Form 502up - Underpayment Of Estimated Maryland Income Tax By Individuals - 2004
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1FORM
UNDERPAYMENT OF ESTIMATED
2 2 0 0
04
502UP
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 110% 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. 2004 Maryland and local tax
(from line 36 of Form 502, line 12 of Form 503 or line 38 of Form 505 ) . . . . . . . . . . . . . . . . . . . . . . . . . . .
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
3. Refundable earned income credit
(from line 43 of Form 502, line 18 of Form 503 or line 45 of Form 505) . . . . . . . .
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
4. Refundable income tax credits
(from line 44 of Form 502 or line 47 of Form 505) . . . . . . . . . . . . . . . .
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)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
9a. 2003 tax
[Enter line 36 of 2003 Form 502, line 12 of 2003 Form 503 or line 38 (reduced by any credits on line 45) of 2003 Form 505] . . . . . . . . . .
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
9b. Multiply line 9a by 110% (1.10)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
10. Minimum withholding and/or estimated tax required
(Enter the lesser of line 8 or 9b.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DUE DATES OF INSTALLMENTS
April 15, 2004
June 15, 2004
September 15, 2004
January 15, 2005
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 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
.0325
.0433
.0325
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 in appropriate box on line 50 of Form 502, line 22 of Form 503 or line 53 of
(Add amounts on line 17.)
Form 505 and include amount in your total payment with return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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