It depends. If you have a balance due of more than $500, Maryland will charge an estimated tax penalty unless you qualify for an exception.
You qualify for an exception if
- You have paid in at least 90% of your 2023 tax
- You have paid in at least 110% of last year's tax
- At least 90 percent of your taxable income is taxable by another state, and the underpayment is of the county income tax only.
Your Form 502UP will show if you indicated that you met any exceptions. Line 8 shows 90% of your 2023 tax, and lines 9a and 9b show the calculation of 110% of your 2022 tax.
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