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Maryland Free Printable TY-2020-510D for 2021 Maryland Declaration of Estimated Pass-Through Entity Tax

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Declaration of Estimated Pass-Through Entity Tax
TY-2020-510D

MARYLAND FORM 510D 2020 PASS-THROUGH ENTITY DECLARATION OF ESTIMATED INCOME TAX OR FISCAL YEAR BEGINNING 2020, ENDING STAPLE CHECK HERE Print Using Blue or Black Ink Only Federal Employer Identification Number (9 digits) Name Current Mailing Address Line 1 (Street No. and Street Name or PO Box) For Office Use Only Current Mailing Address Line 2 (Apt No., Suite No., Floor No.) ME City or town State ZIP Code YE EC EC +4 USE THIS FORM TO REMIT ANY ESTIMATED PAYMENT DUE AT THIS TIME. IF FORMS ARE NEEDED TO MAKE ADDITIONAL INSTALLMENTS OF THE CURRENT TAX YEAR, SEE THE INSTRUCTIONS FOR MORE INFORMATION. TYPE OF ENTITY - Check the applicable box. S Corporation Partnership Limited Liability Company Business Trust IMPORTANT: Review the instructions before completing this form. If you are using this form for subsequent estimated payments, you do not need to complete this worksheet if you previously have calculated the amount you need to pay each quarter. Check here if you are a first time filer or your mailing address has changed. Check here if electing to remit tax on behalf of resident members' shares. ESTIMATED TAX WORKSHEET 1. Taxable income of nonresident individual members (including fiduciaries) expected for the tax year BEGINNING in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. Estimated income tax liability (5.75% of line 1.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. 3. Special nonresident tax (2.25% of line 1.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 4. Taxable income of nonresident entities expected for the tax year BEGINNING in 2020 . . . . . . . . 4. 5. Estimated tax liability (8.25% of line 4.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. 6. Taxable income of resident individual members (including fiduciaries) expected for the tax year BEGINNING in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. 7. Estimated income tax liability (5.75% of line 6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. 8. Resident Local Income Tax (2.25% of line 6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. 9. Taxable income of resident entities expected for tax year BEGINNING in 2020. . . . . . . . . . . . . . . 9. 10. Estimated tax liability (8.25% of line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. 11. Estimated tax due for the year (Add lines 2, 3, 5, 7, 8 and 10.). . . . . . . . . . . . . . . . . . . . . . . . . 11. 12. Estimated tax due per quarter (Line 11 divided by four.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. Estimated tax paid for 2020 with this declaration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 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-073 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 MARYLAND FORM 510D Purpose of Form  Form 510D is used by a pass-through entity (PTE) to declare and remit estimated tax for nonresidents. The PTE may elect to declare and remit estimated tax on behalf of resident members. General Requirements  PTEs are required to pay tax on behalf of all nonresident members. For nonresident members that are individuals or nonresident fiduciaries, the tax is 5.75% in addition to the special nonresident tax of 2.25% of the nonresident member’s distributive or pro rata share of income. For nonresident entity members, the tax is 8.25% of the nonresident member’s distributive or pro rata share of income. A nonresident entity is an entity that is not formed under the laws of Maryland; and is not qualified by, or registered with the Department of Assessments and Taxation to do business in Maryland. The amount of tax due may be limited based on the distributable cash flow limitation. The Distributable Cash Flow Limitation worksheet is available in our PTE income tax instructions, which can be downloaded at www.marylandtaxes.gov. Election to Pay Tax On Behalf of Resident Members Effective July 1, 2020, PTEs may elect to pay tax on behalf of resident members. For PTEs choosing to pay tax on behalf of individual resident members, the tax is the top marginal state tax of 5.75% plus the lowest local income tax rate of 2.25% of resident individual member’s distributive or pro rata share of income. For resident entity members the tax is 8.25% of resident entity member’s distributive or pro rata share of income. Certain PTEs meeting certain reporting requirements are exempt from the requirement to pay nonresident tax on behalf of its nonresident members. See instructions for Form 510 for more information. When the tax is expected to exceed $1,000 for the tax year, the PTE must make quarterly estimated payments. The total estimated tax payments for the year must be at least 90% of the tax developed for the current tax year or 110% of the tax that was devel­oped for the prior tax year to avoid interest and penalty. In the case of a short tax period, the total estimated tax required is the same as for a regular tax year: 90% of the tax that was developed for the current (short) tax year or 110% of the tax that was developed for the prior tax year. The minimum estimated tax for each of the installment due dates is the total estimated tax required divided by the number of installment due dates occurring during the short tax year. However, if the pass-through entity has a short tax period of less than 4 months, it does not have to pay estimated tax nor file Form 510D. Maryland law provides for the accrual of interest and imposition of penalty for failure to pay any tax when due. If it is necessary to amend the estimate, recalculate the amount of estimated tax required using the estimated tax worksheet provided. Adjust the amount of the next installment to reflect any previous underpayment or overpayment. The remaining installments must be at least 25% of the amended estimated tax due for the year. The PTE must issue a statement (Maryland Schedule K-1 (510)) to each member showing the amount of tax paid on their behalf. Members must include the statement with their own income tax returns (Form 500, 502, 504, 505, or 510) to claim credit for taxes paid on their behalf. COM/RAD-073 2020 PASS-THROUGH ENTITY DECLARATION OF ESTIMATED INCOME TAX INSTRUCTIONS When to File  File Form 510D on or before the 15th day of the 4th, 6th, 9th and 12th months following the beginning of the tax year or period for S corporations or by the 4th, 6th, 9th and 13th months following the beginning of the tax year for partnerships, LLCs and business trusts. Tax Year or Period  The tax year is shown at the top of Form 510D. The form used for filing must reflect the preprinted tax year in which the PTE’s tax year begins. If the tax year of the PTE is other than a calendar year, enter the beginning and ending dates of the fiscal year in the space provided at the top of Form 510D. Name, Address, and Other Information  Type or print the required information in the designated area. Enter the exact PTE name with any “Trading As” (T/A) name if applicable. Enter the Federal Employer Identification Number (FEIN). If the FEIN has not been secured, enter “APPLIED FOR” followed by the date of application. If a FEIN has not been applied for, do so immediately. Filing electronically using Modernized Electronic Filing method (MeF) (software provider must be approved by the IRS and Revenue Administration Division). If filed electronically, do not mail 510D; retain it with company’s records. If you need to make additional payments for the current tax year you may file electronically or visit www. marylandtaxes.gov and download another Form 510D. Payment Instructions Include a check or money order made payable to Comptroller of Maryland. All payments must indicate the FEIN, type of tax and tax year beginning and ending dates. DO NOT SEND CASH. Mailing Instructions  Mail the completed Form 510D and payment to: Comptroller of Maryland Revenue Administration Division 110 Carroll Street Annapolis, MD 21411-0001
Extracted from PDF file 2020-maryland-form-510d.pdf, last modified October 2015

More about the Maryland Form 510D Corporate Income Tax Estimated TY 2020

Form 510D is used by a pass-through entity (PTE) to declare and remit estimated tax.

We last updated the Declaration of Estimated Pass-Through Entity Tax in February 2021, so this is the latest version of Form 510D, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 510D directly from TaxFormFinder. You can print other Maryland tax forms here.

Other Maryland Corporate 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 510 Pass-Through Entity Tax Return
Form 500E Application for an Extension to File Corporation Income Tax Return
Form EL102 Income Tax Payment Voucher for Electronic Filers
Form EL102B Maryland income tax payment voucher for business electronic filers
Form 500 Maryland Corporation Income Tax Return

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 510D from the Comptroller of Maryland in February 2021.

Show Sources >

Form 510D is a Maryland Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Maryland Form 510D

We have a total of eight past-year versions of Form 510D in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form 510D

TY-2020-510D

2019 Form 510D

TY-2018-510D.pdf

2017 Form 510D

TY-2018-510D.pdf


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