Maryland Form 502up - Underpayment Of Estimated Income Tax By Individuals - 2013
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1
22013
MARYLAND
UNDERPAYMENT OF
FORM
ESTIMATED INCOME TAX
Attachment
502UP
Sequence
BY INDIVIDUALS
15
No.
ATTACH THIS FORM TO FORM 502, 503, 505 or 515.
IMPORTANT: PLEASE REVIEW THE INSTRUCTIONS BEFORE COMPLETING THIS FORM.
SEE SPECIAL INSTRUCTIONS FOR FARMERS AND FISHERMEN, AND, IF YOUR INCOME IS TAXABLE BY ANOTHER
STATE.
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
Total Maryland income (from line 16 of Form 502, line 1 of Form 503 or line 8 of Form 505NR). .1 ____________________
1.
2.
2013 Maryland and local tax (from line 34 of Form 502, line 12 of
Form 503 or line 38 of Form 505). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 ____________________
3.
Refundable earned income credit (from line 41 of Form 502,
line 18 of Form 503 or line 45 of Form 505) . . . . . . . . . . . . . . . . . 3 ____________________
4.
Refundable income tax credits
(from line 42 of Form 502 or line 47 of Form 505) . . . . . . . . . . . . . 4 ____________________
5.
Total tax developed on tax preference items . . . . . . . . . . . . . . . . . 5 ____________________
6.
Total (Add lines 3, 4 and 5.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 ____________________
Balance (Subtract line 6 from line 2.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ____________________
7.
8.
Multiply line 7 by 90% (.90) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 ____________________
9.
a. 2012 tax: Enter line 34 of 2012 Form 502, line 12 of 2012 Form 503 or line 38
(reduced by any credits on line 46) of 2012 form 505. . . . . . . . . . . . . . . . . . . . . . . . . . . .9a ____________________
b. Multiply line 9a by 110% (1.10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9b ____________________
10.
Minimum withholding and/or estimated tax required (Enter the lesser of line 8 or 9b.) . . . . . . .10 ____________________
DUE DATES OF INSTALLMENTS
April 15, 2013
June 15, 2013
Sept 15, 2013
Jan 15, 2014
INSTALLMENT PERIODS
Jan 1 to Mar 31 Jan 1 to May 31 Jan 1 to Aug 31 Jan 1 to Dec 31
11. Divide total Maryland income on line 1 into earnings per
period (See instructions.). . . . . . . . . . . . . . . . . . . . . . . 11
12. Divide earnings per period on line 11 by the amount
on line 1 to determine the percent per period. . . . . . . . . 12
13. Payments required. Multiply the amount on line 10
by the percent on line 12 for each period. . . . . . . . . . . . 13
14. Estimated tax paid and tax withheld per period
(See instructions.). . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15. Underpayment per period (line 13 less line 14)
If less than zero, enter zero. . . . . . . . . . . . . . . . . . . . . 15
COMPUTATION OF INTEREST
.0217
.0325
.0433
.0325
16. Interest factor (based on 13% annual rate) . . . . . . . . . . 16
17. Multiply underpayment on line 15 by the factor on
line 16 for each period . . . . . . . . . . . . . . . . . . . . . . . . 17
18. Interest. Add amounts on line 17. Place total in appropriate box on line 48 of Form 502,
line 22 of Form 503 or line 53 of Form 505 and include amount in your total payment with return . . . . . 18
COM/RAD 017
13-49
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