500: Maryland Corporation Income Tax Return (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, applicable income apportionment, tax, payments, and credits to determine a balance due or refund. It can also be used to amend a previously file
What you'll need
- Federal return: Attach a copy of the federal income tax return through Schedule M2.
- Net operating loss claim: Attach copies of the federal form for the loss year and Form 1139. Check the carryback or carryforward box, as appropriate.
- Tax paid by pass-through entities: Attach Maryland Schedule K-1 (510/511) when reporting nonresident tax paid on the corporation’s behalf on line 15f.
- Supporting schedules: Attach schedules for other additions on line 7f and other subtractions on line 8b. Schedule A also calls for schedules for other income and other tangible assets.
- Amended return: Provide a detailed explanation and computation of changes, with schedules as necessary.
- Direct deposit: Have the account type, nine-digit routing number, account number, and name on the bank account available.
How to file
Electronic filing: You must file Form 500 electronically to claim business tax credits from Form 500CR.
Paper filing: Print using blue or black ink. Include all required pages of Form 500 and the required attachments. Complete the officer’s signature and date fields. The preparer’s signature and PTIN are marked as required by law.
Mail to:
Comptroller of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001
Payment: Make a check or money order payable to Comptroller of Maryland. In blue or black ink, include the Federal Employer Identification Number, tax year, and tax type on the payment. Staple the check in the space marked on the form.
Common mistakes
- Leaving payment details off the check or money order: The form warns that omitting the FEIN, tax year, or tax type will delay payment processing.
- Claiming Form 500CR credits on a paper return: Electronic filing is required to claim these business tax credits.
- Entering an NOL carryover on line 7c: The form specifically says not to enter it there.
- Using negative amounts where positive amounts are required: Maryland adjustment and addition/subtraction modification entries must be positive. Line 5 also requires the NOL to be entered as a positive amount.
- Providing unclear or incorrect bank details: Verify that all direct-deposit account information is correct and clearly legible.
- Omitting required pages or the federal return: Include all required Form 500 pages and attach the federal return through Schedule M2.
Questions people ask
Which Maryland form should I use if I file federal Form 1120S?
Form 500 directs federal Form 1120S filers to use Maryland Form 510.
What tax rate does the 2024 form use?
Line 14 directs you to multiply Maryland taxable income on line 13 by 8.25%.
Can I receive my refund by direct deposit?
Yes. Check the authorization box and provide the account type, routing number, account number, and name on the bank account. Also check the separate box if the refund will go to an account outside the United States.
How do I explain changes on an amended return?
Use the amended-return section on page 3. Check the boxes that describe the reasons for amending, explain the changes, and show the computation in detail. Attach schedules or additional pages as needed.