Form 502cr - Maryland Income Tax Credits For Individuals - 2010 Page 4
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5PART B - CREDIT FOR CHILD AND DEPENDENT CARE
If the Maryland resident must file an individual nonresident return
EXPENSES
reporting the partnership, S corporation, LLC or business trust
income, a separate Form 502CR must be completed for each state
If you were eligible for a Child and Dependent Care Credit on your
and submitted with a copy of the return filed with the other state.
federal income tax return, Form 1040 or 1040A for tax year 2010,
For both composite returns and individual returns, no credit is avail-
you may be entitled to a credit on your Maryland state income tax
able for taxes paid to states in Group III, or for taxes paid to cities
return. The credit starts at 32.5% of the federal credit allowed, but
or local jurisdictions.
is phased out for taxpayers with federal adjusted gross incomes
Shareholders of S Corporations - Maryland resident shareholders
above $41,000 ($20,500 for individuals who are married, but file
can claim a credit for taxes paid by an S corporation to a state
separate income tax returns). No credit is allowed for an individual
which does not recognize federal S corporation treatment. A copy
whose federal adjusted gross income exceeds $50,000 ($25,000 for
married filing separately). Use the chart below to determine the
of the corporation return filed in the other state is required to be
attached to the Maryland return. A separate Form 502CR should be
decimal amount to be entered on line 3 of Part B.
completed for each state showing the following information:
PART C - QUALITY TEACHER INCENTIVE CREDIT
If you are a Maryland teacher, you may be able to claim a credit
_______________% x_______________ =________________________
against your State tax liability for tuition paid to take graduate-level
Stock ownership
Corporation taxable Line 2, Part A, Form 502CR
courses required to maintain certification. This credit applies to
individuals who:
percentage
income
a. currently hold a standard professional certificate or advanced
professional certificate;
_______________% x_______________ =________________________
b. are employed by a county/city board of education in Maryland;
Stock ownership
Corporation tax
Line 7, Part A, Form 502CR
c. teach in a public school and receive a satisfactory performance
percentage
evaluation for teaching;
NOTE: A preliminary calculation using Form 502 must be made
d. successfully complete the courses with a grade of B or better;
before calculating the credit on Form 502CR. Complete lines 1
and
through 24 on Form 502 to determine the amounts to be used for
e. have not been fully reimbursed by the county/city for these
the 502CR computation.
expenses. Only the unreimbursed portion qualifies for the credit.
The credit amount shown on line 8 of Part A, Form 502CR must
Each spouse that qualifies may claim this credit. Complete a sepa-
then be included as an addition to income on line 5 of the Form 502
rate column in the worksheet for each spouse.
you will file.
D.C. Unincorporated Business Franchise Tax - Self-employed
INSTRUCTIONS
individuals and partners in a partnership that are subject to D.C.
Line 1. Enter the name of the Maryland public school system in
unincorporated business franchise tax may claim a credit on Form
which you are employed and teach.
502CR. A copy of the D.C. return is required for self-employed
Line 2. Enter the amount of tuition paid for graduate-level courses
individuals and for partners, a K-1 or other statement from the part-
for each qualifying teacher and the name of the institution(s)
nership showing the partner’s share of income and the partner’s
it was paid.
share of the D.C. tax.
Line 3. Enter the amount received as a reimbursement for tuition
Installment Sales in Another State - You may be eligible for
from your employer.
credit for taxes paid to another state for gain recognized on install-
Line 5. The maximum amount of credit allowed is $1,500 for each
ment, sales proceeds, even if the other state required the total be
qualifying individual.
recognized in an earlier tax year. Credit is allowed against the state
income tax only. The gain must have been deferred for federal tax
Line 6. The credit is limited to the amount paid less any reimburse-
purposes, but fully taxed in the year of the sale by another state
ment up to the maximum amount allowed for each qualify-
that does not recognize the deferral. The credit allowed is the
ing individual. Enter the lesser of line 4 or line 5.
amount of the gain taxed in Maryland in the current year multiplied
Line 7. Enter the total of line 6, for Taxpayers A and B. Also enter
by the lesser of:
this amount on line 3, Part G.
• the highest state tax rate used on your Maryland tax return or
• the tax rate imposed by the other state on the gain.
Credit for Child and
dependent Care expenses Chart
If your filing status is Married Filing Separately
Decimal Amount
For all other filing statuses, if your federal
and your federal adjusted gross income is:
adjusted gross income is:
At Least
But less than
At least
But less than
$0-
$20,501
.3250
$0
$41,001
$20,501
$21,001
.2925
$41,001
$42,001
$21,001
$21,501
.2600
$42,001
$43,001
$21,501
$22,001
.2275
$43,001
$44,001
$22,001
$22,501
.1950
$44,001
$45,001
$22,501
$23,001
.1625
$45,001
$46,001
$23,001
$23,501
.1300
$46,001
$47,001
$23,501
$24,001
.0975
$47,001
$48,001
$24,001
$24,501
.0650
$48,001
$49,001
$24,501
$25,001
.0325
$49,001
$50,001
$25,001
or over
.0000
$50,001
or over
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