Instructions For Form Cf-2210, Underpayment Of Estimated Tax - 2004 Page 2
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42004 INSTRUCTIONS FOR FORM CF-2210, UNDERPAYMENT OF ESTIMATED TAX
Line 15
Table 1
Include in your estimated payments any overpayment of
Payments made after
tax from your 2003 tax return that you elected to credit
4/30/2004 through 6/30/2004
forward to your 2004 tax liability.
Date
Payments
If you filed your 2003 return by the due date (including
extensions), treat the 2003 overpayment as a payment
made on April 30, 2004.
If you filed your 2004 return by January 31, 2004 include
on line 15, column (d), the amount of tax you paid with
Table 2
your return. In this case, you will not owe interest or
Payments made after
penalty for the payment due by January 31, 2005.
6/30/2004 through
12/31/2004
Line 22
If line 22 is zero for all payment periods, you do not owe
Date
Payments
interest or penalty. But if you checked the box on lines
1b or 1c in Part I, you must file form 2210 with your
return. If you checked the box on line 1d in Part I, you
must complete Part II and file page 1 of Form CF2210
with your return.
Table 3
In certain circumstances, the city will wave all or part of
Payments made after
your penalty if you have an underpayment on line 15.
12/31/2004 through
See Waiver of Penalty for more information.
4/30/2005
Date
Payments
Section B – Figure the Interest
Figure the interest by applying the appropriate interest
rate against each underpayment shown on line 22. The
interest is figured for the number of days that the
underpayment remained unpaid.
The interest rates are established twice per year. If an
In each table, list only the payments made during the
underpayment remained unpaid for more than one rate
dates shown in the table heading.
Also, apply the
period, the penalty on that underpayment will be figured
following rules.
using more than one rate period.
Any tax withheld for the city, any credit for tax paid to
Use lines 24, 27 and 30 to figure the number of days the
another city and any tax paid on your behalf by a
underpayment remained unpaid. Use lines 26, 29 and
partnership should be included. You are considered to
32 to figure the actual interest amount by applying the
have paid ¼ of these amounts on each payment date
daily interest rate listed for each period on lines 25, 28
unless you can show otherwise. For example, if your
and 31.
had income tax withheld from your wages of $1,000
during the year for the city, list $250 as paid on 6/30/04,
Your payments are applied to any underpayment
9/30/04 and 1/31/05 in the applicable table. Do not list
balance on an earlier installment. It does not matter if
the withholding applicable to the first payment due date
you designate a payment for a later period.
For
(4/30/04).
example, you had an underpayment for the April 30
installment of $200. The June 30 installment required a
For Table 3, any balance due of income tax that you pay
payment of $500. On July 1, you made a payment of
with your tax return is considered a payment for this
$500 to cover the June 30 installment. However, $200
purpose and should be listed. Use the date you file your
of this payment is applied to the April 30, installment.
return or 4/30/05, whichever is earlier, as the payment
The interest due for the April 30 installment is figured to
date.
July 1 (62 days). The amount applied to the June 30
If an underpayment
Total days in rate period.
installment is $300.
remained unpaid for an entire rate period, use the chart
below to determine the number of days to enter in each
List your payments after 4/30/2004.
column. The chart is organized in the same format as
Before figuring the interest in Section B, it will be helpful
Form CF-2210, Part III, Section B.
to list the payments you made after April 30, 2004, as
shown in the tables below.
Chart of Total Days
Rate Period
(a)
(b)
(c)
(d)
1 (Line 24)
61
–
–
–
2 (Line 27)
184
184
92
–
3 (Line 30)
89
89
89
89
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