Maryland Form 502up - Underpayment Of Estimated Income Tax By Individuals - 2014 Page 2
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1
22014
MARYLAND
UNDERPAYMENT OF
FORM
ESTIMATED INCOME TAX BY
502UP
INDIVIDUALS INSTRUCTIONS
GENERAL INSTRUCTIONS
date at the top of that column. Include any
nonresident tax paid by S corporations, partnerships
Section 10-815 of the Tax-General Article of the Annotated Code
or limited liability companies on your behalf.
of Maryland requires every individual, or individuals filing jointly,
who receives taxable income which is not subject to Maryland
NOTE: Just as in line 11, each successive entry will
withholding, or from which not enough Maryland tax is withheld
include the amount from the prior columns. For
to file a Declaration of Estimated Tax, if the income can be
example, if you paid $500 in estimated payments
expected to develop a tax of more than $500 in excess of the
each quarter, the first column will contain $500, the
Maryland withholding. Furthermore, Sections 13-602 and 13-702
second $1,000, the third $1,500 and the fourth
stipulate that any individual so required to file, who either (1)
$2,000. Overpayments in later quarters may not be
fails to file on the date or dates prescribed; (2) fails to pay the
used to offset underpayments in previous quarters.
installment or installments when due or (3) estimates a tax less
Lines 16 through 18 determine the amount of
than ninety (90) percent of the developed tax shown on the
interest due for each underpaid quarter.
return for the current tax year and less than 110% of the tax
Line 16
The factors represent the interest rate for the portion
that was developed for the prior year, shall be subject to penalty
of the year between the due date of each quarter
and interest.
and the due date of the next quarter. The rate is
1/12 of 13% for each month or part of a month from
WHO MUST FILE
the due date. If your estimated tax payment was not
If you believe you are liable for interest for one of the reasons
timely, but was paid earlier than the due date of the
outlined above, or if you believe you are not liable for interest
next quarter, adjust the factor as follows: count the
due to an unequal distribution of income, please complete and
number of months from the due date that the
submit this form with your tax return.
payment was late. Treat a partial month as one
If you meet one of the exceptions shown on page 1, you are
month. Divide that number by twelve and multiply it
not required to file this form.
by the 13% annual rate. Apply this adjusted factor
to the underpaid amount on line 15.
If you want us to figure the interest for you, complete your
return as usual. Do not file Form 502UP. You will be notified of
Line 17
Using the factors on line 16 or the adjusted factor
any interest due.
described above, determine the amount of interest
due for each quarter and enter the amounts in the
SPECIFIC INSTRUCTIONS
appropriate columns.
Lines 1 through 10 are used to determine the minimum amount
Line 18
Add all interest amounts in columns 1 through 4 on
required to be paid by estimated or withholding tax to avoid
line 17. Enter the total interest on the appropriate
interest.
line of your tax return.
Line 1
Enter your Maryland adjusted gross income from line
If the interest calculated on line 18 is zero because your
16 of Form 502 or line 8 of Form 505NR. Alternatively,
income was not received evenly throughout the year,
if you itemize deductions, you may elect to enter
enter code number 301 in one of the boxes marked “code
taxable net income from line 20 of Form 502 or net
numbers” to the right of the telephone number area and
income from line 11 of Form 505NR.
attach this form to your return.
Lines 2-4 Enter the amount specified from your 2014 Form 502
FARMERS AND FISHERMEN
or 505.
If your gross income from farming or fishing is at least two-
Line 5
Multiply the amount on line 5 of Form 502TP by the
thirds of your total estimated gross income for the year, the
highest state rate used on your tax return. Add to
2014 declaration and full payment of the estimated tax is due
this result the amount on line 5 of Form 502TP
on or before January 15, 2015. In lieu of filing the declaration,
multiplied by your local (or special nonresident) tax
you may elect to file your full and complete annual return on or
rate.
before March 1, 2015 and make full payment of the developed
Line 9a
If your 2013 tax was corrected or amended, be sure
tax at that time.
to include any additional tax when calculating your
If you fail to do either of the above, and the income not subject
total tax for the year.
to withholding or from which not enough Maryland tax is
Lines 11 through 15 will determine which periods are
withheld would be expected to develop a tax of more than $500,
underpaid and the amount of underpayment.
then you are subject to interest. To compute the applicable
Line 11
Enter in each column the income received for the
interest charge, complete lines 1 through 10 of this form. Enter
period of the year covered by that column. If your
the amount from line 10 on line 13, column 4 and complete the
income was received evenly throughout the year,
rest of the form. Only column 4 will have entries.
enter one-fourth of line 1 in column 1, one-half of
To claim exemption from this interest charge or to use the
line 1 in column 2, three-fourths of line 1 in column
special calculation, enter code number 300 in one of the
3 and an amount equal to line 1 in column 4. You
boxes marked “code numbers” to the right of the telephone
may elect to report your income based on the actual
number area. Attach this form to your return if you used
dates of receipt. If so, enter income received between
the special calculation.
January 1 and March 31 in the first column; enter
income received between January 1 and May 31 in
INCOME TAXABLE BY ANOTHER STATE
the second column; enter income received between
If at least 90% of your taxable income is taxable by another
January 1 and August 31 in the third column and
state, and the underpayment is not greater than the local tax,
100% of your income in the fourth column.
no interest is due and you are not required to file this form.
NOTE: Regardless of whether you use an even
To claim exemption from this interest charge, enter code
distribution or base your entries on the actual receipt
number 302 in one of the boxes marked “code numbers”
dates, each succes sive column will include the
to the right of the telephone number area.
amount from the prior columns. See the example in
the instructions for line 14.
For more information, visit our Web site at
com or email your question to TAXHELP@comp.state.md.us.
Line 14
Enter in each column the sum of any estimated
You may also call 1-800-638-2937 or from Central Maryland
payments you have made and any Maryland tax
410-260-7980.
withheld from the beginning of the year to the due
COM/RAD 017
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