Form 504d - Maryland Fiduciary Declaration Of Estimated Income Tax - 2011 Page 2
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1
2MARYLAND
INSTRUCTIONS
PAGE 2
FOR
FIDUCIARY DECLARATION OF
FORM 504D
ESTIMATED INCOME TAX
2011
Who must file a declaration You must file a declaration of estimated tax
Line 11.
Local or special nonresident tax. Maryland counties and Baltimore
if you are required to file a Maryland fiduciary income tax return and
City levy an income tax on residents which is a
your taxable income would be expected to develop a tax of more than
percentage of taxable net income. Using the following criteria,
$500. You must file a declaration with payment in full within 60 days of
determine to which city, county or local taxing jurisdiction the
receiving $500 or more of income from awards, prizes, lotteries or raffles,
fiduciary must pay the local income tax.
whether paid in cash or property if Maryland and local tax has not been
1. A personal representative should use the rate for the
withheld.
jurisdiction in which the decedent was domiciled on the date of
A personal representative of an estate is not required to remit esti-
death.
mated tax payments for the first two tax years of the estate.
2. Other fiduciaries should use the rate for the jurisdiction in
which the trust was created or is principally administered.
When to file a declaration You must pay at least one-fourth of the total
The amount you entered on line 9 is your taxable net income.
estimated tax on or before April 15, 2011. The remaining quarterly pay-
Multiply that by your local tax rate using the following chart and
ments are due June 15, 2011, September 15, 2011, and January 15,
enter on line 11.
2012. You may pay the total estimated tax with your first payment, if you
Subdivision
Rate
Subdivision
Rate
wish. If you are filing on a fiscal year basis, each payment is due on the
Harford County
.0306
15th day of the 4th, 6th, 9th and 13th month following the beginning of
Baltimore City
.0320
Howard County
.0320
the fiscal year.
Allegany County
.0305
Kent County
.0285
Anne Arundel County
.0256
Overpayment of tax If you overpaid your 2010 income tax (Form 504)
Montgomery County
.0320
Baltimore County
.0283
you may apply all or part of the overpayment to your 2011 estimated tax.
Prince George's County
.0320
Calvert County
.0280
If the overpayment applied equals or exceeds the estimated tax liability for
Queen Anne's County
.0285
Caroline County
.0263
the first quarterly payment, you are not required to file the declaration. If
St. Mary's County
.0300
Carroll County
.0305
the overpayment applied is less than the estimated tax liability, you should
Somerset County
.0315
Cecil County
.0280
file the declaration and pay the balance of the first installment. Preprinted
Talbot County
.0225
Charles County
.0290
vouchers will be mailed to you for the remaining payments.
Washington County
.0280
Dorchester County
.0262
Wicomico County
.0310
Frederick County
.0296
How to estimate your 2011 tax The worksheet on page 1 is designed to
Worcester County
.0125
Garrett County
.0265
develop an estimate of your 2011 Maryland and local income tax. Be as
Nonresident Fiduciaries Use .0125
accurate as you can in forecasting your 2011 income. You may use your
2010 income and tax as a guide, but if you will receive more income in
Changes in income Your situation may not require you to file a declaration
2011, you must pay at least 110% of the tax that was developed for the
on April 15, 2011. However, a large increase in income after that date may
prior year to avoid interest for underpayment of estimated tax. For the
require you to file a declaration. If at any time during the year you need to
purpose of estimating, rounding all amounts to the nearest dollar is recom-
amend your original declaration, simply increase or decrease the remaining
mended.
payments.
Nonresident fiduciaries should use the 2010 Form 504 & Form 504NR to
calculate their estimated tax for 2011 or 110% of the tax that was developed
Filing a return instead of the fourth payment Instead of making the fourth
for 2010.
declaration payment on or before January 15, 2012, you may file your 2011
The annualized income installment method used for federal estimated tax
fiduciary income tax return provided you file on or before January 31, 2012,
purposes may be used to compute Maryland estimated tax.
and pay in full with the return any balance of tax due.
Specific instructions:
Forms and information Declaration of estimated tax forms for
fiduciaries and any additional information may be obtained from
Line 1.
Total income expected in 2011 is your estimated federal taxable
income.
Line 2.
Federal exemption amount. Enter the exemption amount you
Comptroller of Maryland
expect to claim on your federal fiduciary income tax return.
Revenue Administration Division
Line 4.
Net modifications. Fiduciaries are permitted those additions and
Annapolis, MD 21411-0001
subtractions allowed individuals. For further information, see the
(410-260-7980 or 1-800-MDTAXES) or from any of its branch offices.
instructions for Form 502 for resident individuals or Form 505 for
nonresident individuals. Only the fiduciary’s allocable portion
Payment instructions Make your check or money order payable to the
should be used.
“Comptroller of Maryland.” Put your federal employer identification number
Line 6.
Nonresident beneficiary deduction. If any beneficiaries of the trust
on your check. Do not send cash.
are nonresident individuals or corporations not doing business in
this state, enter on this line the total income from intangible per-
Mailing instructions Mail your declaration of estimated fiduciary income
sonal property less allocable expenses which you expect to accu-
tax to:
mulate (and not distribute) during the tax year for their benefit.
Comptroller of Maryland
Line 8.
Maryland exemption. The Maryland exemption allowed to a per-
Revenue Administration Division
sonal representative is $600. A fiduciary other than a personal rep-
Annapolis, Maryland 21411-0001
resentative is allowed $200.
Penalties and interest If you are required by law to file a declaration of
Line 10. Maryland fiduciary income tax. Compute your tax on the amount
estimated tax for any tax year and you either (1) fail to file on the date
on line 9 using the following tax rate schedule:
prescribed, (2) fail to pay the installment or installments when due or (3)
estimate a tax less than 90% of the developed tax shown on the return for
Fiduciary tax rate schedule I
the current tax year and which estimate was less than 110% of the tax that
If the amount on line 9 is:
was developed for the prior year, you will be subject to the penalties and
Over
But Not Over Maryland tax is:
interest as provided by law for failure to file a return and failure to pay tax
$
0
$
1,000
2% of the amount on line 9
when due.
1,000
2,000
$20 plus 3% of the excess over $1,000
2,000
3,000
$50 plus 4% of the excess over $2,000
3,000
150,000
$90 plus 4.75% of the excess over $3,000
150,000
300,000
$7,072.50 plus 5% of the excess over $150,000
300,000
500,000
$14,572.50 plus 5.25% of the excess over $300,000
500,000
1,000,000
$25,072.50 plus 5.5% of the excess over $500,000
1,000,000
-------
$52,572.50 plus 5.5% of the excess over $1,000,000
Note: The tax rates were current at the time this form was created it. It is
possible that the 2011 General Assembly may change this tax rate when in
session from January through April. Please check our Web site for updates.
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