Calculation Of Estimated Corporate Income Tax Penalty And Interest On Underpayment

RPD-41287 07

New Mexico Taxation and Revenue Department

Rev. 02/2008

2007 Calculation of Estimated Corporate Income Tax

Penalty and Interest on Underpayment

(page 2 of 3)

Enter your federal employer identification number

Print your company’s name

Section III: Compute the interest on underpayment of estimated installment payments.

Complete Section III to calculate the penalty and interest you owe.

3rd Quarter

1st Quarter

2nd Quarter

(a)

(c)

(b)

Calculation Period 1

(Calendar-year taxpayers enter Jun. 16, 2007 - Sept. 17, 2007)

12.

Enter the number of days from the day after the due date of the

estimated payment, or June 16, 2007, if a calendar-year filer, to the

date the amount on line 5, column (a), was paid OR the last day of

12.

the calculation period or September 17, 2007, if a calendar-year filer,

whichever is earlier.

13.

Interest. Multiply the underpayment from the corresponding column

of line 5 by the number of days on line 12, by 0.00041. Underpay-

13.

ment x number of days x .00041 =

14.

Penalty. Multiply the underpayment from the corresponding column

of line 5 by number of months or partial months within this calcula-

tion period that the payment was not made, by 0.02. If the tax was

not paid during this calculation period, multiply the underpayment

14.

by (3 x 0.02). Underpayment x number of full/partial months x

0.02 =

Calculation Period 2

(Calendar-year taxpayers enter Sept. 18, 2007 - Dec. 17, 2007)

15.

Enter the number of days from the day after the due date of the

estimated payment, or September 18th, 2007, if a calendar-year

filer, to the date the amount on line 5 of the same column was paid

15.

OR the last day of the calculation period or December 17, 2007, if

a calendar-year filer, whichever is earlier.

16.

Interest. Multiply the underpayment from the corresponding column

16.

of line 5 by the number of days on line 15, by 0.00041. Underpay-

ment x number of days x .00041 =

17.

Penalty. Multiply the underpayment from the corresponding column

of line 5 by number of months or partial months within this calcula-

tion period that the payment was not made, by 0.02. If the tax was

not paid during this calculation period, multiply the underpayment

17.

by (3 x 0.02). Underpayment x number of full/partial months x

0.02 =

Calculation Period 3

(Calendar-year taxpayers enter Dec. 18, 2007 - Dec. 31, 2007)

18.

Enter the number of days from the day after the due date of the

estimated payment or December 18, 2007, if a calendar-year filer,

to the date the amount on line 5 of the same column was paid OR

18.

December 31, 2007, if a calendar-year filer, whichever is earlier.

19.

Interest. Multiply the underpayment from the corresponding column

of line 5 by the number of days on line 18, by 0.00041. Underpay-

19.

ment x number of days x .00041 =

20.

Penalty. Multiply the underpayment from the corresponding column

of line 5 by number of months or partial months within this calcula-

tion period that the payment was not made, by 0.02. If the tax was

not paid during this calculation period, multiply the underpayment

by (1 x 0.02). Underpayment x number of full/partial months x

0.02 =

20.

Continue on the next page.

Calculation Of Estimated Corporate Income Tax Penalty And Interest On Underpayment - 2008 Page 2

Related Articles

Related forms

Related Categories