Instructions For Form 500 - Maryland Corporation Income Tax Return

estimated total direct costs incurred in this

LINE 14 - TOTAL BALANCE DUE

A D D I T I O N A L

I N F O R M A T I O N

A N D

State for those activities exceed $500,000.

STATEMENTS REQUIRED

Add the amounts on lines 11 and 13 and

For additional information regarding any of

enter the result, or if the amount on line 13

Enter all information requested in these areas

the Business income tax credits, see the

exceeds line 12, enter the difference. The total

on Page 2 of Form 500.

instructions provided on Form 500CR,

amount due must be paid with the filing of Form

SIGNATURE AND VERIFICATION

Maryland Business Income Tax Credits.

500.

An authorized officer must sign and date

10e. Enter the total tax credits from 502H

LINE 15 - AMOUNT OF OVERPAYMENT TO

Form 500 at the bottom of Page 2 and enter

and/or 502S. Complete and submit Form

BE APPLIED TO ESTIMATED TAX FOR 2012

his or her corporate title. If a preparer is

502H and/or 502S with form 500.

used, the preparer must also sign the return

Enter the portion of overpayment to be

• HERITAGE STRUCTURE REHABILITATION

applied to the estimated tax for the next tax

and enter the firm name, address and their

TAX CREDIT. A credit is allowed for 20% of

year. For information regarding estimated

Social Security number or Preparer’s Tax

qualified rehabilitation expenditures as

income tax requirements, see the General

Identification Number (PTIN). Penalties may

certified by the Maryland Historical Trust.

Instructions.

be imposed for tax preparers who fail to sign

the tax return and provide their Social

• SUSTAINABLE COMMUNITIES TAX

LINE 16 - AMOUNT OF OVERPAYMENT TO

Security number or PTIN.

CREDIT. A credit is allowed for 10-25% of

BE REFUNDED

PAYMENT INSTRUCTIONS

certain rehabilitation expenditures as certified

Add the amounts on lines 13 and 15 and

by the Maryland Historical Trust for

subtract the total from line 12. This is the

Include a check or money order made

applications received as of June 1, 2010.

amount requested to be refunded to the

payable to the Comptroller of Maryland for the

10f. If the corporation was a member of a pass-

corporation.

full amount of any balance due. All payments

through entity (PTE) doing business in Maryland

must indicate the federal employer identification

LINE 17 - DIRECT DEPOSIT OF REFUND

and the PTE paid nonresident tax on the

number, type of tax and tax year beginning and

In order to comply with new banking rules, we

corporation’s behalf, enter the amount on Line

ending dates. DO NOT SEND CASH. Taxpayers

ask you to indicate on your return if the state

10f. Attach a Schedule K-1 or other statement

making payments of $10,000 or more must pay

refund is going to an account outside the United

from the PTE showing the amount of tax paid

by electronic funds transfer. Others may elect

States. If you indicate that this is the case, do

on behalf of the corporation. If the corporation

this method. Taxpayers must register prior to

not enter your routing and account number, as

participated in a nonresident real estate

making electronic payments. To obtain a

the direct deposit option is not available to you.

transaction as a member of a PTE that paid

registration form visit

We will send you a paper check. Complete lines

taxes on the corporation’s behalf using Form

or call 410-260-7980. If payment is made by

17a, b, and c of Form 500 if you want us to

MW506NRS, report this payment here.

electronic funds transfer, do not mail, retain for

deposit the refund directly into the corporation’s

company’s records.

10g. Add the amounts on lines 10a through 10f

account at a bank or other financial institution in

and enter the total.

MAILING INSTRUCTIONS

the United States.

LINE 11 - BALANCE OF TAX DUE

Mail the completed return and all attachments

17a. TYPE OF ACCOUNT. Check the

to:

If the amount on line 9 is greater than the

appropriate box to identify the type of account

amount on line 10g, subtract line 10g from line

that will be used (checking or savings). You

Comptroller of Maryland

9 and enter the result.

must check one box only or a refund check will

Revenue Administration Division

be mailed.

110 Carroll Street

LINE 12 - OVERPAYMENT

Annapolis, MD 21411-0001

17b. ROUTING NUMBER. The routing number

If the amount on line 10g is greater than the

must be nine digits. If the first two digits are not

amount on line 9, subtract line 9 from line 10g

01 through 12 or 21 through 32, the direct

and enter the result.

deposit will be rejected and a check sent

LINE 13 - INTEREST AND/OR PENALTY

instead. If you are not sure of the

correct routing number, contact your

Interest and/or penalty may be due as a result

financial institution.

of the underpayment of estimated tax and as a

result of late filing of Form 500 and payment of

17c. ACCOUNT NUMBER. The

the tax. If applicable, enter each amount in the

account number can be up to 17 characters

space provided and enter total.

(both numbers and letters). Omit spaces and

special symbols. Enter the number from left to

If the estimated tax was underpaid, use Form

right.

500UP - Under pay ment of Estimated Maryland

Income Tax by Corporations and Pass-Through

If we are notified by the financial institution

Entities to calculate any interest and/or penalty

that the direct deposit is not successful, a refund

due.

check will be mailed.

NOTE: If Form 500UP is not submitted with the

Check with the financial institution to make sure

return, the Maryland Revenue Administration

the direct deposit will be accepted and to get

Division will calculate the interest and penalty

the correct routing and account numbers. The

for failure to pay the required amount of

State of Maryland is not responsible for a

estimated income tax and notify the corporation

lost refund if you enter the wrong account

of any balance due.

information.

If Form 500 is filed late, calculate interest on

the amount of tax that was not paid by the

DISCLOSURE

original due date. Interest is due at an annual

Entering the bank account routing number,

rate of 13% or 1.08% per month or part of a

account number and account type in the area

month that tax is paid after the due date of the

provided on the Maryland income tax return to

return.

effect a direct deposit of the income tax refund

authorizes the Comptroller’s Office to disclose

A penalty may be imposed if any tax is not

this information and the refund amount to the

paid when due. Any penalty due will be

Maryland State Treasurer’s Office which

calculated and assessed after filing of Form

performs banking services for the Comptroller’s

500.

Office.

Instructions For Form 500 - Maryland Corporation Income Tax Return - 2011 Page 9

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