Form 500x - Maryland Amended Corporation Income Tax Return - 2012 Page 4
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52012
FORM
AMENDED CORPORATION
500X
INCOME TAX RETURN
INSTRUCTIONS
For tax years beginning in 2012
GENERAL INSTRUCTIONS
2b on Form 500X but may not be used to reduce line 3 to less
than zero. Generally, the carryback of an NOL does not change
PURPOSE OF FORM. Form 500X is used by a corporation to
the previously reported addition or subtraction modifications in a
correct an error in a previously filed 2012 return (Form 500-
carryback year.
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
Form 500X may not be used to correct the amount of
certain provisions of the Internal Revenue Code from which the
payments. To correct payment amounts, submit a letter of
State of Maryland has decoupled, including certain special
request that indicates the corporate name, federal employer
depreciation allowances and 5-year carryback provisions. If an
identification number (FEIN), type of tax and tax year beginning
election to forgo a carryback is made, a copy of the federal
and ending dates. Explain the basis for the request and attach
election must have been included with the Maryland return for
copies of canceled checks and/or other documents as necessary
the loss year. For more information refer to Administrative
to verify 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).
The
apply:
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 is generally 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 issues a final determination of
adjustments that would result in an increase to Maryland
TAX YEAR OR PERIOD. These Form 500X instructions are for
taxable income, file Form 500X within 90 days after the final
corporations with tax years begining in 2012. If the corporation
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 Internal Revenue Service issues a final report of
of Form 500X.
adjustments that would result in a decrease to Maryland
taxable income, file Form 500X within 1 year after the final
NAME, ADDRESS AND OTHER INFORMATION.
Enter the
adjustment report or 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 federal employer identification number
a final determination made by an administrative board or an
(FEIN) in the appropriate boxes. If the name and/or address is
appeal of a decision of an administrative board, that is more
different than that shown on the original return, enter the name
than three years from the date of filing the return or more
and address as shown on the original return in the appropriate
than two years from the time the tax was paid, the claim for
area.
refund must be filed within one year of the date of the final
Answer all of the questions and attach copies of any federal
decision of the administrative board or final decision of the
notices or reports, amended forms and/or extensions required.
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; and enter, the correct amounts. The federal NOL
carryback or carryforward amount reported on the federal return,
The amended return must be filed with the Comptroller of
without regard to the decoupled provisions, is entered on line 2b.
Maryland, Revenue Administration Division, 110 Carroll Street,
Do not use Form 500DM line 2 to report this amount; see
Annapolis, MD 21411-0001.
Administrative Release 18.
INFORMATION ON INCOME TAX PROVISIONS. Refer to the
Determine if the changes to federal taxable income will affect the
instructions for 2012 Form 500 for information regarding
apportionment factor. If the apportionment factor needs to be
applicable Maryland income tax provisions.
changed, complete Part C on page 2 of Form 500X, then
complete lines 6 through 8, columns A, B and C on page 1. Then,
NET OPERATING LOSS DEDUCTIONS. The NOL for Maryland
complete line 9, columns A, B and C.
purposes is the federal net operating loss. No modification of the
federal NOL is allowed under Maryland income tax law except in
PART B – PAYMENTS, CREDITS, BALANCE DUE OR
the case of a foreign source dividend subtraction.
For more
OVERPAYMENT, INTEREST AND/OR PENALTY
information about foreign source dividend subtractions, refer to
Complete lines 10a through 10e, columns A, B and C.
Include
Administrative Release 18.
as an estimated tax payment on line 10a the income tax withheld
A corporation included in a consolidated federal filing must
as a result of a non-Maryland real estate transaction as shown
use its separate federal NOL. An NOL should be entered on line
on Form MW506NRS. Credits on line 10c may not exceed the
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COM/RAD 066
12-49
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