Maryland Form 500up - Underpayment Of Estimated Income Tax By Corporations And Pass-Through Entities - 2013 Page 2
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1
22013
MARYLAND
UNDERPAYMENT OF ESTIMATED
FORM
INCOME TAX BY CORPORATIONS
500UP
AND PASS-THROUGH ENTITIES
INSTRUCTIONS
GENERAL INSTRUCTIONS
Instructions for Line 7: Enter all payments made by the
due date of the fourth quarterly estimated tax payment in the
Purpose of Form Form 500UP is used by a corporation or a
appropriate column according to the instructions for line 6.
pass-through entity to calculate the amount of interest and
That is, all payments made by the 15th day of the fourth
penalty for failure to pay the required amount of estimated
month of the entity’s fiscal year should be entered in the first
income tax when due.
column. All payments made by the 15th day of the sixth
NOTE: Form 500UP is not required. The Maryland Revenue
month (including those shown in the first column) should be
Administration Division will calculate the interest and
entered in the second column. All payments made by the 15th
penalty and notify the entity of any balance due.
day of the ninth month should be entered in the third column
and all payments made by the fourth quarter due date should
General Requirements Every corporation or pass-through
be entered in the fourth column.
entity that reasonably expects its Maryland taxable income to
develop a tax in excess of $1,000 for the tax year or period
Instructions for Line 9: The interest factors for calendar
must make estimated income tax payments. The total estimated
year corporations or S corporations are: 1st period – .0217;
tax payments for the year must be at least 90% of the tax
2nd period – .0325; 3rd period – .0325; 4th period – .0325.
developed for the current tax year or 110% of the tax that
The interest factors for calendar year partnerships or limited
was developed for the prior tax year. At least 25% of the total
liability companies are 1st period – .0217; 2nd period – .0325;
estimated tax must be remitted by each of the four installment
3rd period – .0433; 4th period – .0325.
due dates. Corporations may not use the annualization
The factors represent the interest rate for the portion of the
method.
year between the due date of each quarter and the due date
In the case of a short tax period, the total estimated tax
of the next quarter. The rate is 1/12 of 13% for each month
required is the same as for a regular tax year: 90% of the tax
or part of a month from the due date. If your estimated tax
developed for the current (short) tax year or 110% of the tax
payment was not timely, but was paid earlier than the due
that was developed for the prior tax year. The minimum
date of the next quarter, adjust the factor as follows: count
estimated tax payment for each of the installment due dates
the number of months from the due date that the payment
is the total estimated tax required divided by the number of
was late. Treat a partial month as one month. Divide that
installment due dates occurring during the short tax year.
number by twelve and multiply it by the 13% annual rate.
However, if the entity has a short tax period of less than 4
Apply this adjusted factor to the underpaid amount on line 8.
months, it does not have to pay estimated tax nor file Form
Instructions for Line 12:
Penalty for underpayment of
500UP.
estimated tax is due for any quarter where timely payments
Maryland law provides for the accrual of interest and imposition
are less than 50% of one-quarter of the annual estimated tax
of penalty for failure to pay the required amount of estimated
required (line 4). Calculate the penalty by adding the
tax when due.
underpayments in all applicable quarters (do not use cumulative
amounts from line 8) and multiplying the total by 10%. Enter
When and Where to File File Form 500UP by the original
the result on line 12.
or extended due date for filing the Form 500 – Corporation
Income Tax Return or Form 510 – Pass-Through Entity Income
Pass-Through Entities The due dates of estimated payments
Tax Return. If used, Form 500UP must be attached to Form
and annual returns for S corporations are the same as the due
500 or Form 510 and filed with the Comptroller of Maryland,
dates for corporations. For other PTEs, the due date, for the
Revenue Administration Division, 110 Carroll Street, Annapolis,
fourth quarterly payment is the 15th day of the month
Maryland 21411-0001.
following the close of the tax year (January 15 for calendar
year filers) and the due date for the annual return is the 15th
SPECIFIC INSTRUCTIONS
day of the fourth month following the close of the tax year
(April 15 for calendar year filers). These differences will cause
Name and Other Information Type or print the name as
variations in the interest factors.
shown on Form 500 or Form 510 in the designated area. Enter
the Federal Employer Identification Number (FEIN). If a FEIN
Partnerships and limited liability companies electing to annualize
has not been secured, enter “APPLIED FOR” followed by the
must allocate to each period (and enter on line 6) a payment
date of application. If a FEIN has not been applied for, do so
amount based on the income received between the dates for
immediately.
each installment period. If the interest calculated on line 11 is
zero because the income was not received evenly throughout
Tax Year or Period Enter the beginning and ending dates in
the year, enter code number “301” in one of the boxes
the space provided at the top of Form 500UP. The form used
marked “code number” on the front of Form 510, and attach
for filing must reflect the preprinted tax year in which the
this form to the return.
corporation’s tax year begins.
Calculation of Interest and Penalty Enter the amounts as
required for lines 1 through 13.
Instructions for Line 6: The first period extends from the
beginning of the entity’s fiscal year to the last day of the third
month. The second period extends from the beginning of the
fiscal year to the last day of the sixth month. The third period
extends from the beginning of the fiscal year to the last day
of the ninth month. The fourth period extends from the
beginning of the fiscal year to the last day of the twelfth
month. Therefore, enter 1/4 of the estimated tax required on
line 4 in the first column of line 6, 1/2 in the second column,
3/4 in the third column and an amount equal to line 4 in the
fourth column. For Pass-Through Entities (PTE), see specific
instructions in next column.
COM/RAD-005
13-49
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