502X

Forum|Forum|6 years ago
January 31, 2020
2 replies
12 views

Re-phrased for clarity.

I prepared my Maryland 2018 amendment, Form 502X, using Turbo Tax CD. It printed Form 502X along with Form 502. Should I mail Form 502X only or both the forms to IRS? Also, how do I send interest penalty amount printed (on Form 502UP) but not included on Form 502X?

Best answer by KarenM90

Form 502 which printed along with the 502X should be filed along with the 502X. Mail both forms together.

I am including a link to the instructions for the 502X from Maryland. Please note that Instruction #11, indicates that if a new calculation of the interest and penalties are applicable to the Form 502X, they should appear on Line 27: Form 502X Instructions

The Instruction 11 from the above-referenced link states:

If you do not meet the requirement for avoidance of interest for underpayment of estimated tax, obtain

Form 502UP online at www.marylandtaxes.com or from any office of the Revenue Administration Division.

Complete and attach it to your amended return. Enter any interest due on line 27 of Form 502X.

If you calculated and paid interest on underpayment of estimated tax with your original return, recalculate the interest based on your amended tax return, and attach a copy of a revised Form 502UP showing your recalculation.

The amount on Line 27 would be included with any total due on the amended return. If there is no entry on Line 27, you should go back and review your answers related to the amended tax return to ensure that additional calculation of the penalty and interest is not required.

K

KarenM90Answer

Level 11

Form 502 which printed along with the 502X should be filed along with the 502X. Mail both forms together.

I am including a link to the instructions for the 502X from Maryland. Please note that Instruction #11, indicates that if a new calculation of the interest and penalties are applicable to the Form 502X, they should appear on Line 27: Form 502X Instructions

The Instruction 11 from the above-referenced link states:

If you do not meet the requirement for avoidance of interest for underpayment of estimated tax, obtain

Form 502UP online at www.marylandtaxes.com or from any office of the Revenue Administration Division.

Complete and attach it to your amended return. Enter any interest due on line 27 of Form 502X.

If you calculated and paid interest on underpayment of estimated tax with your original return, recalculate the interest based on your amended tax return, and attach a copy of a revised Form 502UP showing your recalculation.

The amount on Line 27 would be included with any total due on the amended return. If there is no entry on Line 27, you should go back and review your answers related to the amended tax return to ensure that additional calculation of the penalty and interest is not required.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

G

G121Author

Level 2

Hi KarenM90,

Thank you for your reply. It sure makes sense!

I tried Turbo Tax again but would not print line 27, Form 502X! It just prints the balance due on 26, line 27 blank and then Total Amount Due on line 28 (same amount as on line 26). Line 27 is blank!

as I mentioned, the interest is computed on the Form 502Up, which is transferred to Form 502, line 49.

Turbo Tax seems to have a bug, it does not print the interest on line 27 of Form 502X!

Wonder if some one can help me with it. Your suggestions will be highly appreciated.

K

KarenM90

Level 11

Is it possible that you already paid the estimated amount along with the original return, and Turbo Tax just isn't calculating any additional amounts?

Since Penalties and Interest are generally calculated on a Daily basis, I would recommend that you go ahead and get the Amended return filed and (1) either pay the additional amount of the interest from the 502UP along with any other additional payment (assuming you didn't already pay it with the original return) or (2) just leave the penalty and interest off, and submit any other payment due.

The State will send you a bill for the additional amounts due along (generally along with an explanation of how those amounts were calculated) as soon as they process the amended return.

In my experience, getting the amendment filed and any taxes due paid would be paramount to trying to calculate the penalties and interest.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

P

plligon

Level 2

I need form 502X

C

Cynthiad66

Level 14

This is the link for the Form 502X:

Form 502X

However, you can amend free using TurboTax and here is how

Before amending your MD return, wait until MD has processed your return. If you are getting a refund, from the original return, wait until you get the refund. Then follow these instructions: https://ttlc.intuit.com/replies/4653469

Related information: