Form 504d - Maryland Fiduciary Declaration Of Estimated Income Tax - 2013 Page 2
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1
2FORM
MARYLAND FIDUCIARY DECLARATION
PAGE 2
504D
OF ESTIMATED INCOME TAX
2013
INSTRUCTIONS
Who must file a declaration You must file a declaration of estimated
Line 11 . Local or special nonresident tax. Maryland counties and
tax if you are required to file a Maryland fiduciary income tax return
Baltimore City levy an income tax on residents which is a
and your taxable income would be expected to develop a tax of more
percentage of taxable net income. Using the following criteria,
than $500. You must file a declaration with payment in full within 60
determine to which city, county or local taxing jurisdiction the
days of receiving $500 or more of income from awards, prizes, lotteries
fiduciary must pay the local income tax.
or raffles, whether paid in cash or property if Maryland and local tax
1. A personal representative should use the rate for the
has not been withheld.
jurisdiction in which the decedent was domiciled on the date
A personal representative of an estate is not required to remit
of death.
estimated tax payments for the first two tax years of the estate.
2. Other fiduciaries should use the rate for the jurisdiction in
When to file a declaration You must pay at least one-fourth of the
which the trust was created or is principally administered.
total estimated tax on or before April 15, 2013. The remaining
The amount you entered on line 9 is your taxable net
quarterly payments are due June 15, 2013, September 15, 2013,
income.
Multiply that by your local tax rate using the
and January 15, 2014.
You may pay the total estimated tax with
following chart and enter on line 11.
your first payment, if you wish. If you are filing on a fiscal year basis,
each payment is due on the 15th day of the 4th, 6th, 9th and 13th
Subdivision
Rate
Subdivision
Rate
month following the beginning of the fiscal year.
Baltimore City
.0320
Harford County
.0306
Allegany County
.0305
Howard County
.0320
Overpayment of tax
If you overpaid your 2012 income tax (Form
Anne Arundel County .0256
Kent County
.0285
504) you may apply all or part of the overpayment to your 2013
Baltimore County
.0283
Montgomery County
.0320
estimated tax. If the overpayment applied equals or exceeds the
Calvert County
.0280
Prince George's County
.0320
estimated tax liability for the first quarterly payment, you are not
Caroline County
.0263
Queen Anne's County
.0320
required to file the declaration. If the overpayment applied is less than
Carroll County
.0305
St. Mary's County
.0300
the estimated tax liability, you should file the declaration and pay the
Cecil County
.0280
Somerset County
.0315
balance of the first installment. Preprinted vouchers will be mailed to
Charles County
.0290
Talbot County
.0240
you for the remaining payments.
Dorchester County
.0262
Washington County
.0280
How to estimate your 2013 tax
The worksheet on page 1 is
Frederick County
.0296
Wicomico County
.0320
designed to develop an estimate of your 2013 Maryland and local
Garrett County
.0265
Worcester County
.0125
income tax. Be as accurate as you can in forecasting your 2013 income.
Nonresident Fiduciaries Use .0125
You may use your 2012 income and tax as a guide, but if you will
Changes in income
Your situation may not require you to file a
receive more income in 2013, you must pay at least 110% of the tax
declaration on April 15, 2013. However, a large increase in income after
that was developed for the prior year to avoid interest for underpayment
that date may require you to file a declaration. If at any time during the
of estimated tax. For the purpose of estimating, rounding all amounts
year you need to amend your original declaration, simply increase or
to the nearest dollar is recommended.
decrease the remaining payments.
Nonresident fiduciaries should use the 2012 Form 504 & Form 504NR
Filing a return instead of the fourth payment Instead of making the
to calculate their estimated tax for 2013 or 110% of the tax that was
fourth declaration payment on or before January 15, 2014, you may file
developed for 2012.
your 2013 fiduciary income tax return provided you file on or before
The annualized income installment method used for federal estimated
January 31, 2014, and pay in full with the return any balance of tax due.
tax purposes may be used to compute Maryland estimated tax.
Forms and information
Declaration of estimated tax forms for
Specific instructions:
fiduciaries and any additional information may be obtained from www .
marylandtaxes .com .
Line 1 .
Total income expected in 2013 is your estimated federal
taxable income.
Comptroller of Maryland Revenue Administration Division
110 Carroll Street
Line 2 .
Federal exemption amount. Enter the exemption amount you
Annapolis, MD 21411-0001
expect to claim on your federal fiduciary income tax return.
(410-260-7980 or 1-800-MDTAXES) or from any of its branch offices.
Line 4 .
Net modifications. Fiduciaries are permitted those additions
Payment instructions Make your check or money order payable to the
and subtractions allowed individuals. For further information,
“Comptroller of Maryland.” Put your federal employer identification
see the instructions for Form 502 for resident individuals or
number on your check. Do not send cash.
Form 505 for nonresident individuals. Only the fiduciary’s
allocable portion should be used.
Mailing instructions
Mail your declaration of estimated fiduciary
income tax to:
Line 6 .
Nonresident beneficiary deduction. If any beneficiaries of the
trust are nonresident individuals or corporations not doing
Comptroller of Maryland
business in this state, enter on this line the total income from
Revenue Administration Division
intangible personal property less allocable expenses which you
110 Carroll Street
expect to accumulate (and not distribute) during the tax year
Annapolis, Maryland 21411-0001
for their benefit.
Penalties and interest If you are required by law to file a declaration
Line 8 .
Maryland exemption. The Maryland exemption allowed to a
of estimated tax for any tax year and you either (1) fail to file on the
personal representative is $600. A fiduciary other than a
date prescribed, (2) fail to pay the installment or installments when due
personal representative is allowed $200.
or (3) estimate a tax less than 90% of the developed tax shown on the
return forthe current tax year and which estimate was less than 110% of
Line 10 . Maryland fiduciary income tax. Compute your tax on the
the tax that was developed for the prior year, you will be subject to the
amount on line 9 using the following tax rate schedule:
penalties and interest as provided by law for failure to file a return and
failure to pay tax when due.
If taxable amount on line 9 is:
Maryland Tax is:
Over:
but not over:
$0
$1,000
2.00%
of the amount on line 9
$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
$3,000
$100,000
$90.00
plus 4.75%
of excess over $3000
$100,000
$125,000
$4,697.50
plus 5.00%
of excess over $100,000
$125,000
$150,000
$5,947.50
plus 5.25%
of excess over $125,000
$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
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