Form 500x - Maryland Amended Corporation Income Tax Return - 2014 Page 4
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AMENDED CORPORATION INCOME
MARYLAND
FORM
TAX RETURN INSTRUCTIONS
500X
For tax years beginning in 2014
PURPOSE OF FORM. You must file your Maryland Amended
A corporation included in a consolidated federal filing must use
Form 500X electronically to claim, or change information related
its separate federal NOL. An NOL should be entered on line 2b
to, business income tax credits from Form 500CR (including
on Form 500X but may not be used to reduce line 3 to less than
Maryland Form 502S, Sustainable Communities Tax Credit.)
zero. Generally, the carryback of an NOL does not change the
previously reported addition or subtraction modifications in a
Form 500X is used by a corporation to correct an error in a
carryback year.
previously filed 2014 return (Form 500- Corporation Income Tax
Return) or to claim a net operating loss (NOL) deduction.
The federal provisions for carryback and carryforward apply for
purposes of the Maryland return unless you are following certain
Form 500X may not be used to correct the amount of payments.
provisions of the Internal Revenue Code (IRC) from which the
To correct payment amounts, submit a letter of request that
State of Maryland has decoupled, including certain special
indicates the corporate name, Federal Employer Identification
depreciation allowances and 5-year carryback provisions. If an
Number (FEIN), type of tax and tax year beginning and ending
election to forgo a carryback is made, a copy of the federal
dates.
Explain the basis for the request and attach copies of
election must have been included with the Maryland return for
canceled checks and/or other documents as necessary to verify
the loss year. For more information, refer to Administrative
the amounts claimed.
Release 38.
WHEN AND WHERE TO FILE. Generally, Form 500X must be
An addition modification may be required in a carryback or
filed within 3 years from the date the original return was due or
carryforward year if the total Maryland addition modifications
filed. A return filed before the due date is considered to have
exceed the total Maryland subtraction modifications in the loss
been filed on the date it was due.
The following exceptions
year (NAM or net operating loss modification recapture).
apply:
The required addition modification represents a recapture of the
• A claim for refund filed within 3 years after the date of filing
excess additions over subtractions and generally is equal to the
the return is limited to the amount paid within the 3 years
lesser of the NOL deduction in the carryback year or the net
(including extensions) before you filed the claim.
addition modification in the loss year. For more information
regarding net addition modification, refer to Administrative
• A claim for refund filed after 3 years, but within 2 years from
Release 18.
the date the tax was paid is limited to the amount paid within
the 2 years immediately before filing the claim.
NET CAPITAL LOSSES. If a net capital loss carryback is used
• A claim for refund based on a federal NOL carryback must be
to reduce federal taxable income, an addition modification is
filed within 3 years after the due date (including extensions)
required for the amount of the income reduction.
of the return for the tax year of the NOL.
SPECIFIC INSTRUCTIONS FOR PAGE 1
• If the Internal Revenue Service (IRS) issues a final
determination of adjustments that would result in an increase
TAX YEAR OR PERIOD.
The Form 500X instructions are for
to Maryland taxable income, file Form 500X within 90 days
corporations with tax years begining in 2014. If the corporation
after the final determination.
operates on a fiscal year, enter the beginning and ending dates
of the tax year being amended in the spaces provided at the top
• If the IRS issues a final report of adjustments that would
of Form 500X.
result in a decrease to Maryland taxable income, file Form
500X within 1 year after the final adjustment report or the
NAME, ADDRESS AND OTHER INFORMATION.
Enter the
final court decision, if appealed.
required information in the designated area. Enter the current
• If the claim for refund or credit for overpayment resulted from
name, address and FEIN in the appropriate boxes. If the name
a final determination made by an administrative board or an
and/or address is different from that shown on the original
appeal of a decision of an administrative board, that is more
return, enter the name and address as shown on the original
than 3 years from the date of filing the return or more than 2
return in the appropriate area.
years from the time the tax was paid, the claim for refund
Answer all of the questions and attach copies of any federal
must be filed within 1 year of the date of the final decision of
notices or reports, amended forms and/or extensions required.
the administrative board or final decision of the highest court
to which an appeal of the administrative board is taken.
PART A – INCOME, MODIFICATIONS AND APPORTIONMENT
Note: Changes made as part of an amended return are subject
Complete lines 1 through 5, columns A, B and C. If the items of
to audit for up to three years from the date the amended return
federal income are amended or adjusted, determine if the
is filed. For more information regarding refund limitations, see
changes will affect the Maryland modifications and/or Maryland
Administrative Release 20.
adjustments. Enter the correct amounts. The federal NOL
carryback or carryforward amount reported on the federal return,
The amended return must be filed with the:
without regard to the decoupled provisions, is entered on line 2b.
Comptroller of Maryland
Do not use Form 500DM line 2 to report this amount. See
Revenue Administration Division
Administrative Release 18.
110 Carroll Street
Annapolis, MD 21411-0001
Determine if the changes to federal taxable income will affect the
apportionment factor. If the apportionment factor needs to be
INFORMATION ON INCOME TAX PROVISIONS. Refer to the
changed, complete Part C on page 2 of Form 500X, then
instructions for 2014 Form 500 for information regarding
complete lines 6 through 8, columns A, B and C on page 1. Then,
applicable Maryland income tax provisions.
complete line 9, columns A, B and C.
NET OPERATING LOSS DEDUCTIONS. The NOL for Maryland
PART B – PAYMENTS,
CREDITS,
BALANCE
DUE
OR
purposes is the federal net operating loss. No modification of
OVERPAYMENT, INTEREST AND/OR PENALTY
the federal NOL is allowed under Maryland income tax law except
Complete lines 10a through 10f, columns A, B and C. Include as
in the case of a foreign source dividend subtraction. For more
an estimated tax payment on line 10a the income tax withheld
information about foreign source dividend subtractions, refer to
as a result of a non-Maryland real estate transaction as shown on
Administrative Release 18.
Form MW506NRS.
COM/RAD 066
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