Maryland Form 502d - Personal Declaration Of Estimated Income Tax - 2014 Page 2
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3PERSONAL DECLARATION
MARYLAND
FORM
OF ESTIMATED INCOME TAX
502D
INSTRUCTIONS
2014
Purpose of declaration The filing of a declaration of estimated
For Filing Status 2, 4, 5: if the amount computed is less
Maryland income tax is a part of the pay-as-you-go plan of
than $3,000, enter $3,000; if the amount is between $3,000
income tax collec tion adopted by the State. If you have any
and $4,000, enter that amount; if the amount is more than
income such as pensions, business income, lottery, capital
$4,000, enter $4,000.
gains, interest, dividends, etc., from which no tax is withheld,
Itemized deductions. Enter the total of federal itemized
or wages from which not enough Maryland tax is withheld, you
deductions less state and local income taxes.
may have to pay estimated taxes. The law is similar to the
Line 6. Personal exemptions. If your FAGI will be $100,000
federal law.
or less, you are allowed:
Who must file a declaration You must file a declaration of
a. $3,200 each for taxpayer and spouse.
estimated tax if you are required to file a Maryland income tax
b. $1,000 each for taxpayer and spouse if age 65 or over
return and your gross income would be ex pected to develop a
and/or blind.
tax of more than $500 in excess of your Maryland withholding.
c. $3,200 for each allowable dependent, other than
You must file a declaration with payment in full within 60 days
taxpayer and spouse. The amount is doubled for
of receiving $500 or more of income from awards, prizes,
allowable dependents age 65 or over.
lotteries or raffles, whether paid in cash or property if Maryland
If your AGI will be more than $100,000, see chart below
tax has not been withheld. A married couple may file a joint
to determine the amount of exemption you can claim for
declaration.
items a and c above.
When to file a declaration You must pay at least one-fourth
of the total estimated tax on line 14 of this form on or before
April 15, 2014. The remaining quarterly payments are due
If you will file your tax return
June 15, 2014, September 15, 2014 and January 15,
2015. You may pay the total estimated tax with your first
payment, if you wish. If you are filing on a fiscal year basis,
Joint, Head of
Single or
each payment is due by the 15th day of the 4th, 6th, 9th and
Household
If Your federal AGI is
Married Filing
13th months following the beginning of the fiscal year.
or Qualifying
Separately
Widow(er)
Overpayment of tax If you overpaid your 2013 income tax
Each
Each
(Form 502 or 505), you may apply all or part of the
Exemption is
Exemption is
overpayment to your 2014 estimated tax. If the over payment
applied equals or exceeds the estimated tax liability for the
first quarterly payment, you are not required to file the
$100,000 or less
$3,200
$3,200
declaration. If the overpayment applied is less than the
estimated tax liability, you should file the declaration and pay
But not
Over
the balance of the first installment. Preprinted vouchers will be
over
mailed to you for the remaining payments.
$100,000
$125,000
$1,600
$3,200
How to estimate your 2014 tax The worksheet is designed
to develop an estimate of your 2014 Maryland and local income
$125,000
$150,000
$800
$3,200
tax. Be as accurate as you can in forecasting your 2014
income. You may use your 2013 income tax as a guide, but if
$150,000
$175,000
$0
$1,600
you will receive more income than you did in 2013, you must
pay at least 110% of your prior year tax to avoid interest for
$175,000
$200,000
$0
$800
underpayment of estimated tax. For the purpose of estimating,
rounding all amounts to the nearest dollar is recommended.
In excess of $200,000
$0
$0
Nonresidents who want to estimate 2014 Maryland taxes may
use
the
Nonresident
Estimate
Tax
Calculator
at
Line 8. Maryland income tax. Use the tax rate schedules
below to compute your tax on the amount on line 7.
Specific Instructions:
For taxpayers filing as Single, Married Filing Separately, or as
Line 1. Total income expected in 2014 is your estimated
Dependent Taxpayers. This rate also is used for taxpayers filing
federal adjusted gross income.
as Fiduciaries.
Line 2. Net modifications. You must add certain items to
Tax Rate Schedule I
your federal adjusted gross income. See Instruction 12 of the
tax instructions. You may subtract certain items from federal
If taxable net income is:
Maryland Tax is:
adjusted gross income. See Instruction 13 of the tax
At least:
but not over:
instructions. Enter on this line the net result of additions and
$0
$1,000
2.00%
of taxable net income
subtractions.
$1,000
$2,000
$20.00
plus 3.00%
of excess over $1,000
Line 4. Deductions. You may compute your tax using the
$2,000
$3,000
$50.00
plus 4.00%
of excess over $2,000
standard deduction method or the itemized deduction method.
$3,000
$100,000
$90.00
plus 4.75%
of excess over $3,000
Standard deduction. Compute 15% of line 3.
$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
For Filing Status 1, 3, 6: If the amount computed is less
$150,000
$250,000
$7,260.00
plus 5.50%
of excess over $150,000
than $1,500, enter $1,500; if the amount is between $1,500
$250,000
--
$12,760.00
plus 5.75%
of excess over $250,000
and $2,000, enter that amount; if the amount is more than
$2,000, enter $2,000.
COM/RAD-013
13-49
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