Form 502d - Maryland Personal Declaration Of Estimated Income Tax - 2013 Page 2
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MARYLAND PERSONAL
502D
DECLARATION OF ESTIMATED
INCOME TAX INSTRUCTIONS
2013
Purpose of declaration The filing of a declaration of estimated Maryland
b. $1,000 each for taxpayer and spouse if age 65 or over and/or
income tax is a part of the pay-as-you-go plan of income tax collec tion
blind.
adopted by the State. If you have any income such as pensions, business
c. $3,200 for each allowable dependent, other than taxpayer and
income, lottery, capital gains, interest, dividends, etc., from which no tax
spouse. The amount is doubled for allowable dependents age 65
is withheld, or wages from which not enough Maryland tax is withheld,
or over.
you may have to pay estimated taxes. The law is similar to the federal
If your AGI will be more than $100,000, see chart below to determine
law.
the amount of exemption you can claim for items a and c above.
Who must file a declaration You must file a declaration of estimated
tax if you are required to file a Maryland income tax return and your
If you will file your tax return
gross income would be ex pected to develop a tax of more than $500 in
excess of your Maryland withholding.
Joint, Head of
You must file a declaration with payment in full within 60 days of receiving
Single or
Household
If Your federal AGI is
$500 or more of income from awards, prizes, lotteries or raffles, whether
Married Filing
or Qualifying
paid in cash or property if Maryland tax has not been withheld. A husband
Separately
Widow(er)
and wife may file a joint declaration.
Your
Your
Exemption is
When to file a declaration You must pay at least one-fourth of the total
Exemption is
estimated tax on line 14 of this form on or before April 15, 2013. The
remaining quarterly payments are due June 15, 2013, September 15,
$100,000 or less
$3,200
$3,200
2013 and January 15, 2014. You may pay the total estimated tax with
your first payment, if you wish. If you are filing on a fiscal year basis,
But not
each payment is due by the 15th day of the 4th, 6th, 9th and 13th
Over
over
months following the beginning of the fiscal year.
Overpayment of tax If you overpaid your 2012 income tax (Form 502
$100,000
$125,000
$1,600
$3,200
or 505) you may apply all or part of the overpayment to your 2013
estimated tax. If the over payment applied equals or exceeds the estimated
$125,000
$150,000
$800
$3,200
tax liability for the first quarterly payment, you are not required to file
the declaration. If the overpayment applied is less than the estimated tax
$150,000
$175,000
$0
$1,600
liability, you should file the declaration and pay the balance of the first
installment. Preprinted vouchers will be mailed to you for the remaining
$175,000
$200,000
$0
$800
payments.
In excess of $200,000
$0
$0
How to estimate your 2013 tax The worksheet is designed to develop
an estimate of your 2013 Maryland and local income tax. Be as accurate
as you can in forecasting your 2013 income. You may use your 2012
Line 8. Maryland income tax. Use the tax rate schedules below to
income tax as a guide, but if you will receive more income than you did
compute your tax on the amount on line 7.
in 2012, you must pay at least 110% of your prior year tax to avoid
interest for underpayment of estimated tax. For the purpose of estimating,
For taxpayers filing as Single, Married Filing Separately, or as Dependent
rounding all amounts to the nearest dollar is recommended.
Taxpayers. This rate is also used for taxpayers filing as Fiduciaries.
Nonresidents may use the Nonresident Estimated Tax Calculator at
Tax Rate Schedule I
If taxable net income is:
Maryland Tax is:
Specific Instructions:
At least:
but not over:
Line 1. Total income expected in 2013 is your estimated federal
$0
$1,000
2.00%
of taxable net income
adjusted gross income.
$1,000
$2,000
$20.00
plus 3.00%
of excess over $1,000
$2,000
$3,000
$50.00
plus 4.00%
of excess over $2,000
Line 2. Net modifications. You must add certain items to your federal
$3,000
$100,000
$90.00
plus 4.75%
of excess over $3,000
adjusted gross income. See Instruction 12 of the tax instructions. You
may subtract certain items from federal adjusted gross income. See
$100,000
$125,000
$4,697.50
plus 5.00%
of excess over $100,000
Instruction 13 of the tax instructions. Enter on this line the net result of
$125,000
$150,000
$5,947.50
plus 5.25%
of excess over $125,000
additions and subtractions.
$150,000
$250,000
$7,260.00
plus 5.50%
of excess over $150,000
$250,000
--
$12,760.00
plus 5.75%
of excess over $250,000
Line 4. Deductions. You may compute your tax using the standard
deduction method or the itemized deduction method.
For taxpayers filing Joint Returns, Head of Household, or for Qualifying
Widows/Widowers.
Standard deduction. Compute 15% of line 3.
Tax Rate Schedule II
For Filing Status 1, 3, 6: if the amount computed is less than $1,500,
enter $1,500; if the amount is between $1,500 and $2,000, enter that
If taxable net income is:
Maryland Tax is:
amount; if the amount is more than $2,000, enter $2,000.
At least:
but not over:
For Filing Status 2, 4, 5: if the amount computed is less than $3,000,
$0
$1,000
2.00%
of taxable net income
enter $3,000; if the amount is between $3,000 and $4,000, enter that
$1,000
$2,000
$20.00
plus 3.00%
of excess over $1,000
amount; if the amount is more than $4,000, enter $4,000.
$2,000
$3,000
$50.00
plus 4.00%
of excess over $2,000
$3,000
$150,000
$90.00
plus 4.75%
of excess over $3,000
Itemized deductions. Enter the total of federal itemized deductions less
state and local income taxes.
$150,000
$175,000
$7,072.50
plus 5.00%
of excess over $150,000
$175,000
$225,000
$8,322.50
plus 5.25%
of excess over $175,000
Line 6. Personal exemptions. If your FAGI will be $100,000 or less,
$225,000
$300,000
$10,947.50
plus 5.50%
of excess over $225,000
you are allowed:
$300,000
--
$15,072.50
plus 5.75%
of excess over $300,000
a. $3,200 each for taxpayer and spouse.
COM/RAD-013
12-49
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