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Maryland Maryland Income Tax Withholding for Annuity, Sick Pay and Retirement Distributions
Extracted from PDF file 2023-maryland-mw507p.pdf, last modified September 2007Maryland Income Tax Withholding for Annuity, Sick Pay and Retirement Distributions
MARYLAND FORM MW507P Maryland Income Tax Withholding for Annuity, Sick Pay and Retirement Distributions Print full name Social Security Number Home address (number & street) City State ZIP Code - +4 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. Signature COM/RAD 044 Date 05/22 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. However, 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 Personal Tax Payment Voucher for 502/505, Estimated Tax and Extensions (Form PV). You may use the worksheet provided with the Payment Voucher Worksheet (PVW) 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 terminate 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. File this form with the payer of your annuity, sick payment or retirement distribution. Do not mail this form to the Maryland Revenue Administration Division.
MW507P 2023_49 011123 A
More about the Maryland MW507P Individual Income Tax TY 2023
Form used by recipients of annuity, sick pay or retirement distribution payments that choose to have Maryland income tax withheld from each payment.
We last updated the Maryland Income Tax Withholding for Annuity, Sick Pay and Retirement Distributions in January 2024, so this is the latest version of MW507P, fully updated for tax year 2023. You can download or print current or past-year PDFs of MW507P directly from TaxFormFinder. You can print other Maryland tax forms here.
Other Maryland Individual Income Tax Forms:
TaxFormFinder has an additional 41 Maryland income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 502 | Maryland Resident Income Tax Return |
| Form PV | Tax Payment Voucher, Estimated tax Form, and Extension |
| Form 502R | Retirement Income Form |
| Form 502D | Maryland Personal Declaration of Estimated Income Tax (DISCONTINUED) |
| Resident Booklet | Income Tax Forms & Instructions Booklet |
View all 42 Maryland Income Tax Forms
Form Sources:
Maryland usually releases forms for the current tax year between January and April. We last updated Maryland MW507P from the Comptroller of Maryland in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Maryland MW507P
We have a total of six past-year versions of MW507P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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