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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13317
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am completing first time an estimated quarterly tax

Customer Question

I am completing for the first time an estimated quarterly tax form- very confusing. On the 502D form - what is "net modifications"?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
The net modifications are items that you may need to add or subtract form your federal amount when calculating your true taxable income for MD.
Some items you may have to add that were not included in your federal would be :
Interest from non-Maryland state or local bonds
Pickup contributions of a State retirement or pension system member
Oil percentage depletion allowance claimed under IRC Section 613
Income exempt from federal tax by federal law or treaty that is not exempt from Maryland tax
The above are some but it is the same list you find in the tax packet instructions for MD line 12.
Subtractions might be:
STATE TAX REFUNDS
CHILD CARE EXPENSES
PENSION EXCLUSION
FEDERALLY TAXED SOCIAL SECURITY
This is so you have a more accurate taxable amount to calculate for your estimates.
For many the modifications are just the state refund.
Expert:  Robin D. replied 1 year ago.
I sincerely ***** ***** information assisted you.
Please let me know if you need clarification.
Expert:  Robin D. replied 1 year ago.
Please advise on any additional information you need.
Expert:  Robin D. replied 1 year ago.
Please let me know if the information was what yo were looking for. I would not want to think that you were not assisted.

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