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Form 502TP Fillable Computation of Tax Preference Income Modification
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
$20 000 for a joint return Enter the amount of this calculated partial (text) (text) (text) (text) (text) (text) (text) 1 800 638 2937 or from Central Maryland 410 260 7980 19 year real property other than recovery property enter the amount by 1d) by using separate accounting) then the nonresident or part year 502TP and file with the income tax return a Depletion 1a affect your Maryland tax preference items all the items of tax preference then reducing this amount by a specific allowable using the straight line method with a half year convention no amount by which your regular tax depreciation exceeds the depreciation An addition modification is required for certain items of income that are an independent producer or royalty owner claiming percentage Any individual or fiduciary of an estate or trust with items of tax preference apportioned among them for federal purposes attributable to a business trade occupation or profession wholly carried being the dollar amount of the tax preference items based on income Calculate the excess of the deduction for depletion allowable under IRC Complete federal Form 6251 COMPUTATION OF TAX PREFERENCE INCOME compute their addition to income on separate Forms 502TP considered to be of a tax preference nature as defined in Internal d Exclusion for gains on sale of certain small business stock d depletion for oil and gas wells Depreciation (pre 1987 Rules) b depreciation allowable using the straight line method For leased 10 year depreciation on your federal tax return using pre 1987 rules follow the derived both in and out of Maryland (income from preference items derived from a business wholly carried on or carried on both in and out of determine the amount reportable on Form 502TP If your total tax determined using pre 1987 rules Use a recovery period of 19 years for directly or indirectly from a trust or estate); tax preference items email your question to TAXHELP@comp state md us You may also call end of the tax year Subtract any oil percentage depletion deduction Enter the amount from line 13 of federal Form 6251 Enter the amount from line 26 of federal Form 6251 Exclusion Enter $10 000 ($20 000 for a joint return ) 3 exclusion of $10 000 ($20 000 for a joint return) The excess is further exclusion of $10 000 for an individual return or $20 000 for a joint return exclusion on line 3 and continue to follow the form numbered instructions figure depreciation on real property for which accelerated depreciation was for each property and include on line 1b only positive amounts for joint returns) you must include these items as an addition to income For more information visit our Web site at www marylandtaxes com or For tax preference purposes you must use the straight line method to GENERAL INSTRUCTIONS HOW TO FILE If all of the tax preference items reported to the IRS are allocated to If you have taken a deduction for depletion or if you have taken in excess of $10 000 ($20 000 for a joint return) must complete Form include only those items properly allocated to Maryland Generally this included in the figure you calculated Enter the result on line 1a includes tax preference items derived from tangible property (real and Individual shareholders of small business corporations that have elected Instructions for Form 502TP instructions for line 1a and/or 1b above If you have any other tax Intangible drilling costs c ITEMS OF TAX PREFERENCE Last name Line 1a Depletion: Line 1b Depreciation (Pre 1987 Rules): Line 1c Intangible Drilling Costs: Line 1d Exclusion of Gains on Sale of Certain Small Business Stock: Maryland of which the individual is a partner of a partnership shareholder Maryland then the nonresident or part year resident may claim the minimum taxable income for federal purposes These adjustments do not NONRESIDENT AND PART YEAR RESIDENT INDIVIDUALS of an S corporation member of a limited liability company taxed as a of Form 502 or line 3a of Form 504 or line 19 of Form 505 5 on line 3 If the tax preference items reported are based on income on or carried on both in and out of Maryland and tax preference items partnership beneficiary of a business trust taxed as a partnership or personal) permanently located in Maryland (whether the income is derived preference item referenced in lines 1c through 1d go to Form 6251 to preference items on line 2 of the Form 502TP are over $10 000 ($20 000 Print using blue or black ink only proprietor public utility property) You must figure the excess depreciation separately recovery property and leased 15 year public utility property enter the reduced by 50% regardless of whether you are subject to the Alternative Minimum Tax on reportable by each shareholder on his or her individual return consistent resident may only claim a partial exclusion on line 3 Revenue Code (IRC) Section 57 The addition is computed by first totaling salvage value and a recovery period of 15 years (22 years for 15 year Section 611 for the tax year over the adjusted basis of the property at the shareholders A pro rata apportionment of the items of tax preference is SMALL BUSINESS CORPORATIONS Social Security Number Spouse s first name and initial Subtract line 3 from line 2 (If less than zero (0) enter zero (0) ) 4 Tax preference items tax preference items multiplied by $10 000 for an individual return or taxable in Maryland and the denominator being the total amount of the Taxable tax preference items Multiply line 4 by 50% ( 50) Enter this amount on line 5 taxable to Maryland should be reported on this form (on lines 1a through the corporation s tax preference items as belonging to the individual The Depletion tax preference item does not apply to you if you are The federal Form 6251 also includes adjustments to develop alternative The items of tax preference are those listed below The items of tax preference of nonresident and part year residents should The partial exclusion is calculated by using a fraction with the numerator to be S corporations under change to IRC Section 1362 shall account for Total tax preference items (Add lines 1a through 1d ) 2 which your regular tax depreciation using the pre 1987 rules exceeds the WHO MUST FILE Who must file: File this form if the total tax preference items (line 2) is more than $10 000 ($20 000 for a joint return) with the method in which net operating losses are passed through and your federal return Taxpayers who file separate Maryland returns must Your first name and initial