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The document is the Maine Revenue Services Form REW-1-1041, which is a Real Estate Withholding Return for the transfer of real property by sellers that are trusts or estates. It outlines the requirements for buyers to withhold state income tax (2.5% of the sales price) when acquiring property from nonresidents of Maine. The form must be completed by the buyer and submitted along with payment to Maine Revenue Services within 30 days of the property transfer. It includes specific instructions on filling out the form, exceptions to withholding, and filing requirements for sellers.

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What is the state income tax in Maine?

The buyer of the property will withhold and remit the Real Estate Withholding money to Maine Revenue Services using form REW-1. The amount to be withheld is equal to 2.5% of the sale price.

What documents do I need for a real ID in Maine?

2. Withholding required. Every buyer of real property located in Maine must withhold a withholding tax equal to 2 1/2% of the consideration.

What is the 2.5 withholding tax in Maine?

The amount to be withheld is equal to 2.5% of the sale price. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000).

What percentage should I use for tax withholding?

Generally, you want about 90% of your estimated income taxes withheld and sent to the government.12 This ensures that you never fall behind on income taxes (something that can result in heavy penalties) and that you are not overtaxed throughout the year.

How much to withhold for Maine taxes?

Married Tax Withholding Table If the Amount of Taxable Income Is:The Amount of Tax Withholding Should Be: Over $0 but not over $52,100 $0.00 plus 5.8% over $0 Over $52,100 but not over $123,250 $3,022.00 plus 6.75% of excess over $52,100 Over $123,250 $7,825.00 plus 7.15% of excess over $123,250 Mar 21, 2024

What is the 2.5% withholding in Maine?

Maine state income tax rates Maine applies a graduated income tax system with three brackets, ranging from 5.8% to 7.15%. The percentage you pay depends on your taxable income and your filing status. State income taxes in Maine are due on April 15, 2025, unless you file for an extension.

How do I know my withholding percentage?

The federal tax withholding calculator, or W-4 calculator, helps you determine how much federal income tax should be withheld from your pay. It considers your filing status, income, dependents, and more to estimate your yearly tax and suggest W-4 allowances.

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