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Level 3
February 1, 2022
Question

MD estimated tax calculation for an S Corp

  • February 1, 2022
  • 1 reply
  • 4 views

OK are there any Maryland S-Corp tax preparers out there that can help me understand the calculation of S-Corp estimated taxes?

I see the Form MD 510D is calculating estimated taxes for the S-Corp. What if this is a direct roll into the Individual Tax Return?

I am not understanding why there is a calculation for estimated taxes.

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1 reply

sjrcpa
Level 15
February 1, 2022

If the S Corp makes the pass through entity (PTE) tax election, the S Corp pays tax , including estimated tax for all shareholders.

If it does not make the election, the S Corp pays tax, including estimated tax, for the MD nonresident shareholders.

The more I know the more I don’t know.
Level 3
February 1, 2022

Thank you! I have to find in Lacerte where the Pass through entitiy is NOT making the estimated taxes.

sjrcpa
Level 15
February 1, 2022

Built in Gain tax is another possibility.

The more I know the more I don’t know.