Maine income that is not unusual event income is subject to To Maine income tax withholding where the Maine withholding amount is Income is in addition to the estimated tax due on any other income receivedĭuring the installment period (such as pension or annuity income subject
Under paragraph a above to determine the amount of Maine estimated taxĭue on unusual event income.
This special rule prohibits you from utilizing the prior year tax liability rule If you have unusual event income, you must pay a MaineĮstimated tax on that income equal to 90% of the tax liability on that income. Only if that amount exceeds the Maine taxable income received during the sameĮstimated tax installment period of the prior tax year by $500,000 or more. Received during an estimated tax installment period of the current tax year, but Unusual event income means Maine taxable income (as defined above) Purposes of this special rule, Maine taxable income includes business incomeĪnd capital gains, but does not include wages. Which is not subject to Maine income tax withholding. Maine taxable income means income subject to Maine income tax, but For purposes of this special rule, the following terms have Note – Special Rule for Unusual Event Income.ĭefinitions. The exemptionĪmount, standard deduction a mounts and tax rate schedules are those inĮffect under current law for tax years beginning in 2021. Standard deduction, and the tax rate schedules on page 2. You will also find information concerning the Maine personal exemption, Tax paid must be no less than the smaller of the following:Ī) An amount equal to the preceding year’s tax liability, if the precedingī) An amount equal to 90% of the tax liability for the current taxable On page 2 to calculate your estimated tax.
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Your tax liability for the prior year was also $1,000 or more.Ģ) HOW TO CALCULATE YOUR ESTIMATED TAX. Over and above tax withheld and allowable credits, is $1,000 or more and if You must pay estimated tax if your estimated Maine income tax for the year, Make a copy of the voucher for your records.ġ) WHO MUST MAKE ESTIMATED TAX PAYMENTS.
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You may download additional worksheets and vouchers from the internet.Or savings account that is set up in the registration. To use Maine EZ Pay you must pre-register online with personal andīank account information, and payments will be withdrawn from the checking Revenue Services website at (select Laws & Note: Certain taxpayers with large annual tax liabilities are required to Electronic payments eliminate the necessity of filingįorms 1040ES-ME (income tax estimated payment vouchers). You may pay your income taxes electronically at gov/revenue. Should be changed to correspond with your fiscal year. If you report on a fiscal year basis, the dates These instructions are intended for the majority of taxpayers who report.Vouchers and Instructions for Estimated Tax Payments