Instructions For Maryland Resident Income Tax Returns Forms 502 And 503

_....................._........._...... 2.

If line 3 is greater than zero, enter the amount on line 42 of Form 502 or line 17 of Form 503.

502UP and write the amount of interest

REFUNDABLE

EARNED

INCOME

CREDIT

WORKSHEET

TO CLAIM THIS CREDITYOU MUST:

have an entry on line 25 of Form 502 or line 7a of Form 503;

have a qualifying child for purposes of the federal earned income credit: and

have entered zero on line 3 of the STATE EARNED INCOME CREDIT WORKSHEET in Instruction 18.

Enter your

federal earned income credit

x 16% (.16) (Part-year residents see Instruction 26(o)) . . . . . . . . 1.

2. ErtteryourMaryiandtaxfromline24ofForm502orline6ofForm503.

3. Subtract line 2 from line 1. If less than zero (0). enter zero (0). This is your refundaMe earned income credit. . . . . . . . . . . 3.

Overpayment or balance due.

Calculate the Balance Due (line 45 of Form 502 or line 19 of Form 503) or Overpayment

(line 46 of Form 502 or line 20 of Form 503). Read instructions under UNDERPAYMENT OF ESTIMATED TAX and then go

to BALANCE DUE or OVERPAYMENT.

UNDERPAYMENT OF ESTIMATED TAX

Pay your balance due (unless it is less

Line 51a of Form 502.

than $1.00). Go to Instructions 23 and 24

If you had income from which tax was

Line 23a of Form 593. Check the appropri-

not withheld or did not have enouah tax with-

regarding signatures, attachments and

ate box to identify the type of account that will

mailing.

held during the year, you may ‘;ave owed

be used (checking or savings). You must

an estimated tax. All taxpayers should refer

OVERPAYMENT

check one box only or a refund check will be

to Form 502UP (in this booklet) to deter-

mailed.

If you file Form 502 and have an over-

mine if they owe interest because they paid

payment on line 46, the Revenue Adminis-

too little estimated tax during the year.

Line 51 b of Form 502.

tration Division will refund any amount of

If you owe interest, complete Form

Line 23b of Form 503. The routing number

$1 .OO or more. If you want part or all of your

must be nine digits. If the first two digits are

(line 18 of Form 502UP)

in the appropriate

overpayment applied to your 2003 estimat-

box on line 49 of Form 502 or line 21 of

not 01 through 12 or 21 through 32, the

ed tax, then write the amount you want

Form 503. Attach Form 502UR

direct deposit will be rejected and a check

applied on line 47. Overpayments may first

Generally, you do not owe interest if:

sent instead. If you are not sure of the cor-

be applied to previous years’ tax liabilities or

a. you owe less than $500 tax on income

rect routing number, contact your financial

other debts as required by federal or state

which is not subject to Maryland with-

institution.

law. If you must pay interest for underpay-

holding,

ment of estimated tax, enter the amount of

b. each current year payment, made

Line SIC of Form 502.

interest from line 18 of Form 502UP

on line

quarterly as required, is equal to or more

Line 23c of Form 593. The account num-

49. Subtract lines 47 and 49 from your over-

than one-fourth of last vear’s taxes. OR

ber can be up to 17 characters (both num-

c. you made quarterly payments during the

payment (line 46). This is the amount of

bers and letters). Include hyphens but omit

year which equal 90% of this years tax.

your refund. Write this amount on line 48.

spaces and special symbols. Enter the

Special rules apply if your gross income

No refunds of less than $1.00 will be sent.

number from lefl to right and leave any

from farming or fishing is at least two-thirds

Go to Instructions 23 and 24 regarding sig-

unused boxes blank.

of your total estimated gross income. See

natures, attachments and mailing.

the back of Form 502UP for additional infor-

If we are notified by the financial institu-

If you file Form 503 and have an over-

mation and instructions for claiming this

tion that the direct deposit is not successful,

payment on line 20, this is the amount of

exemption from interest.

a refund check will be mailed to you.

your refund. Overpayments may first be

Please have a bank statement for the

INTEREST FOR LATE FILING

applied to previous years tax liabilities or

deposit account available if you contact us

Interest is due at an annual rate of 13%

other debts as required by federal or state

concerning the direct deposit of your

or 1.08% per month for any month or part of

law. No refunds of less than $1.00 will be

a month that tax is paid after the due date

refund.

sent. Go to Instructions 23 and 24 regarding

of the return. Enter any interest due in the

signatures, attachments and mailing. The

DISCLOSURE

appropriate box on line 49 of Form 502 or

length of time you have for claiming a

line 21 of Form 503.

Entering your bank account routing

refund is limited. See Instruction 28 for

number, account number and account type

TOTAL INTEREST

information.

in the area provided on your Maryland

Enter the total of interest for underpay-

income tax return to effect a direct deposit

DIRECT DEPOSIT OF REFUND

ment of estimated tax and interest for late

of your income tax refund authorizes the

filing on line 49 of Form 502 or line 21 of

Complete lines 51a, b and c of Form 502

Form 503.

Comptroller’s Office to disclose this infor-

or lines 23a, b and c of Form 503 if you want

mation and your refund amount to the Mary-

us to deposit your refund directly into your

BALANCE DUE

land State Treasurer’s Office who performs

account at a bank or other financial institution

If you file Form 502 and have a balance

banking services for the Comptroller’s Cflice.

(such as a mutual fund, brokerage firm, or

due on line 45, add this amount to any

amount on line 49. Put the total on line 50.

credit union) instead of sending you a check.

If you file Form 503 and have a balance

due on line 19, add this amount to any amount

on line 21. Put the total on line 22.

1 2

Instructions For Maryland Resident Income Tax Returns Forms 502 And 503 - 2002 Page 12

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