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§ 10-902. Payment of estimated tax

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 10. Income Tax (Refs & Annos)
Subtitle 9. Tax Payment (Refs & Annos)
Part I. Tax Payment Generally (Refs & Annos)
MD Code, Tax - General, § 10-902
§ 10-902. Payment of estimated tax
Currentness
In general
(a) Except as otherwise provided in this section, each individual, partnership, or corporation required to file quarterly estimated income tax returns shall pay:
(1) at least 25% of the estimated income tax shown on the declaration or amended declaration for a taxable year:
(i) with the declaration or amended declaration that covers that year; and
(ii) with each quarterly return for that year; and
(2) any unpaid income tax for the year shown on the income tax return that covers that year, with the return.
Filing of final income tax return
(b) If an individual under subsection (a) of this section files a final income tax return on or before January 31 of a taxable year, as allowed under § 10-820(b)(3) of this title instead of paying 25% of the estimated income tax shown on the declaration or amended declaration for that year with the estimated tax return on January 15, the individual shall pay in full the unpaid income tax for that year with the final return.
Fishing or farming income
(c) If an individual with estimated income from fishing or farming files the declaration or the return on the dates allowed under § 10-820(c) of this title, the individual shall pay in full the income tax shown on the return for that taxable year on or before March 1 of the next year.
Income from wagering
(d) An individual who receives income from wagering not subject to withholding under § 10-906 of this subtitle shall pay in full the income tax on that income with the estimated tax return that covers the period in which the individual receives that income.
Fiduciaries
(e)(1) Subject to paragraph (2) of this subsection, a fiduciary may use the annualization method as allowed for federal income tax purposes under § 6654(d)(2)(B) of the Internal Revenue Code to determine the amount of estimated tax required to be paid.
(2) For purposes of this subsection, § 6654(d)(2)(B)(i) of the Internal Revenue Code shall be applied by in each instance substituting “ending before the date one month before the due date for the installment” for “ending before the due date for the installment”.

Credits

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1989, c. 590, § 3; Acts 1991, c. 86, § 1, eff. July 1, 1991; Acts 1993, c. 262; Acts 1996, c. 10, § 1, eff. April 9, 1996.
Formerly Art. 81, § 312.
MD Code, Tax - General, § 10-902, MD TAX GENERAL § 10-902
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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