Mw 507P Form PDF Details

Understanding the intricacies of tax forms is essential for ensuring the proper management of one’s financial obligations, especially when it involves income sources such as annuities, sick pay, and retirement distributions. The Form MW 507P, issued by the Comptroller of Maryland's Revenue Administration Division, serves as a vital tool for individuals receiving these types of payments who wish to have Maryland income tax voluntarily withheld from each disbursement. This proactive approach not only facilitates smoother financial planning but also helps in avoiding lump-sum tax payments at the end of the fiscal year. Designed to support recipients in maintaining better control over their tax liabilities, the form outlines the requirements for initiating withholding, including stipulations regarding the minimum amounts that can be withheld from each type of payment. Moreover, it provides guidance on how to file this request with the payer of the annuity, sick pay, or retirement distribution, alongside instructions for terminating the withholding request should one's financial circumstances change. At the conclusion of the year, payers are obligated to furnish the recipient with a statement reflecting the total income paid and the amount of tax withheld, ensuring transparency and accuracy in annual tax reporting. By simplifying the tax withholding process, Form MW 507P represents an essential resource for Maryland residents navigating the complexities of tax withholding on specific income streams, thereby enabling them to manage their financial health more effectively.

QuestionAnswer
Form NameMw 507P Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesComptroller, 507P, annuities, mw 507p form

Form Preview Example

FORM

MW 507P

Comptroller of Maryland

Revenue Administration Division

Annapolis, Maryland 21411-0001

Maryland Income Tax Withholding

for Annuity, Sick Pay and

Retirement Distributions

Type or print full name

Social security number

 

 

 

 

 

 

 

 

 

 

 

Home address (number & street)

City, state, and zip code

A. Contract claim or identification number

 

B. Enter the amount withheld from each annuity, sick pay or retirement

 

distribution payment

$

I request voluntary income tax withholding from any annuity, sick pay or retirement distribution payments as authorized by Section 10-907(b) of the Tax-General Article of the Annotated Code of Maryland.

__________________________________________________________________

_______________________________

COM/RAD-044 (Rev. 01-08) 08-49

(Signature)

(Date)

Instructions

Who may file – Any recipient of an annuity, sick pay or retirement distribution payment may file this form to have Maryland income tax withheld from each payment. How- ever, the annuity must be payable over a period longer than one year.

Sick pay – The term “sick pay” means any amount which is paid to an employee pursuant to a plan to which the employer is a party and constitutes remuneration or a payment in lieu of remuneration for any period during which the employee is temporarily absent from work on account of sickness or personal injuries.

Where and how to file – File this form with the payer of your annuity, sick payment or retirement distribution. Enter in item B of page 1, the whole dollar amount that you wish withheld from each annuity or sick pay payment. The amount must not be less than $5 a month for annuities and retirement distributions and at least $2 per daily payment in the case of sick pay.

You may find it convenient to request an amount to be withheld which will reduce your year-end tax balance on your individual Maryland tax return to an amount of $500 or less and thus avoid having to file an individual Declara- tion of Estimated Tax (Form 502D or 502 DEP).

You may use the worksheet provided with the declara- tion as a guide in estimating your income tax liability.

Duration of withholding request – Your request for voluntary withholding will remain in effect until you terminate it.

How to terminate a withholding request – You may ter- minate, at any time, your request for voluntary withholding by giving your payers a written termination notice.

Statement of income tax withheld – At the close of the year, your payer will furnish you with a Form 1099 or other appropriate form showing the gross amount of annuity or sick pay payments and the total amount deducted and withheld as tax during the calendar year.

Do not mail this form to the Maryland Revenue Administration Division

How to Edit Mw 507P Form Online for Free

Working with PDF files online is always very simple using our PDF tool. You can fill in DEP here painlessly. Our editor is continually developing to deliver the very best user experience achievable, and that is thanks to our commitment to continuous enhancement and listening closely to comments from users. If you are seeking to begin, here is what you will need to do:

Step 1: Just click the "Get Form Button" in the top section of this webpage to see our form editing tool. This way, you'll find everything that is necessary to fill out your document.

Step 2: As you start the editor, you will find the form all set to be completed. Besides filling out various blanks, you may also perform other things with the Document, particularly writing custom words, editing the initial textual content, adding graphics, putting your signature on the PDF, and a lot more.

It is an easy task to finish the form with our detailed guide! This is what you want to do:

1. It's vital to complete the DEP correctly, hence be attentive when filling out the parts that contain these specific blank fields:

mw 507p form completion process explained (part 1)

Step 3: Reread the information you've typed into the form fields and press the "Done" button. Make a free trial option at FormsPal and get direct access to DEP - downloadable, emailable, and editable from your personal account. FormsPal guarantees your information privacy by using a protected system that in no way records or distributes any type of sensitive information provided. Be assured knowing your documents are kept safe any time you use our services!

Mw 507P Form isn’t the one you’re looking for?

Related Documents