-Form Name |
- 511 Pass-Through Entity Election Income Tax Return
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-State Links |
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Election for PTE |
-Is an Election Required? |
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-Made when? |
- Selection is done at filing by the April 15 of the close of the tax year or period. Must be filed with the Comptroller of Maryland, Revenue Admin Division.
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-Good for? |
- The election covers a specific year.
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-How do we make this election? |
- Every MD PTE must file a return, even if it has no income or the entity is inactive.
- Electing PTES must file Form 511.
- Every other PTE that is subject to MD income tax law must file Form 510.
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-Separate Form needed? |
- Yes. Form 511 for electing PTEs.
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-Option to Opt-Out? |
- Worksheet View Maryland > General worksheet > Section 1 - Basic Data > Line 3 - Remit tax on all members' share of income (Prepares Form 511) has the option to select No.
- Interview Form Maryland > MD1, Box 37 has the option to select N.
- Form 511 may be used if the PTE is paying tax only on behalf of nonresident members and not electing to remit all member's share of income section.
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Generation of State PTE Return |
-How do we generate the form above? |
- Worksheet View Maryland > General worksheet > Section 1 - Basic Data > Line 3 - Remit tax on all members' share of income (Prepares Form 511), select Y.
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- Interview Form Maryland > MD1, Box 37, select Y.
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-Is this a separate filing from the main form, part of the main form, or filed on it's own? |
- This is a separate filing from the main form 510 and filed on it's own.
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Estimates |
-Are there estimates for this form? |
- Yes. Form 510/511D Pass-through Entity Declaration of Estimated Income Tax.
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-How do we generate them? |
- Does not need to be generated separately.
- More info at https://www.marylandtaxes.gov/forms/22_forms/510D.pdf
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-Can you apply an overpayment from the current year form? |
- Yes.
- Worksheet View
- Federal Payments/Penalties/Estimates > Estimates and Application of Overpayment worksheet >
- Section 3 - State Estimates and Application of Overpayment > State code MD > Detail.
- Section 1 - State Estimates and Application of Overpayment.
- Line 4 - Amount of overpayment to apply to estimate,
- and/or Line 15 - Application of overpayment code,
- and Section 2 - State Estimated Tax Additional Information, Line 43 - Remit tax with respect to all members' shares or on entity level.
- Interview Form Common State > StPay/Est > STEST-1
- Boxes 70 and/or 71, and 89.
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Interest/Penalties |
-Do interest/penalties apply? |
- Yes.
- Worksheet View
- Federal Payments/Penalties/Estimates > Payments worksheet.
- Section 2 - State Quarterly Payments > State Code MD > Detail > Rows Payment - based on income and Payment date.
- Federal Payments/Penalties/Estimates > Penalties worksheet.
- Section 5 - State / City Late Interest and Penalties > State Code MD > Detail > Lines 1-3 and 5.
- Interview Forms
- Common State > StPay/Est > STPAY-1 Lines A, B, C, D in the top section of the form.
- Common State > Penalties > PEN-1 > Boxes 30, 40, 41, and 43.
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-Is there an underpayment penalty? |
- Yes. Form 500UP Underpayment of Estimated Income Tax by Pass-Through Entities.
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Additional PTE Information Common State > State PTE Generation worksheet >Grid 23 (Interview PTE-ST1, boxes 300-364) |
-Does this section apply to this state? |
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Additional Input Available |
- Does new input options under State and City Tax Refund flow to the state? |
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- Does new input options under Taxes and Licenses flow to the state? |
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- Does new input options under Rent/Royalty flow to the state? |
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- Does the new input options under Farm flow to the state? |
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