Form Mw 507p - Maryland Income Tax Withholding For Annuity, Sick Pay And Retirement Distributions

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FORM
MW 507P
Maryland Income Tax Withholding
for Annuity, Sick Pay and
Comptroller of Maryland
Retirement Distributions
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001
Type or print full name
Social Security number
Home address (number & street)
City, state and zip code
A. Contract claim or identification number ........................................................
B. Enter the amount withheld from each annuity, sick pay or retirement
distribution payment ......................................................................................
$
I request voluntary income tax withholding from any annuity, sick pay or retirement distribution payments as authorized
by Section 10-907(b) of the Tax-General Article of the Annotated Code of Maryland.
__________________________________________________________________
_______________________________
COM/RAD 044 11-49
(Signature)
(Date)
Instructions
Who may file – Any recipient of an annuity, sick pay or
You may find it convenient to request an amount to be
retirement distribution payment may file this form to have
withheld which will reduce your year-end tax balance on
Maryland income tax withheld from each payment. How-
your individual Maryland tax return to an amount of $500
ever, the annuity must be payable over a period longer
or less and thus avoid having to file an individual Declara-
than one year.
tion of Estimated Tax (Form 502D or 502 DEP).
You may use the worksheet provided with the declara-
Sick pay – The term “sick pay” means any amount which
tion as a guide in estimating your income tax liability.
Duration of withholding request – Your request for
is paid to an employee pursuant to a plan to which the
employer is a party and constitutes remuneration or a
voluntary withholding will remain in effect until you
payment in lieu of remuneration for any period during
terminate it.
How to terminate a withholding request – You may
which the employee is temporarily absent from work on
account of sickness or personal injuries.
terminate, at any time, your request for voluntary with-
holding by giving your payers a written termination notice.
Where and how to file – File this form with the payer of
Statement of income tax withheld – At the close of
your annuity, sick payment or retirement distribution. Enter
the year, your payer will furnish you with a Form 1099 or
in item B of page 1, the whole dollar amount that you
other appropriate form showing the gross amount of an-
wish withheld from each annuity or sick pay payment. The
nuity or sick pay payments and the total amount deducted
amount must not be less than $5 a month for annuities
and withheld as tax during the calendar year.
and retirement distributions and at least $2 per daily
payment in the case of sick pay.
Do not mail this form to the Maryland Revenue Administration Division

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