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Fill Out Your Maryland 504 Template

The Maryland 504 form is the Fiduciary Income Tax Return used to report income for estates and trusts in Maryland. This form is essential for fiduciaries to accurately report income, deductions, and taxes owed. Proper completion ensures compliance with state tax regulations and can help avoid potential penalties.

To fill out the Maryland 504 form, click the button below.

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Article Structure

Dos and Don'ts

When it comes to filling out the Maryland 504 form, there are several important dos and don'ts to keep in mind. Following these guidelines can help ensure that your submission is accurate and complete.

Do ensure that all personal information, such as the fiduciary's name and address, is filled out correctly. Accurate details are crucial for processing.
Do check the box indicating the type of entity you are filing for. This helps to clarify the nature of the return.
Do attach any necessary documentation, such as the amended federal Form 1041 if applicable. Supporting documents can prevent delays.
Do review the form for any mistakes before submission. A careful check can save you from potential issues down the line.

Don't leave any required fields blank. Incomplete forms can lead to processing delays or rejections.
Don't forget to sign the form. An unsigned form is considered invalid and will not be processed.
Don't use white-out or other correction methods on the form. Instead, start a new form if you make a mistake.
Don't submit the form without double-checking the mailing address. Sending it to the wrong location can cause significant delays.

Misconceptions

Only estates need to file the Maryland 504 form. This form is for various entities, including simple trusts, complex trusts, and grantor type trusts, not just estates.
The Maryland 504 form is the same as the federal Form 1041. While both forms deal with fiduciary income tax, they are different and have unique requirements and calculations.
All fiduciaries must pay taxes regardless of income. Some fiduciaries may qualify for deductions or exemptions that could reduce their taxable income.
Filing the Maryland 504 form is optional. If a fiduciary has income, they are generally required to file this form, especially if the estate or trust has tax obligations.
Filing an amended return is unnecessary. If there are errors or changes, filing an amended return is crucial to ensure accurate reporting and compliance.
Only Maryland residents can file this form. Nonresidents can also file the Maryland 504 form if they have income sourced from Maryland.
Tax credits for taxes paid to other states are automatic. Fiduciaries must actively claim these credits on the form; they are not applied automatically.
The Maryland 504 form can be filed without supporting documents. Many times, additional documentation is required, especially for deductions and credits.
All income must be distributed to avoid tax. Even if all income is not distributed, there are specific guidelines for how to report and handle undistributed income.

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Key takeaways

When dealing with the Maryland 504 form, there are several important points to keep in mind to ensure accurate and efficient filing. Here are key takeaways:

The Maryland 504 form is specifically designed for fiduciary income tax returns, applicable to estates and trusts.
It is essential to identify the type of entity you are filing for, such as a decedent's estate or a simple trust, by checking the appropriate box on the form.
Provide accurate information regarding the fiduciary, including name, title, and address, to avoid processing delays.
Check the box indicating whether this is the final return for the decedent’s estate if applicable.
Be aware of the residency status of the estate or trust, as this affects tax calculations and filing requirements.
For amended returns, clearly indicate this on the form and provide an explanation for the changes made.
Calculate the Maryland adjusted gross income carefully, considering any necessary modifications and deductions.
Ensure that all contributions, such as those to the Chesapeake Bay Fund or the Maryland Cancer Fund, are accurately reported.
Consider the implications of nonresident beneficiary deductions, which require additional forms and documentation.
Double-check all calculations and ensure that the correct federal employer identification number is written on the check if payment is due.

Filing the Maryland 504 form accurately is crucial for compliance and to avoid potential penalties. Taking the time to understand each section will facilitate a smoother process.

Guidelines on Utilizing Maryland 504

Filling out the Maryland 504 form requires careful attention to detail. This form is essential for reporting fiduciary income tax for estates and trusts. Before beginning, ensure you have all necessary information and documentation at hand, including the federal employer identification number, details about the estate or trust, and any relevant financial information. The following steps outline the process for completing the Maryland 504 form accurately.

Obtain the Maryland 504 form from the Maryland Comptroller's website or your tax preparer.
Fill in the federal employer identification number at the top of the form.
Provide the name of the estate or trust.
Enter the name and title of the fiduciary responsible for the estate or trust.
Complete the fiduciary's address, including street number, city, state, and zip code.
Select the type of entity by checking the appropriate box: Decedent’s estate, Simple trust, Complex trust, Grantor type trust, Bankruptcy estate, Qualified funeral trust, or Other.
If applicable, fill in the decedent's estate information, including the date of death, domicile of the decedent, and the decedent’s Social Security number.
If this is the final return, check the corresponding box.
Indicate resident status by checking the box for resident or nonresident, as appropriate.
If filing an amended return, check the box and provide an explanation for the changes.
Complete the income and deduction calculations, starting with the federal taxable income from federal Form 1041.
Calculate the fiduciary’s share of Maryland modifications and enter the results on the appropriate lines.
Calculate the Maryland adjusted gross income by subtracting any nonresident beneficiary deductions.
Determine the Maryland taxable net income by subtracting the Maryland exemption from the adjusted gross income.
Calculate the Maryland tax using the appropriate rate schedule.
Complete any contributions to funds, such as the Chesapeake Bay Fund or Maryland Cancer Fund.
Calculate the total Maryland income tax and local income tax, including any contributions.
List any Maryland and local tax withheld, estimated tax payments, and credits for taxes paid to other states.
Determine if there is a balance due or an overpayment, and indicate how to handle the overpayment, if applicable.
For direct deposit of any refund, fill in the account information, including the type of account, routing number, and account number.
Sign and date the form, ensuring all information is accurate and complete.
Mail the completed form to the Comptroller of Maryland at the specified address.

Form Preview Example

		MARYLAND	FIDUCIARY INCOME
		MARYLAND	FIDUCIARY INCOME
		FORM	TAX RETURN
		FORM	TAX RETURN
	504
		OR FISCAL YEAR BEGINNING		2022, ENDING

	Federal Employer Identification Number (9 digits)

	Name of Estate or Trust

Black Ink Only	Name and Title of Fiduciary

	Current Mailing Address of Fiduciary - Line 1 (Street No. and Street Name or PO Box)
Using Blue or
Using Blue or	Current Mailing Address of Fiduciary - Line 2 (Apt No., Suite No., Floor No.)
Print

2022

STAPLE CHECK HERE

	City or Town							State			ZIP Code								+4

	Country Name																Foreign Province/State/County

Foreign postal code

	TYPE OF ENTITY - Check the box(es) on the return corresponding to your federal return.
		1.	Decedent's estate	4.			Grantor type trust									7.					Electing Small Business Trust
		2.	Simple trust	5.			Bankruptcy estate									8.					Other
		3.	Complex trust	6.			Qualified funeral trust
		3.	Complex trust	6.			Qualified funeral trust

	DECEDENT'S ESTATE INFORMATION
	If Decedent's estate:
	Date of death										Decedent's Social Security Number
	Domicile of decedent													Check here if final return.								(do not enter / or -)
																						(do not enter / or -)


	RESIDENT STATUS											AMENDED RETURN
	Check box if resident and complete the following											Check applicable box(es).
	Subdivision Code															This is an amended return. (Attach documentation)
	County															Net operating loss is being carried back.
	County															Net operating loss is being carried back.
	City, town or taxing area															Name or address has changed.
	City, town or taxing area															Name or address has changed.
	Check box if nonresident. See Form 504NR
1.		Federal taxable income of fiduciary (from line 23 of federal Form 1041). See Instruction 9																				1.	.00
2.		Exemption claimed on federal return																				2.	.00
3.		.. .Income from Electing Small Business Trust (ESBT). Do Not Prorate. See Instruction 10																				3.	.00
4.		Federal taxable income plus nonallocable additions (Enter the sum of line 1 through line 3.)																			.. . . . .	4.	.00
5.		Fiduciary’s Share of Maryland Modifications (Enter the positive or negative number from Form 504																					.00
		Schedule A line 8, 9d or 10f.)			. . . . . . . . .											. . . 對						5.	.00
6.		Line 4 plus or minus line 5																				6.	.00
7.		Nonresident beneficiary deduction from Form 504 Schedule A, line 13																				7.	.00
7.																..	.	. .	. . . . . . . .	. . .	. . . . .	7.	.00
8.		.. . . . . . . .Maryland adjusted gross income (Subtract line 7 from line 6.)																. .	. . . . . . . .	. . .	. . . . .	8.	.00
9.		. .. . .Maryland exemption. See Instruction 10				.	. . .	. .	. .	. .	.	. . .	.	.	. .		.	. .	. . . . . . . .	. . .	. . . . .	9.	.00
10.		Fiduciary's Maryland taxable net income. (Subtract line 9 from line 8.)														..	.	. .	. . . . . . . .	. . .	. . . . .	10.		.00
		NOTE: Nonresident fiduciary - see instruction for Form 504NR.																						.00
11.		Maryland tax (Use rate schedule in instructions or enter amount from Form 504NR, line 21.) .. . .																				11.		.00

COM/RAD-021

	MARYLAND	FIDUCIARY INCOME		2022
	MARYLAND
	FORM	TAX RETURN		page 2
	FORM	TAX RETURN		page 2
504
NAME			FEIN

12.Special nonresident tax Nonresidents: Enter the amount from Form 504NR, line 22.

(See Instruction 14.) Residents: Enter zero. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.

13. Total Maryland tax (Add lines 11 and 12.).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.

14.Credit for fiduciary income tax paid to another state and/or credit for preservation and conservation

easements from Part AA, line 1 and Part AA, line 6 of Form 502CR (Attach Form 502CR.).. . . . 14.

15. Enter the Nonrefundable Business Tax Credits from Part AAA of Form 504CR. . . . . . . . . . . . . . . 15.

16. Total credits (Add lines 14 and 15).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.

17. Maryland Tax after credits (Subtract line 16 from line 13, if less than zero, enter zero)... . . . . . . 17.

18.Local tax (Multiply the fiduciary's Maryland taxable net income from line 10 by

19.	.0	). See Instruction 15. Non-residents: enter zero	. . .	. . . . . . . . . . .	18.

	Local Credit for fiduciary income tax paid to another state from Part BB of Form 502CR				19.
20.	Local tax after credit. (Subtract line 19 from line 18.) If less than zero, enter zero				20.
21.	Total Maryland and local tax. (Add lines 17 and 20.)		. . .	. . . . . . . . . . .	21.
22.	Contribution to Chesapeake Bay and Endangered Species Fund		22.			.00
23.	. . . .Contribution to Developmental Disabilities Services and Support Fund		23.			.00
24.	Contribution to Maryland Cancer Fund		24.			.00
25.	.. . . . . . . . . . . . . . . . . . . .Contribution to Fair Campaign Financing Fund		25.			.00
26.	Total Maryland income tax, local income tax and contributions (Add lines 21 through 25.).				26.
27.	Maryland and local tax withheld. See Instruction 17		. . .	. . . . . . . . . . .	27.

28.Estimated tax payments and payments made with extension request and

with Form MW506NRS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.

29.Nonresident tax paid by pass-through entities.

(Attach Maryland Schedule K-1 (510/511)).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.

30.Refundable Business and/or Heritage Structure Rehabilitation tax credits

	(Attach Form 504CR and/or Form 502S.)		. . . . . . . . . .	.	. . . . . . . . . .	30.
31.	Total payments and credits (Add lines 27 through 30.)				. . . . . . . . . .	31.
32.	Balance due (If line 26 is more than line 31, enter the difference.)				. . . . . . . . . .	32.
33.	Overpayment (If line 26 is less than line 31, enter the difference.)				. . . . . . . . . .	33.
34. Amount of overpayment to be applied to 2023 estimated tax						34.
35.	.. . . . . . .Amount of overpayment to be refunded (Subtract line 34 from line 33.)				REFUND	35.
36.	Interest charges from Form 504UP	or for late filing			. . . . Total	36.
36.	Interest charges from Form 504UP	or for late filing			. . . . Total	36.
37.	TOTAL AMOUNT DUE (Add lines 32 and 36.)		. . . . . . . . . .	.	. . . . . . . . . .	37.

.00

AMENDED RETURNS

If you are filing an amended fiduciary income tax return, check the applicable boxes and draw a line through any bar codes on the front. Explain the changes you are making in the space below. Attach a copy of the amended federal Form 1041 if the federal return is being amended, and any other required documentation.

________________________________________________________________________________________________________

COM/RAD-021

	MARYLAND	FIDUCIARY INCOME		2022
	MARYLAND
	FORM	TAX RETURN		page 3
	FORM	TAX RETURN		page 3
504
NAME			FEIN
NAME			FEIN

________________________________________________________________________________________________________

DIRECT DEPOSIT OF REFUND (see Instruction 18)

Verify that all account information is correct and clearly legible. If you are requesting direct deposit of your refund, com- plete the following. For Splitting Direct Deposit, use Form 588.

Check here if this refund will go to an account outside of the United States.

Check here if you authorize the State of Maryland to issue your refund by direct deposit.

38.For the direct deposit option, complete the following information clearly and legibly:

38a.	Type of account:	38a.	Checking	Savings
38b.	Routing Number (9-digits):	38b.
38c.	Account number:	38c.
38d.	Name(s) as it appears on the bank account	. 38d.

SIGNATURE AND VERIFICATION

Check here

if you authorize your preparer to discuss this return with us.

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements and to the best of my knowledge and belief it is true, correct and complete. If prepared by a person other than taxpayer, the declaration is based on all information of which the preparer has any knowledge.

Signature of Fiduciary or Officer representing Fiduciary	Date
Printed name of the Preparer / or Firm's name

Street address of Preparer or Firm's address

City, State, ZIP Code + 4

Signature of preparer other than fiduciary (Required by Law)

Date

Telephone number of preparer

Preparer’s PTIN (Required by Law)

Daytime telephone number (Fiduciary)

CODE NUMBERS (3 digits per line)

Nonresidents must include Form 504NR.

Make checks payable to and mail to:

Comptroller Of Maryland

Revenue Administration Division

110 Carroll Street

Annapolis, Maryland 21411-0001

(Write Your Federal Employer Identification Number On Check Using Blue Or Black Ink.)

COM/RAD-021

Common mistakes

Not including the correct federal employer identification number: This number is essential for identifying the estate or trust. Make sure it’s accurate.
Failing to check the appropriate type of entity: Select the correct box for decedent’s estate, simple trust, complex trust, or any other type. This affects how the form is processed.
Incorrectly marking resident status: Be sure to check the right box indicating whether you are a resident or nonresident. This impacts tax calculations.
Omitting necessary signatures: Both the fiduciary and any preparer must sign the form. Without signatures, the return may be deemed incomplete.
Not attaching required documentation: If you’re claiming deductions or credits, attach the necessary forms, like Schedule K-1 for nonresident beneficiaries.
Failing to check for final return status: If this is the final return for the estate or trust, make sure to check the box indicating that.
Inaccurate calculations for Maryland modifications: Ensure that the figures for additions and subtractions are correct. Mistakes here can lead to incorrect tax amounts.
Missing the direct deposit information: If you want your refund directly deposited, fill out the account information accurately. Double-check the routing and account numbers.
Not providing an explanation for amended returns: If you’re filing an amended return, include a clear explanation of the changes made. This helps the processing of your return.

Free Maryland 504 PDF

Learn More on This Form

What is the Maryland 504 form?

The Maryland 504 form is a fiduciary income tax return used by estates and trusts in Maryland. It is essential for reporting the income earned by the estate or trust during a specific tax year. This form helps determine the taxable income and the tax liability for the fiduciary responsible for managing the estate or trust assets. It is important for ensuring compliance with state tax regulations.

Who needs to file the Maryland 504 form?

Fiduciaries of decedent estates, simple trusts, complex trusts, grantor-type trusts, bankruptcy estates, and qualified funeral trusts are required to file the Maryland 504 form. If the estate or trust has generated income during the tax year, the fiduciary must report this income using the form. Additionally, if the estate or trust is closing, a final return must be filed.

What information is required to complete the Maryland 504 form?

To complete the Maryland 504 form, you will need the federal employer identification number, the name and address of the estate or trust, and details about the fiduciary. For decedent estates, the date of death and the decedent's Social Security number are also necessary. Furthermore, you will need to provide information on income, deductions, and any modifications specific to Maryland tax regulations.

How do I determine if I need to file an amended Maryland 504 form?

If you discover errors or omissions after submitting the original Maryland 504 form, you should file an amended return. Indicate that it is an amended return by checking the appropriate box on the form. Ensure you include an explanation of the changes you are making and attach any required documentation, such as a copy of the amended federal Form 1041 if applicable.

What are Maryland modifications, and how do they affect the return?

Maryland modifications refer to specific adjustments that affect the taxable income of the estate or trust. These modifications may include additions, such as interest on state and local obligations, and subtractions, such as income from U.S. obligations. Understanding these modifications is crucial, as they directly impact the calculation of Maryland adjusted gross income and, ultimately, the tax owed.

What is the nonresident beneficiary deduction?

The nonresident beneficiary deduction applies when any beneficiaries of the estate or trust are not residents of Maryland. This deduction allows for the exclusion of income from intangible personal property accumulated for nonresident beneficiaries. To claim this deduction, you must complete the relevant section of the Maryland 504 form and attach Form 504 Schedule K-1 for each nonresident beneficiary.

How is the tax calculated on the Maryland 504 form?

The tax calculation on the Maryland 504 form involves determining the Maryland taxable net income of the fiduciary. This is done by subtracting any claimed exemptions from the Maryland adjusted gross income. The resulting figure is then used to calculate the Maryland tax owed based on the applicable tax rate schedule. Local or special nonresident taxes may also apply, depending on the circumstances.

What should I do if I have an overpayment or balance due?

If your calculations show an overpayment, you can choose to have the amount refunded or applied to your estimated tax for the following year. Conversely, if you have a balance due, it is essential to pay this amount by the due date to avoid penalties and interest. The form provides clear lines for indicating overpayments and balances due, making it straightforward to manage your tax obligations.