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GGME
Level 2

502X

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?

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3 Best answer

Accepted Solutions
KarenM90
Intuit Alumni

502X

 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.

 

 

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KarenM90
Intuit Alumni

502X

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.

 

 

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KarenM90
Intuit Alumni

502X

Yes!  If you can estimate and force any interest and/or interest and penalties that is a great option! 

 

You may still get a bill from the State for any difference they calculated, but any way to mitigate penalties and interest would be the best option!

 

 

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8 Replies
KarenM90
Intuit Alumni

502X

 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.

 

 

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GGME
Level 2

502X

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.

KarenM90
Intuit Alumni

502X

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.

 

 

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GGME
Level 2

502X

Thank you KarenM90,  for your prompt response. No, I did not pay any estimated amount with the original return.

Both the options that you recommended are fine. I will follow that but please advice if the following alternative seems better.

I forced the interest amount on line 27, Form 502X, by going into view/Form 502X and it seems to have taken care of everything! It also printed correct interest on Form PV!

Please advice at your earliest convenience. I am almost ready to file the amendment.

Thanks again Karen!

 

KarenM90
Intuit Alumni

502X

Yes!  If you can estimate and force any interest and/or interest and penalties that is a great option! 

 

You may still get a bill from the State for any difference they calculated, but any way to mitigate penalties and interest would be the best option!

 

 

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GGME
Level 2

502X

Thanks. You have been very helpful, appreciate that.

(1) Hmmm.... you may be right. I do not know how to estimate penalty! Any guidelines? May be I should go by what you recommended earlier. i.e., leave interest charges blank (line 49, Form 502). Let them bill me later. 

 Will that work?

(2) I am struggling to find "Form 502 DEP 2019"  Personal Declaration of Estimated Income Tax, Estimated payment voucher.

Turbo Tax printed this for me for estimate payment vouchers for 2019. Can not find on MarylandTaxes.gov?

Thanks again for helping me out. 

 

 

plligon
New Member

502X

I need form 502X

Cynthiad66
Employee Tax Expert

502X

 

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: 

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