON REVERSE. ATTACH THIS FORM TO FORM 502, 503 OR 505.
IMPORTANT: PLEASE REVIEW THE INSTRUCTIONS BEFORE COMPLETING THIS FORM.
FARMERS AND FISHERMEN SEE BACK OF FORM FOR COMPUTATION
IF YOUR INCOME IS TAXABLE BY ANOTHER STATE, SEE BACK OF FORM.
Your first name and initial
Last name
Social security number
Spouse’s first name and initial
Last name
Social security number
EXCEPTIONS WHICH AVOID THE UNDERPAYMENT INTEREST
No interest is due and this form should not be filed if:
A. The tax liability on gross income after deducting Maryland withholding is $500 or less, or
B. You have made four quarterly payments as required, each equal to or more than one-fourth of last year’s taxes.
COMPUTATION OF UNDERPAYMENT – LINES 1 THROUGH 15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ______________
1. Total Maryland income
(from line 18 of Form 502, line 1 of Form 503 or line 25 of Form 505)
______________
2. 1999 Maryland and local tax
. . . . . . . . . . . . . . . . . . . . . . .
(from line 36 of Form 502, line 12 of Form 503 or line 40 of Form 505 )
3. Refundable earned income credit
___________________
(from line 42 of Form 502, line 17 of Form 503 or line 45 of Form 505)
___________________
4. Neighborhood preservation credit
. . . . . . . . . . . . . . . .
(from line 43 of Form 502)
___________________
5. Total tax developed on tax preference items . . . . . . . . . . . . . . . . . . . . . .
______________
6. Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Add lines 3, 4 and 5)
______________
7. Balance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(subtract line 6 from line 2)
______________
8. Multiply line 7 by 90% (.90) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. 1998 tax
(Enter line 39 (reduced by any credits on lines 46 and 47) of 1998 Form 502,
______________
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
or line 39 (reduced by any credits on line 47) of 1998 Form 505)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ______________
10. Minimum withholding and/or estimated tax required
(Enter the lesser of line 8 or 9.)
DUE DATES OF INSTALLMENTS
April 15, 1999
June 15, 1999
September 15, 1999
January 15, 2000
1st
2nd
3rd
4th
INSTALLMENT PERIODS . . . . . . . . . . . . . . . . . . . . . . . .
Period
Period
Period
Period
11. Divide total Maryland income on line 1 into earnings per period
(See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. Divide net earnings per period on line 11 by the amount
on line 1 to determine the percent per period
. . . . . . . . . . . . . . . . . . . . .
13. Payments required. Multiply the amount on line 10 by the
percent on line 12 for each period
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14. Estimated tax paid and tax withheld per period
(See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15. Underpayment per period
If less than zero,
(line 13 less line 14)
enter zero.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMPUTATION OF INTEREST
.0217
.0328
.0435
.0321
16. Interest factor
. . . . . . . . . . . . . . . . . . . . . . .
(based on 13% annual rate)
17. Multiply underpayment on line 15 by the factor on line 16 for
each period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18. Interest
Place total on line 49 of Form 502, line 23 of Form 503 or line 53 of Form 505 and
(Add amounts on line 17)
include amount in your total payment with return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COT/RAD-017
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