Form 1040es-Me - Estimated Tax Worksheet - 2017 (Page 2 of 3) in pdf

2017 ESTIMATED TAX WORKSHEET (Keep for your records)

Form 1040ES-ME

Total income expected in 2017 (line 1, 2017 federal Estimated Tax Worksheet) .............................................. 1.

Deduct: interest on U.S. obligations, social security and railroad retirement beneﬁ ts, state income tax refunds,

and pension income deduction amounts (see worksheet below) included in line 1 .......................................... 2.

Line 1 less line 2 ................................................................................................................................................ 3.

Add - Interest from municipal and state bonds other than Maine ...................................................................... 4.

Adjusted gross income for Maine (line 3 plus line 4) ......................................................................................... 5.

a. Deductions - standard or itemized (up to $28,600). See instructions below ......... 6a.

b. Exemptions - enter the exemption amount from your 2017 federal estimated

tax worksheet ......................................................................................................... 6b.

Total of lines 6a and 6b ...................................................................................................................................... 7.

Maine estimated taxable income (line 5 less line 7) .......................................................................................... 8.

Estimated tax (apply proper tax rate schedule below to amount on line 8) ....................................................... 9.

10. Tax credit recapture amounts ......................................................................................................................... 10.

11. Credits (See instructions below) ...................................................................................................................... 11.

12. Estimated Maine income tax to be withheld during the year ........................................................................... 12.

13. ESTIMATED TAX (add lines 9 and 10 less lines 11 and 12) .......................................................................... 13.

TAX CREDIT RECAPTURE AMOUNTS AND CREDITS (lines 10 and 11) - Line 10 is the amount of credits previously used to reduce Maine

income tax that are now subject to recapture. Line 11 credits include, among others, the Maine earned income tax credit, child care credit,

adult dependent care credit, credit for educational opportunity, property tax fairness credit and the credit for taxes paid to other jurisdictions.

For more information on Maine tax credits, see the 2016 Maine Form 1040ME, Schedule A and related instructions.

PENSION INCOME DEDUCTION WORKSHEET

— (include on Line 2 above)

1. Total eligible non-military pension income including individual retirement account (IRA) beneﬁ ts - both

Maine and non-Maine sources - included in your federal adjusted gross income. (Do not include social

Taxpayer

Spouse*

security or railroad retirement beneﬁ ts received or pension beneﬁ ts received under IRC § 457(b) prior to

age 55 that are not part of a series of substantially equal periodic payments made for the life of the recipient

or the joint lives of the recipient and the recipient’s beneﬁ ciary, lump-sum distributions included on federal

Form 4972, distributions subject to the additional 10% federal tax on early distributions or refunds of excess

contributions.) See 36 M.R.S. § 5122(2)(M-2).

2. Maximum allowable deduction

$ 10,000.00

3. Total social security and railroad retirement beneﬁ ts you received - whether taxable or not

4. Subtract line 3 from line 2 (if zero or less, enter zero)

5. Enter the smaller of line 1 or line 4 here

6. Total eligible military pension income included in your federal adjusted gross income

7. Add line 5 and line 6. Enter result here and include on line 2 of the Estimated Tax Worksheet above.

*Use this column only if ﬁ ling married-joint return and only if spouse separately earned an eligible pension.

TAX RATE SCHEDULES

— (Line 9 above)

MAINE DEDUCTIONS

— (Line 6a above)

Note: If your Maine adjusted gross income is over $70,000, your itemized deductions

For Single Individual and Married Person Filing Separate Return

or standard deduction may be reduced. See the Worksheet for Phaseout of Itemized

If the taxable income is:

The Tax is:

/ Standard Deductions available at

Less than $21,100

5.8%

Itemized Deductions: If you plan to itemize deductions, enter the estimated

$21,100 but less than $50,000 $1,224 plus 6.75% of excess over $21,100

total of your itemized deductions (see Maine Form 1040, Schedule 2 and

$50,000 but less than $200,001 $3,175 plus 7.15% of excess over $50,000

related instructions). If you do not plan to itemize deductions, enter the

$200,001 or more

$13,900 plus 10.15% of excess over $200,000

standard deduction amount for your ﬁ ling status shown below.

For Unmarried or Legally Separated Individuals Who Qualify as

Standard Deduction for 2017:

Heads of Households

Single --------------------------- $11,600 Married Filing Jointly or Qualifying

Head of Household --------- $17,400

Widow(er) --------------------- $23,200

If the taxable income is:

The Tax is:

Married Filing Separately ---- $11,600

Less than $31,650

5.8%

$31,650 but less than $75,000 $1,836 plus 6.75% of excess over $31,650

$75,000 but less than $200,001 $4,762 plus 7.15% of excess over $75,000

Additional Standard Deduction for Age and/or Blindness:

$200,001 or more

$13,700 plus 10.15% of excess over $200,000

Married (whether ﬁ ling jointly or separately) or a qualiﬁ ed widow(er): the

additional standard deduction is $1,250 if one spouse is age 65 or over OR

For Married Individuals and Surviving Spouses Filing Joint Returns

blind; $2,500 if one spouse is 65 or over AND blind; $2,500 if both spouses

If the taxable income is:

The Tax is:

are 65 or over OR blind; $5,000 if both spouses are 65 or over AND blind, etc.

Less than $42,250

5.8%

Unmarried (single or head of household): the additional standard deduction

$42,250 but less than $100,000 $2,451 plus 6.75% of excess over $42,250

is $1,550 if the individual is 65 or over OR blind; $3,100 if the individual is

$100,000 but less than $200,001 $6,349 plus 7.15% of excess over $100,000

both 65 or over AND blind.

$200,001 or more

$13,499 plus 10.15% of excess over $200,000

Form 1040es-Me - Estimated Tax Worksheet - 2017 Page 2

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