500 (2D): Maryland Corporation Income Tax Return (2D) (2024)
Maryland · Comptroller of Maryland · Used for tax years 2024
Maryland Form 500 is the 2024 Corporation Income Tax Return. It reports federal taxable income, Maryland adjustments and modifications, income apportionment, tax, payments, and credits to calculate a balance due or refund.
Who files this form
Form 500 is Maryland's corporation income tax return. The form does not state the full filing requirements.
If you file federal Form 1120S, the form directs you to file Maryland Form 510 instead.
What you'll need
- Federal return: Attach a copy of the federal income tax return through Schedule M2.
- Corporation information: Have the corporation's name, mailing address, nine-digit Federal Employer Identification Number (FEIN), organization or incorporation date, and six-digit business activity code ready.
- Net operating loss claim: Attach copies of the federal form for the loss year and Form 1139, as directed on the form.
- Pass-through entity tax payments: Attach Maryland Schedule K-1 (510/511) if reporting nonresident tax paid on the corporation's behalf by pass-through entities on line 15f.
- Supporting schedules: Attach schedules for other additions on line 7f and other subtractions on line 8b. For an amended return, show the computations in detail and attach schedules as needed.
- Direct deposit information: Have the account type, nine-digit routing number, account number, and name on the bank account ready if requesting direct deposit.
How to file
For a paper return, print using blue or black ink. Complete the officer's signature and date, and include all required pages of Form 500 and required attachments. The form labels the preparer's signature and PTIN as required by law.
Mail to:
Comptroller of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001
Make a check or money order payable to Comptroller of Maryland. In blue or black ink, include the corporation's FEIN, tax year, and tax type on the payment. The form marks a place to staple the check.
Electronic filing is required to claim business tax credits from Form 500CR. The supplied form does not give electronic filing steps.
Common mistakes
- Leaving information off a payment: The form warns that omitting the FEIN, tax year, or tax type from a check or money order will delay payment processing.
- Omitting pages or attachments: Include all required Form 500 pages and the federal return through Schedule M2.
- Entering negative adjustments where positive amounts are required: The Maryland adjustment and addition/subtraction modification sections require positive entries. Line 5 also requires the net operating loss amount to be positive.
- Putting a loss carryover on line 7c: The form specifically says not to enter an NOL carryover there.
- Using incorrect or unclear bank details: Verify that all direct deposit account information is correct and clearly legible.
- Claiming Form 500CR credits on paper: The form requires electronic filing to claim these business tax credits.
Questions people ask
What tax rate does the 2024 form use?
Line 14 instructs you to multiply Maryland taxable income on line 13 by 8.25%.
Can I receive my refund by direct deposit?
Yes. Check the direct deposit authorization box and complete lines 22a through 22d with the account type, routing number, account number, and name on the account. Check the separate box if the refund will go to an account outside the United States.
How do I identify an amended return?
Check the amended return box. In the amendment section, check the reason or reasons for filing and explain the changes. Show the computations in detail and attach schedules or additional pages as needed.
When do I complete the apportionment section?
The income apportionment section is for multistate corporations whose apportionment factor is less than 1. Otherwise, the form directs you to skip to line 13. Schedule A calculates the apportionment factor.