Form 502up - Underpayment Of Estimated Maryland Income Tax By Individuals - 2012 Page 2
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1
2FORM
UNDERPAYMENT OF ESTIMATED
PAGE 2
502UP
MARYLAND INCOME TAX BY
INDIVIDUALS INSTRUCTIONS
2012
GENERAL INSTRUCTIONS
Line 14 Enter in each column the sum of any estimated payments you
have made and any Maryland tax withheld from the beginning
Section 10-815 of the Tax-General Article of the Annotated Code of
of the year to the due date at the top of that column. Include
Maryland requires every individual, or individuals filing jointly, who
any nonresident tax paid by S corporations, partnerships or
receives taxable income which is not subject to Maryland withholding,
limited liability companies on your behalf. NOTE: Just as in
or from which not enough Maryland tax is withheld to file a Declaration
line 11, each successive entry will include the amount from
of Estimated Tax, if the income can be expected to develop a tax of
the prior columns. For example, if you paid $500 in estimated
more than $500 in excess of the Maryland withholding. Furthermore,
payments each quarter, the first column will contain $500,
Sections 13-602 and 13-702 stipulate that any individual so required to
the second $1,000, the third $1,500 and the fourth $2,000.
file, who either (1) fails to file on the date or dates prescribed; (2) fails
Overpayments in later quarters may not be used to offset
to pay the installment or installments when due or (3) estimates a tax
underpayments in previous quarters.
less than ninety (90) percent of the developed tax shown on the return
for the current tax year and less than 110% of the tax that was devel-
Lines 16 through 18 determine the amount of interest due for
oped for the prior year, shall be subject to penalty and interest.
each underpaid quarter.
Line 16 The factors represent the interest rate for the portion of the
WHO MUST FILE
year between the due date of each quarter and the due date
If you believe that you are liable for interest for one of the reasons
of the next quarter. The rate is 1/12 of 13% for each month
outlined above, or if you believe that you are not liable for interest due
or part of a month from the due date. If your estimated tax
to an unequal distribution of income, please complete and submit this
payment was not timely, but was paid earlier than the due
form with your tax return.
date of the next quarter, adjust the factor as follows: count
the number of months from the due date that the payment
If you meet one of the exceptions shown on page 1, you are not
was late. Treat a partial month as one month. Divide that
required to file this form.
number by twelve and multiply it by the 13% annual rate.
If you want us to figure the interest for you, complete your return as
Apply this adjusted factor to the underpaid amount on line
usual. Do not file Form 502UP. You will be notified of any interest due.
15.
Line 17 Using the factors on line 16 or the adjusted factor described
SPECIFIC INSTRUCTIONS
above, determine the amount of interest due for each quarter
Lines 1 through 10 are used to determine the minimum amount
and enter the amounts in the appropriate columns.
required to be paid by estimated or withholding tax to avoid interest.
Line 18 Add all interest amounts in columns 1 through 4 on line 17.
Line 1
Enter your Maryland adjusted gross income from line 16 of
Enter the total interest on the appropriate line of your tax
Form 502, line 1 of Form 503 or line 8 of Form 505NR. Alter-
return.
natively, if you itemize deductions, you may elect to enter
If the interest calculated on line 18 is zero because your income
taxable net income from line 20 of Form 502 or net income
was not received evenly throughout the year, enter code number
from line 11 of Form 505NR.
301 in one of the boxes marked “code numbers” to the right of
Line 2
Special instructions for 2012:
the telephone number area and attach this form to your return.
If your filing status is Single or Married Filing Separately and
your Federal adjusted gross income is greater than $100,000,
FARMERS AND FISHERMEN
recalculate your taxable net income using the exemption
If your gross income from farming or fishing is at least two-thirds of
amounts from 2011.
Then recalculate your tax based upon
your total estimated gross income for the year, the 2012 declaration
2011 rates. Enter result on line 2.
and full payment of the estimated tax is due on or before January 15,
If your filing status is Married Filing Joint, Head of Household
2013. In lieu of filing the declaration, you may elect to file your full
or Qualifying Widow(er) and your Federal adjusted gross
and complete annual return on or before April 15, 2013 and make full
income is greater than $150,000, recalculate your taxable net
payment of the developed tax at that time.
income using the exemption amounts from 2011.
Then
If you fail to do either of the above, and the income not subject to
recalculate your tax based upon 2011 rates. Enter result on
withholding or from which not enough Maryland tax is withheld would
line 2.
be expected to develop a tax of more than $500, then you are subject
Also, enter 301 in one of the Code Number boxes on Form
to interest. To compute the applicable interest charge, complete lines 1
502, 503, 505 or 515.
through 10 of this form. Enter the amount from line 10 on line 13,
column 4 and complete the rest of the form. Only column 4 will have
To obtain exemption amounts and tax rates from 2011, visit
entries.
our website at
To claim exemption from this interest charge or to use the spe-
Line 5
Multiply the amount on line 5 of Form 502TP by the highest
cial calculation, enter code number 300 in one of the boxes
state rate used on your tax return. Add to this result the
marked “code numbers” to the right of the telephone number
amount on line 5 of Form 502TP multiplied by your local (or
area. Attach this form to your return if you used the special
special nonresident) tax rate.
calculation.
Line 9a If your 2011 tax was corrected or amended, be sure to
include any additional tax when calculating your total tax for
INCOME TAXABLE BY ANOTHER STATE
the year.
If at least 90% of your taxable income is taxable by another state, and
Lines 11 through 15 will determine which periods are under-
the underpayment is not greater than the local tax, no interest is due
paid and the amount of underpayment.
and you are not required to file this form.
Line 11 Enter in each column the income received for the period of
To claim exemption from this interest charge, enter code num-
the year covered by that column. If your income was received
ber 302 in one of the boxes marked “code numbers” to the right
evenly throughout the year, enter one-fourth of line 1 in
of the telephone number area.
column 1, one-half of line 1 in column 2, three-fourths of line
1 in column 3 and an amount equal to line 1 in column 4.
You may elect to report your income based on the actual
dates of receipt. If so, enter income received between Janu-
ary 1 and March 31 in the first column; enter income received
between January 1 and May 31 in the second column; enter
income received between January 1 and August 31 in the
third column and 100% of your income in the fourth column.
NOTE: Regardless of whether you use an even distribution or
base your entries on the actual receipt dates, each succes sive
column will include the amount from the prior columns. See
the example in the instructions for line 14.
COM/RAD 017
12-49
(Rev 01/13)
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