Instructions For Schedule K-210 printable pdf download

INSTRUCTIONS FOR SCHEDULE K-210

If any due date falls on a Saturday, Sunday, or legal holiday, substitute the next regular work day

WHO MAY USE THIS SCHEDULE

Exception 2—Tax on Annualized 2000 Income

If you are an individual taxpayer including farmers and fishers,

Line 9. This exception applies if your 2000 tax payments

use this schedule to determine if your income tax was fully

equal or exceeds 90% (66 2/3% for farmers and fishers) of the

paid throughout the year by withholding and/or estimated tax

tax on your annualized income for these 2000 periods:

payments.

If your 2000 tax due, less withholding and tax

January 1 – March 31

Multiply income by 4

credits (excluding estimated tax payments made) is more than

January 1 – May 31

Multiply income by 2.4

$200, you may be subject to an underpayment of estimated

January 1 – August 31

Multiply income by 1.5

tax penalty and must complete this form.

January 1 – December 31

Multiply income by 1

Taxpayers other than farmers or fishermen – If you filed and

This exception applies if the amount on line 7 exceeds the

paid tax in full on or before January 31, 2001, no payment is

amount on line 9a or 9b (as applicable). If you are a farmer or

required for the January 15

payment quarter.

fisher, you will only complete the last column on line 9b.

For example, to figure the first column, total your income

FARMERS AND FISHERS

from January 1 to March 31, 2000 and multiply by 4.

If at least two-thirds of your annual gross income is farming or

Subtract your deductions (standard or itemized) and your

fishing and you filed Form K-40 and paid the tax on or before

exemption allowance amount. Using this net annualized

March 1, 2001, you may be exempt from any penalty for

income figure and your 2000 Kansas Income Tax Booklet,

underpayment of estimated tax. If so, write on line 1, “Exempt-

figure the tax. Multiply the tax by the percentage rate in the

farmer/fisher”, and do not complete the rest of this schedule.

first column.

However, if meet this gross income test, but did not file a

Repeat these steps for the remaining three columns, using the

return and pay the tax on or before March 1, 2001, you must

multiplication factors given above to annualize the income for

use this schedule to determine if you owe a penalty for

that period. Enclose a schedule showing your computation of

underpayment of estimated tax.

annualized income and tax amounts.

How to Use this Schedule

PART II

Generally, you should follow steps 1 through 4 below to

FIGURING THE PENALTY

complete this schedule:

Line 10. Enter on line 10 any underpayment as a result of line

Step 1 Enter your name and social security number in the

8 less line 7, line 9a less line 7 or line 9b less line 7, as

space provided.

applicable.

Step 2 Complete lines 1 through 4 “Current & Prior Year

Line 12 & 13. Penalty is computed to 12-31-00 at 9% and

Information” according to the information on your

from 1-1-01 at 10%. Therefore, the number of days needs to

return for this tax year and the prior tax year.

be captured on lines 12 and 13 for applicable penalty rate.

Step 3 Complete lines 5 through 9 “Exceptions to Avoid the

Line 12. The number of days on line 12 are pre-computed for

Penalty” to determine if you have an underpayment

a calendar year taxpayer that made timely payments.

for any of the four payment periods.

If you did not make timely payments, you should disregard the

Step 4 Complete lines 10 through 17 “Figuring the Penalty”

pre-computed number of days on line 12 and compute the

to determine the amount of the penalty. The amount

number of days on each quarter to the date paid.

of underpayment to enter on line 10 is the lesser of:

Example: If you paid the 6/15/00 installment on 6/28/00

•

Line 8 less line 7; OR,

the number of days to enter on line 12, column 1 would be

•

LINE 9A LESS LINE 7; OR,

computed from 4/15/00 to 6/28/00, which equals 74 days.

•

Line 9b less line 7, whichever is applicable.

If you then paid the next quarter timely at 9/15/00, the

number of days would be from 6/15/00 to 9/15/00, which

equals the 92 days already entered.

PART I

EXCEPTIONS TO AVOID THE PENALTY

Line 13. The 10% penalty rate begins in column 3 for a

calendar year taxpayer, therefore no entry is required in

You will NOT be subject to a penalty if your 2000 tax payments

columns 1 and 2. The 15 days in the 3

column is from 1/1/01

(line 7) equal or exceed the amounts for one of the exceptions

to 1/15/01. If you did not make timely payments, you should

(lines 8 or 9a or 9b) for the same payment period.

disregard the pre-computed number of days on line 13 and

NOTE: This schedule is generally for calendar year taxpayers

compute the number of days on each quarter to the date paid.

for payment periods April 15, June 15, September 15 and

•

January 15 and if payments are required on all four dates.

If you file your return prior to January 15, 2001, enter in

the third column the number of days from 1/1/01 to the

Line 5. Multiply line 4 by the percentage shown in each

date filed.

column of line 5.

•

The fourth column must be completed by you. Enter

Line 6. Enter the cumulative amount of timely paid estimated

the number of days from January 15, 2001, to the date the

tax payment made in each quarter.

return was filed and paid.

Example: Column 3 will be the total of your withholding

Line 14 &15.

Penalty is computed to 12/31/00 at 9% and

and estimated tax payments made from January 1 through

from 1/1/01 to the date the tax was paid or 4/15/01, whichever

September 15, 2000.

is earlier, at 10%

Exception 1—Current or Prior Year’s Tax

Line 8. This exception applies if the amount on line 7 of a

column equals or exceeds the amount on line 8 for the same

column. Multiply line 2 or 3 (whichever is less) by the

percentages shown in each column of line 8.

Instructions For Schedule K-210

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