Form 502AC Fillable Maryland Subtraction for Contribution of Artwork
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50% or more of your income (for this year or last year) A museum located in Maryland that is open to the general (: 1) Unchecked (: 1) Unchecked (: 2) Unchecked (: 2) Unchecked (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 1 Federal adjusted gross income plus Maryland additions 1 10 Enter the fair market value of the artwork (Attach certified appraisal ) 10 11 Enter any portion of the fair market value of the artwork contained in your federal or state 12 Subtract line 11 from line 10 12 13 Enter the amount from line 2 above 13 14 Enter the lesser of line 12 or line 13 14 2 Enter 50% of line 1 2 2 Enter that amount on this line 3 Gross income from the sale of artwork produced by the taxpayer 3 4 Federal adjusted gross income plus Maryland additions 4 4 of Form 502AC Attach a schedule showing the modification 5 Enter 50% of line 4 5 502 Resident 502AC 502AC verification by an independent appraiser of the fair 505 Nonresident 6 Gross income from the sale of artwork produced by the taxpayer 6 7 Is the museum located in the state of Maryland? 8 Is the museum open to the general public? 9 Has a Maryland museum A subtraction for a contribution of artwork may be made by acceptance accepted adjusted gross income If your federal or state amounts which are deductible from federal answer to any of these questions is no you may not claim this are attributable to the donated artwork enter artwork? attach by the spouse of the contributing artist the spouse s income Central Maryland 410 260 7980 certificate Check Return Filed: City or town COM/RAD 010 comes from the sale of your own artwork and comp state md us You may also call 1 800 638 2937 or from CONTRIBUTION OF ARTWORK Current Year donated Enter the fair market value of the artwork from Enter the lesser of line 12 or line 13 here This is Enter the name and address of the museum which has Enter your current year federal adjusted gross Enter your current year gross income from the Enter your federal adjusted gross income plus Enter your gross income in the prior year from the For more information visit our Web site at www GENERAL INSTRUCTIONS greater than line 3 you do not qualify for this gross income in the calendar year of the donation has been filed If line 2 exceeds line 3 and line 5 exceeds line 6 you do not qualify for this subtraction If the answer to any of these questions is no you do not qualify for this subtraction If you have completed Parts A and B above and are eligible to claim this subtraction compute the amount of your Include this amount on line m of Form 502SU or income plus Maryland additions includes any income received income plus Maryland additions or as modified INSTRUCTIONS itemized deductions 11 itemized deductions contain any amounts which Last name Line 1 Line 10 Line 11 Line 12 Line 13 Line 14 Line 2 Line 3 Line 4 Line 5 Line 6 line m of Form 502SU or line m of Form 505SU line m of Form 505SU market value of the artwork and written acceptance from the Maryland additions in the immediately prior tax MARYLAND SUBTRACTION FOR marylandtaxes com or email your question to TAXHELP@ Multiply line 1 by 50% ( 50) and enter the result Multiply line 4 by 50% ( 50) and enter the result museum museum must be subtracted from the figures entered on line 1 and line Name of museum not complete lines 4 through 6 Note: If line 2 is less than line 3 go to Part B If Note: If line 5 is greater than line 6 and line 2 is Number and street of the qualifying taxpayer If the federal adjusted gross PART A PART A Qualification of Taxpayer PART B PART B Certification of Museum PART C PART C Amount of Subtraction Present address (No and street) Print using blue or black ink only Prior Year public accepts your artwork Qualifying Guidelines qualifying persons who have donated their own artwork(s) to received your artwork and answer questions 7 8 and 9 If the Required Attachments sale of your own artwork Social Security Number SPECIFIC INSTRUCTIONS Spouse s first name and initial State Subtract line 11 from line 10 and enter the result subtraction subtraction below Taxpayers Filing Joint Maryland Returns the appraisal The subtraction may not exceed 50% of your This subtraction only can be used to reduce the taxable income those amounts on this line when a joint Maryland return has been filed Who May File year or as modified when a joint Maryland return You have computed this maximum in Part A line You must attach to your Maryland return a completed Form You must reduce the value of the artwork by any You qualify for this subtraction if: Your first name and initial Your Maryland only subtraction for the contribution of artwork is the amount on line 14 Include this amount on your subtraction for the contribution of artwork ZIP code