Maryland Form 504up Draft - Underpayment Of Estimated Income Tax By Fiduciaries - 2015
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32015
UNDERPAYMENT OF
MARYLAND
FORM
ESTIMATED INCOME
504UP
TAX BY FIDUCIARIES
DRAFT 10/09/15
ATTACH TO FORM 504.
IMPORTANT: REVIEW THE INSTRUCTIONS BEFORE COMPLETING THIS FORM. IF YOUR INCOME IS TAXABLE BY
ANOTHER STATE, SEE INSTRUCTIONS.
Name of estate or trust
Federal Employer Identification Number
EXCEPTIONS THAT AVOID THE UNDERPAYMENT PENALTY
No interest is due and this form should not be filed if:
A.
The tax year ends less than 2 years after the decedent's date of death;
B.
The tax liability on gross income after deducting Maryland withholding is $500 or less; or,
C.
Each current year payment, made quarterly as required, is equal to or more than one-fourth of 110% of last year's taxes.
REQUIRED ANNUAL PAYMENT
1.
Total Maryland income (from line 8 of Form 504 or from line 17c of Form 504NR for
nonresident fiduciaries required to use Part II of Form 504NR . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
.
2.
2015 Maryland and local tax (from line 21 of Form 504). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
.
3.
Credits (from lines 14, 15, 19, 29 and 30 of Form 504) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
.
4.
Total tax developed on tax preference items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
.
5.
Total (Add lines 3 and 4.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
.
6.
Balance (Subtract line 5 from line 2.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
.
7.
Multiply line 6 by 90% (.90) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
.
8a.
2014 tax (Enter amount from line 29 [reduced by any credits on lines 32 through 34]
.
of 2014 Form 504) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8a.
8b.
Multiply line 8a by 110% (1.10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b.
.
.
9.
Minimum withholding and/or estimated tax required (Enter the lesser of line 7 or 8b.) . . . . . . . . . 9.
COMPUTATION OF UNDERPAYMENT
DUE DATES OF INSTALLMENTS
April 15, 2015
June 15, 2015
September 15, 2015
January 15, 2016
Jan. 1 to
Jan. 1 to
Jan. 1 to
Jan. 1 to
INSTALLMENT PERIODS
Mar. 31
Jun. 30
Sept. 30
Dec. 31
10.
Required payments. Enter the amount derived from
line 9 or line 25, whichever is applicable.
(See Instructions.) . . . . . . . . . . . . . . . . . . . . . . . .
11.
Estimated tax paid and tax withheld per period
(See instructions.) . . . . . . . . . . . . . . . . . . . . . . . .
12.
Underpayment per period (Subtract line 11 from line
10.) If less than zero, enter zero . . . . . . . . . . . . . .
COMPUTATION OF INTEREST
13.
Interest factor (based on 13% annual rate) . . . . . .
.0217
.0325
.0433
.0325
14.
Multiply underpayment on line 12 by the factor on
line 13 for each period . . . . . . . . . . . . . . . . . . . . .
15.
Interest (Add amounts on line 14.) Place total on line 36
of Form 504 and include amount in your total payment with return. . . . . . . . . . . . . . . . . . . . . . . . . . . .
COM/RAD-302
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