2024 Form REW-5-2025

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The document is Form REW-5, a request for exemption or reduction in withholding of Maine income tax on the sale of Maine real property for the year 2024. It outlines the necessary information and steps for sellers, particularly nonresidents, to apply for a withholding certificate that may reduce or eliminate tax withholding based on specific criteria related to the property's sale. The form requires details about the applicant, property, method of acquisition, and financial calculations related to the sale.

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Is Maine a mandatory withholding state?

You are required to withhold Maine income tax if: You maintain an office in Maine or transact business in Maine; You make payments to individuals (resident or nonresident) who are taxable to Maine; and. You are required to withhold federal income tax from those payments.

What is the personal exemption in Maine?

The 2024 Maine personal exemption amount is $5,000 and the Maine basic standard deduction amounts are $14,600* for single and $29,200* for married individuals filing joint returns.

What makes you exempt from income tax?

Who Does Not Have to Pay Taxes? You generally dont have to pay taxes if your income is less than the standard deduction or the total of your itemized deductions, if you have a certain number of dependents, if you work abroad and are below the required thresholds, or if youre a qualifying non-profit organization.

Do I have to pay taxes on the sale of my home in Maine?

Note: Federally taxable gains on the sale of Maine real property are taxable by Maine, even if the total consideration is less than $100,000.

What is the income tax allowance for Maine?

For the 2024 tax year, the standard deductions for Maine taxpayers are: Single: $14,600. Married filing jointly: $29,200. Head of household: $21,900. Married filing separately: $14,600.

What is the REW 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).

Do retirees pay income tax in Maine?

What taxes do Maine residents pay on retirement income? Maine taxes some forms of retirement income, but there is a pension exclusion of up to $45,864 (for tax year 2024). However, Maine has an estate tax. The estate exemption is $6.8 million, and heirs are taxed between 8% and 12%.

2024 Form REW-5-2025

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