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Form 1125-E for Maryland: What You Should Know
Total receipts of 500,000 or more must attach only if the person is an officer. If an officer or manager receives compensation other than a salary, the compensation must be reported on Form 1120, 1120-C, 1120-F, 1120-RIC, 1120-REIT, or 1120S. The compensation paid to members of the Board may be used for the tax purposes of the entity. If the total compensation paid annually to the listed officers is 7 million or more, it must be reported on Form 1120, 1120-C, 1120-F, 1120-RIC, 1120-REIT, or 1120S. All other officers (other than the chairman) must file Form 1120, 1120-C, 1120-F, 1120-RIC, 1120-REIT, or 1120S. It is the responsibility of the officer to report information in the appropriate box on an appropriate Schedule O (Form 1040). You do not have to do this if the information you need is already listed in Form 1040, Schedule C, line 28, Item 3. Note: If the person was paid a pension and the pension is reported in box 19 or 22 or is in box 19 of Form W-2, see Form W-2, Pension, and Pension Payments (with a maximum contribution) for more information. Example. (a) Alice is a member of the Board, who receives an annual salary of 250,000 annually (or 50,000 if she is a member of a committee). (b) She has no other compensation. Alice owes no tax. Because she does not report any compensation other than a salary, the compensation paid to the Board must be shown in box 19 of Form W-2, Pension, and Pension Payments (with a maximum contribution). Receipts should be shown on Form 1040, Schedule C and reported in Box 19 of Schedule C—Receipts (or in Box 15 of Schedule CHEAP, if a Form 1040-C is used instead of a Form W-2). See Form 1040, Schedule C, Line 29, Deduction. Form 1120, 1120-C, 1120-F, 1120-RIC, or 1120-REIT.
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