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Maryland Free Printable Tax Year 2019 - Form 502AC Subtraction For Contribution Of Artwork for 2020 Maryland Maryland Subtraction for Contribution of Artwork

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Maryland Subtraction for Contribution of Artwork
Tax Year 2019 - Form 502AC Subtraction For Contribution Of Artwork

Print Using Blue or Black Ink Only ■ MARYLAND FORM SUBTRACTION FOR CONTRIBUTION OF ARTWORK Attach to your tax return. 502AC Illllll 111111111111111 111111111111111 111111111111111111 2019 19502A049 First name MI Last name Social Security Number Spouse’s first name MI Last name Social Security Number Street address City or Town Check Return Filed: State □ 502 Resident □ ZIP code + 4 505 Nonresident PART A – Qualification of Taxpayer Current Year 1. Federal adjusted gross income plus Maryland additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Enter 50% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Gross income from the sale of artwork produced by the taxpayer . . . . . . . . . . . . . . . . . . . . . Prior Year 4. Federal adjusted gross income plus Maryland additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Enter 50% of line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Gross income from the sale of artwork produced by the taxpayer . . . . . . . . . . . . . . . . . . . . . If line 2 exceeds line 3 and line 5 exceeds line 6, you do not qualify for this subtraction. . . 1. . . 2. . . 3. - ·- . . 4. . . 5. . . 6. - ·- PART B – Certification of Museum Name of museum Number and street City State ZIP code + 4 7. Is the museum located in the state of Maryland? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No No 8. Is the museum open to the general public? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes 9. Has the museum accepted the donated artwork? If yes, attach a certificate of acceptance from the museum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No If the answer to any of these questions is no, you do not qualify for this subtraction. PART C – Amount of Subtraction If you have completed Parts A and B above and are eligible to claim this subtraction, compute the amount of your subtraction below. 10. Enter the fair market value of the artwork. (Attach certified appraisal.) . . . . . . . . . . . . . . . . . . .10. 11. Enter any portion of the fair market value of the artwork contained in your federal or state itemized deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11. - · 12. Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12. 13. Enter the amount from line 2 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13. 14. Enter the lesser of line 12 or line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14. Your Maryland-only subtraction for the contribution of artwork is the amount on line 14. Include this amount on line m of Form 502SU or line m of Form 505SU. B B □ ■ COM/RAD-010 □ ■ MARYLAND FORM 502AC 2019 SUBTRACTION FOR CONTRIBUTION OF ARTWORK INSTRUCTIONS Attach to your tax return. GENERAL INSTRUCTIONS Who May File A subtraction for a contribution of artwork may be made by qualifying persons who have donated their own artwork(s) to a Maryland museum. Qualifying Guidelines You qualify for this subtraction if: • 50% or more of your income (for this year or last year) comes from the sale of your own artwork, and, PART B Enter the name and address of the museum which has received your artwork and answer questions 7, 8 and 9. If the answer to any of these questions is no, you may not claim this subtraction. PART C Line 10 Enter the fair market value of the artwork from the appraisal. Line 11 You must reduce the value of the artwork by any amounts which are deductible from federal adjusted gross income. If your federal or state itemized deductions contain any amounts which are attributable to the donated artwork, enter those amounts on this line. Line 12 Subtract line 11 from line 10 and enter the result here. Line 13 The subtraction may not exceed 50% of your gross income in the calendar year of the donation. You have computed this maximum in Part A, line 2. Enter that amount on this line. Line 14 Enter the lesser of line 12 or line 13 here. This is your subtraction for the contribution of artwork. Include this amount on line m of Form 502SU or line m of Form 505SU. • A museum located in Maryland that is open to the general public accepts your artwork. Required Attachments You must attach to your Maryland return a completed Form 502AC, verification by an independent appraiser of the fair market value of the artwork and written acceptance from the museum. Taxpayers Filing Joint Maryland Returns This subtraction only can be used to reduce the taxable income of the qualifying taxpayer. If the federal adjusted gross income, plus Maryland additions, includes any income received by the spouse of the contributing artist, the spouse’s income must be subtracted from the figures entered on line 1 and line 4 of Form 502AC. Attach a schedule showing the modification. SPECIFIC INSTRUCTIONS PART A Line 1 Enter your current year federal adjusted gross income plus Maryland additions or as modified when a joint Maryland return has been filed. Line 2 Multiply line 1 by 50% (.50) and enter the result. Line 3 Enter your current year gross income from the sale of your own artwork. Note: If line 2 is less than line 3, go to Part B. If not, complete lines 4 through 6. Line 4 Enter your federal adjusted gross income plus Maryland additions in the immediately prior tax year or as modified when a joint Maryland return has been filed. Line 5 Multiply line 4 by 50% (.50) and enter the result here. Line 6 Enter your gross income in the prior year from the sale of your own artwork. Note: If line 5 is greater than line 6 and line 2 is greater than line 3, you do not qualify for this subtraction. COM/RAD-010 For more information, visit www.marylandtaxes.gov or email your question to [email protected] You may also call 1-800-638-2937 or from Central Maryland 410-2607980.
Extracted from PDF file 2019-maryland-form-502ac.pdf, last modified October 2015

More about the Maryland Form 502AC Individual Income Tax TY 2019

A subtraction for a contribution of artwork may be made by qualifying persons who have donated their own artwork(s) to a Maryland museum.

We last updated the Maryland Subtraction for Contribution of Artwork in February 2020, so this is the latest version of Form 502AC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 502AC directly from TaxFormFinder. You can print other Maryland tax forms here.

Other Maryland Individual Income Tax Forms:

TaxFormFinder has an additional 41 Maryland income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form PV Tax Payment Voucher, Estimated tax Form, and Extension
Form 502 Maryland Resident Income Tax Return
Resident Booklet Income Tax Forms & Instructions Booklet
Form 505 Maryland Nonresident Income Tax Return
Form 502B Maryland Dependents Information

Download all MD tax forms View all 42 Maryland Income Tax Forms


Form Sources:

Maryland usually releases forms for the current tax year between January and April. We last updated Maryland Form 502AC from the Comptroller of Maryland in February 2020.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Maryland Form 502AC

We have a total of nine past-year versions of Form 502AC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 502AC

Tax Year 2019 - Form 502AC Subtraction For Contribution Of Artwork

2018 Form 502AC

TY-2018-502AC.pdf

2017 Form 502AC

TY-2017-502AC.pdf

Maryland Subtraction for Contribution of Artwork 2013 Form 502AC

Form502AC_2005

PDF Form Pack generated by formuPack 2012 Form 502AC

PDF Form Pack

2011 Form 502AC

Form502AC_2005


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