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MD Comptroller 502 2020 free printable template

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Do not attach check or money order to Form 502. Attach check or money order to Form PV. City or Town State ZIP Code 4 REQUIRED Maryland Physical address as of December 31 2018 or last day of the taxable year for fiscal year taxpayers. See Instruction 6. Part-year residents see Instruction 26. 4 Digit Political Subdivision Code See Instruction 6 Maryland Political Subdivision See Instruction 6 Maryland Physical Address Line 1 Street No. and Street Name No PO Box MD City Single If you can be...claimed on another person s tax return use Filing Status 6. MARYLAND FORM OR FISCAL YEAR BEGINNING 2018 ENDING Your Social Security Number Print Using Blue or Black Ink Only RESIDENT INCOME TAX RETURN Spouse s Social Security Number Your First Name MI Your Last Name Spouse s First Name Spouse s Last Name Current Mailing Address Line 1 Street No. and Street Name or PO Box Place your W-2 wage and tax statements and ATTACH HERE with one staple. Do not attach check or money order to Form 502. Attach...check or money order to Form PV. City or Town State ZIP Code 4 REQUIRED Maryland Physical address as of December 31 2018 or last day of the taxable year for fiscal year taxpayers. Do not attach Form PV or check/ money order to Form 502. Place Form PV with attached check/money order on TOP of Form 502 and mail to Payment Processing PO Box 8888. 1a. Wages salaries and/or tips. 1a. 1b. Earned income. 1b. 1c. Capital Gain or loss. 1c. 1d. Taxable Pensions IRAs Annuities Attach Form 502R.. 1d. 1e....Place a Y in this box if the amount of your investment income is more than 3 500. 2. Tax-exempt interest on state and local obligations bonds other than Maryland. 20. 21. Maryland tax from Tax Table or Computation Worksheet Schedules I or II. 21. TAX 23. Poverty level credit See Instruction 18. 23. COMPUTATION 24. Other income tax credits for individuals from Part AA line 12 of Form 502CR Attach Form 502CR.. See Instruction 6. Part-year residents see Instruction 26. 4 Digit Political Subdivision...Code See Instruction 6 Maryland Political Subdivision See Instruction 6 Maryland Physical Address Line 1 Street No. and Street Name No PO Box MD City Single If you can be claimed on another person s tax return use Filing Status 6. Married filing joint return or spouse had no income FILING STATUS CHECK ONE BOX if you are required to file. PART-YEAR RESIDENT EXEMPTIONS Check appropriate box es. NOTE If you are claiming dependents you must attach the Dependents Information Form 502B to this form to...receive the applicable exemption amount. See Instruction 6. Part-year residents see Instruction 26. 4 Digit Political Subdivision Code See Instruction 6 Maryland Political Subdivision See Instruction 6 Maryland Physical Address Line 1 Street No* and Street Name No PO Box MD City Single If you can be claimed on another person s tax return use Filing Status 6. Married filing joint return or spouse had no income FILING STATUS CHECK ONE BOX if you are required to file. PART-YEAR RESIDENT EXEMPTIONS...Check appropriate box es. NOTE If you are claiming dependents you must attach the Dependents Information Form 502B to this form to receive the applicable exemption amount.
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What is MD Comptroller 502?

MD Comptroller 502 is a tax form used in Maryland for reporting certain payments made to individuals or entities. This form is essential for record-keeping purposes for both the payer and the recipient, ensuring compliance with state tax regulations.

What is the purpose of this form?

The purpose of the MD Comptroller 502 is to document and report payments that meet specific criteria set by the Maryland Comptroller’s office. By completing this form, you confirm the amount paid and provide necessary details that aid in the tracking of income for tax purposes.

Who needs the form?

Individuals and businesses that have made certain types of payments—such as contractor payments, rental income, or incentive compensation—may need to complete the MD Comptroller 502 Tax Form. This requirement typically applies to those who pay $600 or more in a calendar year to a recipient. Understanding your payment obligations can help ensure compliance.

When am I exempt from filling out this form?

Exemptions from filing the MD Comptroller 502 include cases where payments are less than $600, payments made to corporations, and certain payments that fall under specific exclusions defined by the Maryland tax code. Review these criteria carefully to determine your obligation.

Components of the form

The MD Comptroller 502 is divided into several sections, including the payer's identification information, recipient details, the amount of payment, and any applicable tax identification numbers. Each section must be filled out completely to fulfill state filing requirements effectively.

Due date

The due date for filing the MD Comptroller 502 is typically January 31 of the year following the calendar year in which the payments were made. Ensure that you submit the form by this deadline to avoid any penalties or interest that might accrue on late filings.

What payments and purchases are reported?

Payments reported on the MD Comptroller 502 include those made for services, contracts, rents, and other income-related transactions, typically exceeding the $600 threshold. Knowing what needs to be reported can help streamline your filing process and ensure accuracy.

How many copies of the form should I complete?

When filing the MD Comptroller 502, you must complete at least two copies of the form: one for the recipient and one for your records. Additional copies may be necessary depending on the specific requirements of the Maryland Comptroller’s office.

What are the penalties for not issuing the form?

Failing to file the MD Comptroller 502 when required can result in penalties, including fines and potential interest on unpaid taxes. It's crucial to adhere to filing requirements and deadlines to avoid these negative repercussions.

What information do you need when you file the form?

When filing the MD Comptroller 502, you will need the following information: payer's name and address, recipient's name and address, description of services providing payment, total payment amount, and tax identification numbers if applicable. Having this information ready will facilitate a smoother filing process.

Is the form accompanied by other forms?

In most cases, the MD Comptroller 502 does not require additional forms unless there are unique circumstances that warrant further documentation. However, it is always prudent to check for any supplementary forms that may be required based on the specific type of payments being reported.

Where do I send the form?

The completed MD Comptroller 502 Tax Form should be sent to the Maryland Comptroller’s office. Ensure you check the most recent mailing address, which may change, to confirm where to submit your form for processing.

FAQ about MD Comptroller 502

If you find an error after filing the MD Comptroller 502, you can submit an amended version. It's essential to clearly mark the amended form and highlight the changes made. Maintain a copy of the submission for your records to ensure compliance.

To check the status of your MD Comptroller 502 filing, you can contact the Maryland Comptroller's office directly or use their online tracking system, if available. This will help you confirm receipt and processing to avoid any potential issues.

Common mistakes when filing the MD Comptroller 502 include incorrect taxpayer identification numbers and misreporting payment amounts. To avoid these errors, double-check all entries for accuracy and ensure you are familiar with the form’s requirements before submission.

Yes, when e-filing the MD Comptroller 502, ensure that your software is compatible with state requirements and that your browser is updated. It's advised to use a reliable internet connection to prevent disruptions during the submission process.

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