Form Mw507p - Maryland Income Tax Withholding For Annuity, Sick Pay And Retirement Distributions
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1FORM
MW507P
Comptroller of Maryland
Maryland Income Tax Withholding
Revenue Administration Division
for Annuity, Sick Pay and
110 Carroll Street
Retirement Distributions
Annapolis, Maryland 21411-0001
Type or print full name
Social Security number
Home address (number & street)
City, state, and ZIP code
A.
Contract claim or identification number ...........................................................
B.
Enter the amount withheld from each annuity, sick pay or retirement
distribution payment .....................................................................................
$
I request voluntary income tax withholding from any annuity, sick pay or retirement distribution payments as authorized
by Section 10-907(b) of the Tax-General Article of the Annotated Code of Maryland.
__________________________________________________________________
__________________________________
Signature
Date
COM/RAD 044 12-49
Instructions
Who may file – Any recipient of an annuity, sick pay or
You may find it convenient to request an amount to be withheld
retirement distribution payment may file this form to have
which will reduce your year-end tax balance on your individual
Maryland income tax withheld from each payment. However,
Maryland tax return to an amount of $500 or less and thus
the annuity must be payable over a period longer than one
avoid having to file an individual Declaration of Estimated Tax
year.
(Form 502D or 502 DEP).
Sick pay – The term “sick pay” means any amount which is
You may use the worksheet provided with the declaration as a
paid to an employee pursuant to a plan to which the employer
guide in estimating your income tax liability.
is a party and constitutes remuneration or a payment in lieu
Duration of withholding request
Your request for
of remuneration for any period during which the employee
voluntary
withholding
will
remain
in
effect
until
you
is temporarily absent from work on account of sickness or
terminate it.
personal injuries.
How to terminate a withholding request
You may
Where and how to file – File this form with the payer of
terminate, at any time, your request for voluntary withholding
your annuity, sick payment or retirement distribution. Enter
by giving your payers a written termination notice.
in item B of page 1, the whole dollar amount that you wish
Statement of income tax withheld
At the close of the
withheld from each annuity or sick pay payment. The amount
year, your payer will furnish you with a Form 1099 or other
must not be less than $5 a month for annuities and retirement
appropriate form showing the gross amount of annuity or sick
distributions and at least $2 per daily payment in the case of
pay payments and the total amount deducted and withheld as
sick pay.
tax during the calendar year.
File this form with the payer of your annuity, sick payment or retirement distribution.
Do not mail this form to the Maryland Revenue Administration Division
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