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Maryland Free Printable PV Worksheet.pdf for 2024 Maryland Payment Voucher Worksheet & Instructions

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Payment Voucher Worksheet & Instructions
PV Worksheet.pdf

PAYMENT VOUCHER WORKSHEET FOR ESTIMATED TAX AND EXTENSION PAYMENTS (PVW) If Filing Status 2, 4, 5: If the amount computed is less Estimated Tax Worksheet Instructions than $3,200, enter $3,200; if the amount is between $3,200 and $4,850, enter that amount; if the amount is more than $4,850, enter $4,850. Purpose of declaration. The filing of a declaration of esti­ mated Maryland income tax is a part of the pay-as-you-go plan of income tax collection adopted by the State. If you have any income such as pensions, business income, lottery, capital gains, interest, dividends, etc., from which no tax is withheld, or wages from which not enough Maryland tax is withheld, you may have to pay estimated taxes. The law is similar to the federal law. Itemized deductions. Enter the total of federal itemized deductions less state and local income taxes. Line 6. Personal exemptions. If your FAGI will be $100,000 or less, you are allowed: a. $3,200 each for taxpayer and spouse. b. $1,000 each for taxpayer and spouse if age 65 or over and/or blind. c. $3,200 for each allowable dependent, other than tax­ payer and spouse. The amount is doubled for allowable dependents age 65 or over. If your FAGI will be more than $100,000, see chart below to determine the amount of exemption you can claim for items a and c above. Who must file a declaration. You must file a declaration of estimated tax if you are required to file a Maryland income tax return and your gross income would be expected to develop a tax of more than $500 in excess of your Maryland withholding. You must file a declaration with payment in full within 60 days of receiving $500 or more of income from awards, prizes, lot­ teries or raffles, whether paid in cash or property if Maryland tax has not been withheld. A married couple may file a joint declaration. If you are filing a joint declaration, both Social Security numbers must be entered. If filing on behalf of a minor, the name and Social Security number of the minor must be entered. If you will file your tax return When to file a declaration. You must pay at least one-fourth of the total estimated tax on line 15 of this form on or before April 15, 2023. The remaining quarterly payments are due June 15, 2023, September 15, 2023 and January 15, 2024. You may pay the total estimated tax with your first payment. If you are filing on a fiscal year basis, each payment is due by the 15th day of the 4th, 6th, 9th and 13th months following the beginning of the fiscal year. If Your federal AGI is Single or Married Filing Separately Each Exemption is $100,000 or less Overpayment of tax. If you overpaid your 2022 income tax (Form 502 or 505), you may apply all or part of the over­ payment to your 2023 estimated tax. If the overpayment ap­ plied equals or exceeds the estimated tax liability for the first quarterly payment, you are not required to file the declaration. If the overpayment applied is less than the estimated tax liability, you should file the declaration and pay the balance of the first installment. How to estimate your 2023 tax. The worksheet is designed to develop an estimate of your 2023 Maryland and local in­ come tax. Be as accurate as you can in forecasting your 2023 income. You may use your 2022 income tax as a guide, but if you will receive more income than you did in 2022, you must pay at least 110% of your prior year tax to avoid interest for underpayment of estimated tax. For the purpose of estimating, rounding all amounts to the nearest dollar is recommended. Joint, Head of Household or Qualifying Widow(er) Each Exemption is $3,200 $3,200 Over But not over $100,000 $125,000 $1,600 $3,200 $125,000 $150,000 $800 $3,200 $150,000 $175,000 $0 $1,600 $175,000 $200,000 $0 $800 In excess of $200,000 $0 $0 Line 8. Maryland income tax. Use the tax rate schedules below to compute your tax on the amount on line 7. Nonresidents who want to estimate 2023 Maryland taxes may use the Nonresident Estimate Tax Calculator at For taxpayers filing as Single, Married Filing Separately, or as Dependent Taxpayers. This rate also is used for taxpayers filing as Fiduciaries. www.marylandtaxes.gov. Specific Instructions Line 1. Total income expected in 2023 is your estimated federal adjusted gross income. Tax Rate Schedule I Line 2. Net modifications. You must add certain items to your At least: Maryland Tax is: If taxable net income is: federal adjusted gross income. See Instruction 12 of the tax instructions. You may subtract certain items from federal ad­ justed gross income. See Instruction 13 of the tax instructions. Enter on this line the net result of additions and subtractions. Line 4. Deductions. You may compute your tax using the standard deduction method or the itemized deduction method. Standard deduction. Compute 15% of line 3. but not over: $0 $1,000 $1,000 $2,000 than $1,600, enter $1,600; if the amount is between $1,600 and $2,400, enter that amount; if the amount is more than $2,400, enter $2,400. 33 of taxable net income plus 3.00% of excess over $1,000 of excess over $2,000 $2,000 $3,000 $50.00 plus 4.00% $3,000 $100,000 $90.00 plus 4.75% of excess over $3,000 $100,000 $125,000 $4,697.50 plus 5.00% of excess over $100,000 of excess over $125,000 $125,000 $150,000 $5,947.50 plus 5.25% $150,000 $250,000 $7,260.00 plus 5.50% of excess over $150,000 $12,760.00 plus 5.75% of excess over $250,000 $250,000 If Filing Status 1, 3, 6: If the amount computed is less 2.00% $20.00 -- PAYMENT VOUCHER WORKSHEET FOR ESTIMATED TAX AND EXTENSION PAYMENTS (PVW) For taxpayers filing Joint Returns,Head of Household, or for Qualifying Widows/Widowers. Tax Rate Schedule II If taxable net income is: but not over: At least: $0 $1,000 $20.00 $2,000 $1,000 $2,000 $3,000 $50.00 $3,000 $150,000 $90.00 $150,000 $175,000 $7,072.50 $175,000 $225,000 $8,322.50 $225,000 $300,000 $10,947.50 -- $15,072.50 $300,000 Maryland Tax is: plus plus plus plus plus plus plus 2.00% 3.00% 4.00% 4.75% 5.00% 5.25% 5.50% 5.75% Forms and information. Can be found by visiting www. marylandtaxes.gov, at any of the Comptroller of Maryland branch offices, or calling 410-260-7980 from Central Maryland or 1-800-MD -TAXES from elsewhere. Electronic filin g. You may file and pay Baltimore County ........ .0320 Calvert County .......... .0300 Caroline County ......... .0320 Carroll County .......... .0303 Cecil County ........... .0280 Charles County ......... .0303 Dorchester County ....... .0320 your 2023 estimated taxes electronically by using our i File program. There, you will have the ability to make one single estimated payment or schedule all of your payments at one time. These scheduled payments will be deducted from your bank account on the dates that you specify.Visit Frederick County ...... .0296** https:/fwww.marylandtaxes.gov/ online-services/individuals.php Garrett County. ......... .0265 Harford County ......... .0306 Howard County ......... .0320 Kent County ........... .0320 Montgomery County ...... .0320 Prince George's County.... .0320 Queen Anne's County ..... .0320 St. Mary's County ....... .0300 Somerset County ........ .0320 Talbot County .......... .0240 Washington County ...... .0295 Wicomico County ........ .0320 Worcester County ........ .0225 ALTERNATIVE PAYMENT METHODS For alternative methods of payment,such as a credit card,visit www.marylandtaxes.gov. Payment by check or money order. Make your check or money order payable to Comptroller of Maryland. Use blue or black ink. Write the type of tax, year of tax and tax being paid on your check. It is recommended that you include your Social Security number on check.DO NOT SEND CASH. File and pay your estimated tax online. Scan this code with your mobile phone or tablet's QR Reader. Free readers are available at your favorite APP store. Nonresidents use ...... .0225 Filin g a return instead of fourth payment. Instead of making the fourth declaration payment on or before January 15, 2024, you may file and pay the balance of tax due on or before January 31, 2024. NOTE ** Anne Arundel Co. The local tax rates for taxable year 2023 are as follows: (2) .0281 of an individual's Maryland taxable income in excess of $50,000. Frederick Co. The local tax rates for taxable year 2023 are as follows: (1) .0296 for all other taxpayers. Chan ges in income or exemptions. Your situation may not require you to file a declaration on April 15, 2023. However, a large increase in income after that date may require you to file a declaration. If at any time during the year you need to amend your original declaration, simply increase or decrease the remaining payments. Anne Arundel County ... .0281* .0270 of an individual's Maryland taxable income of $1 through $50,000; and (3) March 1, 2024. Baltimore City .......... .0320 Allegany County ......... .0303 (1) .0275 for taxpayers with Maryland taxable income of $50,000 or less and a filing status of single, married filing separately, and dependent; and Farmers and fishermen. If your estimated gross income from farming or fishing is at least two -thirds of your total estimated gross income for the year, special provisions may apply. Your 2023 declaration and full payment of the estimated tax are due on or before January 15, 2024. You do not have to file the declaration if you file your complete tax return (Form 502 or 505) and pay the full amount of tax due on or before of taxable net income of excess over $1,000 of excess over $2,000 of excess over $3,000 of excess over $150,000 of excess over $175,000 of excess over $225,000 of excess over $300,000 Line 11. Local or special nonresident income tax. Maryland counties and Baltimore City levy an income tax on residents that is a percentage of taxable net income. The amount you entered on line 7 is your taxable net income. Multiply that amount by your local tax rate (see below ) and enter on line 11. * (2) .0275 for taxpayers with Maryland taxable income of $100,000 or less and a filing status of married filing joint, head of household, and qualifying widow(er ) with dependent child; 34 PAYMENT VOUCHER WORKSHEET FOR ESTIMATED TAX AND EXTENSION PAYMENTS (PVW) Extension Worksheet Instructions It is recommended that you include your Social Security number on check using blue or black ink and attach to Form PV. Who must file for an extension? If you cannot complete and file your Form 502, 505, 510C or 515 by the due date, you should complete the Tax Payment Worksheet to determine if you must file for an extension. If line 6 of the worksheet shows you owe tax, you must file Form PV and pay the full amount due by April 15, 2023, (or the 15th day of the fourth month following the close of the tax year). If the due date falls on a Saturday, Sunday or legal holiday, the return must be filed by the next business day. Mail to: Payment Processing PO Box 8888 Annapolis, MD 21401-8888 Will I owe penalties and interest? You will owe interest on tax not paid by the regular due date of your return. T he interest will accrue until you pay the tax. Even if you had a good reason for not paying on time, you will still owe interest. NOTE: Filing an extension does not extend the time for If tax and interest are not paid promptly, a penalty will be as­ sessed on the tax. paying your taxes. Do not file for an extension if, after completing the PVW, you find that you do not owe additional tax. Should I attach a copy of the extension form to my Form 502, 505, or 515? However, be aware that if an unpaid liability is disclosed when you file your return, you may owe penalty and interest charges in addition to the tax. See "Will I owe penalties No, Form PV has replaced the extension Form 502E. If you need assistance: and interest?". Automatic Maryland six-month extension • Visit www.marylandtaxes.gov; or If you filed a federal extension and expect to owe zero tax to Maryland we grant you an automatic six-month extension of time to file your Form 502, 505, 510C or 515. You are • Email [email protected]; or • Contact our Taxpayer Services Division by calling 1-800638-2937 or from Central Maryland 410-260-7980. not required to file for an extension in order to obtain this automatic extension. However, you should use Form To file and pay your extension electronically, visit www.marylandtaxes.gov/online-services/individuals.php. PV to pay any tax due of forms 502, 505, and 515, but you should use Form EL102B to pay any tax due or payment with extension of Form 510C in order to avoid any late-payment penalty and interest on tax not paid by April 15, 2023. Note: In the case of Form 510C, the PVW must be completed to estimate the payment. Requesting a Maryland extension when not requesting a federal extension: (1) Request your extension by telefile at 410-260-7829 from Central Maryland or 1-800-260-3664 from elsewhere; or, (2) Request your extension at www.marylandtaxes.gov. When should I mail Form PV without a payment? Never. When requesting an extension beyond six months, how should I file? No extension request will be granted for more than six months, except in the case of individuals who are out of the United States. Even when an individual is out of the U.S. an extension will not be granted for more than one year. An extension request for beyond six months without a payment should be filed by telefile or on our website. For more infor­ mation, visit www.marylandtaxes.gov. When should I file? If you owe any tax, file Form PV along with your payment on or before April 15, 2023. If you are filing on a fiscal year basis, file by the regular due date of your return. If any due date falls on a Saturday, Sunday or legal holiday, the return and payment must be filed by the next business day. How should I file? For an extension request with payment, use electronic funds withdrawal (direct debit) from savings or check­ ing account, or to make payment(s) by credit card, visit www.marylandtaxes.gov; otherwise, make check or money order payable to: COMPTROLLER OF MARYLAND. 35 PAYMENT VOUCHER WORKSHEET FOR ESTIMATED TAX AND EXTENSION PAYMENTS (PVW) ESTIMATED TAX WORKSHEET IMPORTANT: Review the instructions before completing this form. If you are using this form for subsequent estimated payments and you previously have calculated the amounts you must pay for each quarter, you do not need to complete this worksheet. DO NOT MAIL THIS WORKSHEET T O THE REVENUE ADMINISTRATION DIVISION. 1. Total income expected in 2023 (federal adjusted gross income ) ..........................1. _______ 2. Net modifications (See instructions.) ............................................2. _______ 3. Maryland adjusted gross income (line 1, plus or minus line 2 ) ...........................3. _______ 4. Deductions: a. If standard deduction is used, see instructions. b. If deductions are itemized, enter total of federal itemized deductions less state and local income taxes........................................................4. _______ 5. Maryland net income (Subtract line 4 from line 3.) ...................................5. _______ 6. Personal exemptions (See instructions.) ..........................................6. _______ 7. Taxable net income (Subtract line 6 from line 5.) ....................................7. _______ 8. Maryland income tax (See instructions.) ..........................................8. _______ 9. Personal and business income tax credits .........................................9. _______ 10. Subtract line 9 from line 8 (If less than 0, enter 0.)..................................10. _______ 11. Local income tax or special nonresident income tax: Multiply line 7 by .o __ (See instructions.) ........................................................11. _______ 12. Local income tax credit .....................................................12. _______ 13. Total 2023 Maryland and local income tax (Subtract line 12 from the sum of lines 10 and 11.) ...13. _______ 14. Maryland income tax to be withheld during the year 2023 .............................14. _______ 15. Total estimated tax to be paid by declaration (Subtract line 14 from line 13.) ...............15. _______ 16. Amount to be submitted with Form PV (Divide line 15 by 4.)........................16. _______ For payment by credit card, visit www.marylandtaxes.gov. EXTENSION WORKSHEET Line 4 - Estimated allowable credits Line 1 - Income tax Enter the total amount of income tax you expect to owe. Use Form 502, 505, 510C or 515 as a worksheet. Enter allowable tax credits. Line 2 - Withholding Add lines 2 through 4 and enter the total on line 5. Line 5 - Total payments and credits Enter the amount of Maryland income tax withheld from your wages for the tax year. Line 6 - Tax due Subtract line 5 from line 1. Enter the result on line 6. T his is your tax due. If it is $1 or more, file this form and attach your payment. If the tax due is less than $ 1, stop. No payment is required. Line 3 - Estimated income tax payments Enter the total amount of Maryland estimated payments you paid with Form PV or 502DEP for the tax year. Include any 2021 overpayment credited to your 2022 tax and any amount paid on your behalf with Form MW506NRS. Line 7 - Amount to be submitted with Form PV. 1. Income tax you expect to owe................................................. 1. _______ 2. Maryland income tax withheld ................................................. 2. _______ 3. Maryland estimated payments and amount credited from 2021.......................... 3. _______ 4. Allowable tax credits ....................................................... 4. _______ 5. Total payments and credits. Add lines 2 through 4................................... 5. _______ 6. Tax due - Subtract line 5 from line 1 ............................................ 6. _______ 7. Amount to be submitted with Form PV ....................................... 7. _______ If filing and paying electronically or by credit card, do not submit Form PV. 36
Extracted from PDF file 2023-maryland-form-pv-worksheet.pdf, last modified January 2023

More about the Maryland Form PV Worksheet Individual Income Tax Estimated TY 2023

This worksheet is meant to accompany [[Form PV]] and includes instructions and information on calculating estimated tax and extension payments.

We last updated the Payment Voucher Worksheet & Instructions in February 2024, so this is the latest version of Form PV Worksheet, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PV Worksheet 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

Download all MD tax forms 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 Form PV Worksheet from the Comptroller of Maryland in February 2024.

Show Sources >

Form PV Worksheet is a Maryland Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

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 Form PV Worksheet

We have a total of three past-year versions of Form PV Worksheet in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form PV Worksheet

PV Worksheet.pdf

2022 Form PV Worksheet

PV Worksheet.pdf

2021 Form PV Worksheet

PAYMENT VOUCHER WORKSHEET FOR ESTIMATED TAX AND EXTENSION PAYMENTS (PVW)


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