Form 502cr - Maryland Income Tax Credits For Individuals - 2012 Page 5
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6MARYLAND INCOME TAX
FORM
Page 3
502CR
CREDITS FOR INDIVIDUALS
INSTRUCTIONS
2012
b . are employed by a county/city board of education in
other tax year; or
Maryland, a state or local correctional facility, or a juvenile
d . the insured is a nonresident of Maryland .
correctional facility as listed below in the note;
The credit is equal to the LTC premiums paid with a maximum
c. teach in a public school or qualified facility and receive a
per insured of:
satisfactory performance;
d . successfully complete the courses with a grade of B or better;
Amount
Age of Insured as of 12/31/12
and
$350
40 or less
e . have not been fully reimbursed by the state/county/city for
$500
over 40 years
these expenses .
SPECIFIC INSTRUCTIONS
Only the unreimbursed portion qualifies for the credit.
• Answer Questions 1 through 4 . If you answered “yes” for any
Each spouse that qualifies may claim this credit. Complete a
of the questions, no credit is allowed for that individual .
separate column in the worksheet for each spouse .
• Complete Columns A through D of the worksheet for each
NOTE: Qualified juvenile facilities are: the Alfred D. Noyes
qualifying insured individual who qualifies for the credit. If
Children's Center; the Baltimore City Juvenile Justice Center; the
more space is required, attach a separate statement .
Charles H . Hickey, Jr . School; the Cheltenham Youth Facility; the
J . DeWeese Carter Center; the Lower Eastern Shore Children's
• Enter in Column E the amount of premiums paid for each
Center; the Thomas J . S . Waxter Children's Center; the Victor
qualifying insured individual up to the maximum for that age
Cullen Center; the Western Maryland Children's Center; and the
group .
youth centers .
• Add the amounts in Column E and enter the total on line 5.
Also enter this amount on line 5, Part G .
INSTRUCTIONS
Line 1 Enter the name of the Maryland public school system or
PART F - CREDIT FOR PRESERVATION AND
State or local correctional facility or qualified juvenile
CONSERVATION EASEMENTS
facility in which you are employed and teach . Line 2 . Enter
If you donated an easement to the Maryland Environmental
the amount of tuition paid for graduate-level courses for
Trust or the Maryland Agricultural Land Preservation Foundation
each qualifying teacher and the name of the institution(s)
to preserve open space, natural resources, agriculture, forest
it was paid .
land, watersheds, significant ecosystems, viewsheds or historic
Line 3 Enter the amount received as a reimbursement for tuition
properties, you may be eligible for a credit if:
from your employer .
1 . the easement is perpetual;
Line 5 The maximum amount of credit allowed is $1,500 for
2 . the easement is accepted and approved by the Board of Public
each qualifying individual .
Works and
Line 6 The credit is limited to the amount paid less any
3 . the fair market value of the property before and after the
reimbursement up to the maximum amount allowed for
conveyance of the easement is substantiated by a certified
each qualifying individual . Enter the lesser of line 4 or
real estate appraiser .
line 5 .
The credit is equal to the difference in the fair market values of
Line 7 Enter the total of line 6, for Taxpayers A and B . Also enter
the property reduced by payments received for the easement .
this amount on line 3, Part G .
If the property is owned jointly by more than one individual such
as a husband and wife, each individual owner is entitled to the
PART D - CREDIT FOR AQUACULTURE OYSTER FLOATS
credit based on their percentage of ownership . Individual
A credit is allowed for 100% of the amounts paid to purchase
members of a pass-through entity are not eligible for this credit .
new aquaculture oyster floats that are designed to grow oysters
The credit amount is limited to the lesser of the individual’s state
at or under an individual homeowner’s pier . The devices must be
tax liability for that year or the maximum allowable credit of
buoyant and assist in the growth of oysters for the width of the
$5,000, per owner, who qualifies to claim the credit. Complete a
pier . In the case of a joint return, each spouse is entitled to claim
separate column in the worksheet for each spouse . In the case
the credit, provided each spouse purchases or contributes to the
of a joint return, each spouse must calculate their own state tax
purchase of a float. The credit amount is limited to the lesser of
liability for limitation purposes. Use the rules for filing separate
the individual’s state tax liability for that year or the maximum
returns in Instruction 8 in the Resident booklet to calculate each
allowable credit of $500 . In the case of a joint return, each spouse
spouse’s Maryland tax. In the case of a fiduciary return, the
must calculate their own state tax liability for limitation purposes .
fiduciary will complete the column for Taxpayer B only.
If the individual’s allowable credit amount exceeds the maximum
PART E - LONG-TERM CARE INSURANCE CREDIT
of $5,000, the excess may be carried forward for up to 15 years
A one-time credit may be claimed against the state income
or until fully used . Complete lines 1-7 of Part F . If you itemize
tax for the payment of qualified long-term care (LTC) insurance
deductions, see Instruction 14 in the Resident booklet .
premiums as defined by the IRS (Publication 502) for a policy
For line 1, enter the amount by which the fair market value of the
to insure yourself, or your spouse, parent, stepparent, child or
property before the conveyance of the easement exceeds the fair
stepchild, who is a resident of Maryland .
market value after the conveyance as substantiated by a certified
A credit may not be claimed if:
real estate appraiser, plus any carryover from the prior year .
a . the insured was covered by LTC insurance prior to July 1,
The carryover amount can be found on Part F line 7 of Form
2000;
502CR for tax year 2011 .
b . the credit for the insured is being claimed in this year by
For additional information, contact the Maryland Environmental Trust
another taxpayer;
at 410-514-7900, , or the Maryland
Agricultural Land Preservation Foundation at 410-841-5860 .
c . the credit is being or has been claimed by anyone in any
COM/RAD-012
12-49
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