Maryland Tax Form 505X Nonresident Amended Tax Return

What Is Maryland Form 505X?

The Maryland Form 505X is the Nonresident Amended Tax Return form used by individuals who need to make changes to a filed Maryland nonresident tax return. Whether you've discovered an error or there's been a change in your income or personal situation, this form allows nonresidents to correct their state tax records accordingly.

Difference between Maryland form 505X and form 500CR

The Maryland Form 505X is used for nonresident amended tax returns, while Form 500CR is used to claim various tax credits, including business income tax credits. Form 505X is specifically for making changes to a nonresident individual's original tax return, while Form 500CR is for claiming credits such as the Research and Development Tax Credit, Biotechnology Investment Incentive Tax Credit, and other specific tax credits available in Maryland. 

Form 505X reports changes to income, deductions, or credits from the original return, while Form 500CR claims specific tax credits. Both forms serve different purposes, with Form 505X being for amended returns and Form 500CR for claiming tax credits.

When should you use the Maryland 505X tax form?

Nonresidents may need to file an amended tax return for several reasons, such as:

• Correcting income, deductions, or credits
• Reporting additional income not originally included
• Changing filing status
• Claiming a tax credit that was previously missed

Whatever the reason for the amendment, it's important to file the 505X form promptly to ensure your tax records are accurate.

How to Fill Out Maryland Tax Form 505X

Filling out the Maryland Form 505X requires attention to detail and a clear understanding of the instructions to ensure that all corrections are made correctly. The key Maryland form 505X instructions involve:

1. Enter your Social Security Number in the designated space.
2. If you are married and filing jointly, enter your spouse's Social Security Number.
3. Provide your legal first name, middle initial, and last name.
4. If applicable, add your spouse’s first name, middle initial, and last name.
5. For your residence, fill in the box with your current mailing address, including P.O. Box or street number, and include apartment number if relevant.
6. Specify the Maryland County in which you reside or where the form is applicable.
7. If additional address information is needed, such as an apartment, suite, or floor number, input that in the second address line.
8. Include the name of your city, town, or taxing area in the provided space.
9. Fill in the city or town name if it differs from the previous step.
10. Indicate your state using the appropriate box.
11. Provide your full ZIP Code, including the extra four digits.
12. If residing outside the United States, fill in the name of the foreign country, province or state, and the postal code.
13. If you are changing your residency status to "Resident," remember that you need to use Form 502X instead.
14. For those claiming a net operating loss, mark the option for either "Carryback (Farming Loss Only)" or "Carry Forward."
15. Check the appropriate boxes if you or your spouse is aged 65 or over or if either of you is blind.
16. If there's a change in your filing status, indicate this change on the form.
17. Under the income and adjustments section, update your income and any adjustments accurately.
18. For those who itemize deductions, update your itemized deductions as necessary.
19. In the explanation section, correspond the changes to the respective line numbers from the first two pages, and elaborate on the reason for each modification. Attach any additional supporting documentation that is necessary for the changes.
20. If you desire to allow your tax preparer to discuss the return with tax officials, check the appropriate box.
21. Sign and date the form, and have your spouse do the same if filing jointly.
22. Provide your daytime phone number.
23. If a preparer completes the form on your behalf, then they have to print their name or the firm’s name, provide their address, sign in the designated area, and include their city, state, ZIP Code, telephone number, and PTIN (Preparer Tax Identification Number).