Form Ri-2210c - Underpayment Of Estimated Tax By Composite Filers

PURPOSE OF THIS FORM

If you filed your return on or before February 15, 2012 and paid the tax balance in full,

Entities should use this form to determine if their income tax was sufficiently prepaid

then enter that amount in column D. This only applies to those taxpayers who either

throughout the year by having Rhode Island tax withheld or by paying Rhode Island esti-

were not required to make a Rhode Island estimated tax payment prior to the January

mated tax; if not, a charge may be imposed on the underpayment of the taxes. Complete

15, 2012 installment date or included their January 15, 2012 installment payment with

Part 1 of this form to determine if the payment of the charge may be avoided.

the tax balance paid on or before February 15, 2012.

PART 1 - REQUIRED ANNUAL PAYMENT

Line 17 - Subtract line 16 from line 15 for any underpayments. Subtract line 15 from line

Line 1 - Enter your 2011 Rhode Island tax from RI-1040C, line 13.

16 for any overpayments. Any overpayments on line 17 should be used to increase

Line 2 - Enter 80% of the amount shown on line 1.

the amount entered on line 16 for the next installment period. Any underpayment on

Line 3 - Enter the amount of Nonresident real estate withholding and Nonresident with-

line 17 should be used to decrease the amount on line 16 for the next installment peri-

holding received from pass-through entities for 2011 from RI-1040C, lines 15 and 16.

od. However, if you entered amounts on line 14, annualized income installments, and

Line 4 - Subtract line 3 from line 1. If the result is $250.00 or less you do not owe any

the amounts on line 17 are zero ($0) or less for all installment periods, then enter zero

amount and need not complete the rest of this form.

($0) on line 21 and file this form with your return.

Line 5 - Enter your 2010 Rhode Island tax - RI-1040C, line 15. If you had no federal tax

liability for 2010, then enter zero ($0).

PART 4 - HOW TO FIGURE THE CHARGE

Line 6 - Enter the smaller of line 2 or line 5 (including zero). If line 6 is zero, you do not

Line 18 - Column A: Enter the date you paid the tax balance due for the current install-

owe any amount and need not complete the rest of this form. However, you must

ment or 6/15/2011, whichever is earlier. Column B: Enter the date you paid the tax

attach this form to your Rhode Island return.

balance due for the current installment or 9/15/2011, whichever is earlier. Column C:

Enter the date you paid the tax balance due for the current installment or 12/31/2011,

PART 2 - SHORTCUT METHOD

whichever is earlier. Column D: Enter the date you paid the tax balance due for the

Line 7 - Enter the amount from line 6.

current installment or 4/15/2012, whichever is earlier.

Line 8 - Enter the amount of estimated tax paid, Nonresident real estate withholding and

Line 19A - Enter the number of days from the installment due date to the date of payment

Nonresident withholding received from pass-through entities for 2011 from RI-1040C,

or the due date of the next installment, whichever is earlier.

lines 14, 15 and 16.

Line 19B - Compute the charge using the applicable interest rates and number of days

Line 9 - Subtract line 8 from line 7.

times underpayment entered on line 17 for each installment period. Divide the num-

Line 10 - Multiply line 9 by 12.0205% (0.120205)

ber of days from line 19A by the total number of days in the year times the applicable

Line 11 - If you paid the tax balance due after 4/15/2012, enter zero ($0). If you paid the

interest rate times the amount of the underpayment on line 17 for each installment.

tax balance due before 4/15/2012, multiply the number of days paid before 4/15/2012

Line 20A - Enter the number of days from January 1, 2012 to the date of payment or

by the amount on line 9 and by 0.00033 and enter the result on line 11.

January 15, 2012, whichever is earlier.

Line 12 - Subtract line 11 from line 10 - enter here and in the space provided on

Line 20B - Compute the charge using the applicable interest rates and number of days

RI-1040C, line 20.

times underpayment entered on line 17 for each installment period. Divide the num-

ber of days from line 20A by the total number of days in the year times the applicable

PART 3 - FIGURE YOUR UNDERPAYMENT

interest rate times the amount of the underpayment on line 17.

Line 13 - Divide the amount shown on line 6 by four (4) and enter the result in each

Line 21A - Enter the number of days from January 15, 2012 to the date of payment or

column.

April 15, 2012, whichever is earlier.

Line 14 - If your income varies during the year, you may complete the annualized income

Line 21B - Compute the charge using the applicable interest rates and number of days

installment worksheet. However, if you complete and use line 14 for any installment

times underpayment entered on line 17 for each installment period. Divide the num-

you must complete it and use it for all installments.

NOTE: COMPLETE LINES 15-17

ber of days from line 21A by the total number of days in the year times the applicable

FOR ONE COLUMN BEFORE COMPLETING THE NEXT COLUMN.

interest rate times the amount of the underpayment on line 17.

Line 15 - Enter the amount from line 13 (or from line 14, if line 14 was completed).

Line 22 - Add the amounts from lines 19B, 20B and 21B in all columns. Enter the total

Line 16 - You are considered to have paid Rhode Island withholding tax evenly during the

here and on RI-1040C, line 20. Include this amount with your tax balance payment

year unless you can show otherwise. Therefore, you are considered to have paid

and attach this form to your return. If your Rhode Island tax return has previously

one-fourth of your Rhode Island withholding on each installment due date. Divide the

been filed, then attach your check to this form and mail it to the RI Division of

total amount withheld by 4 and enter the results in each column. Enter the estimated

Taxation, One Capitol Hill, Providence, RI 20908-5806.

taxes paid that were for 2011 tax year plus any portion of your overpayment from

2010, which you elected to be applied to 2011. Enter in column A those payments

made on or before April 15, 2011, in column B those payments made between April

16, 2011 and June 15, 2011, in column C those payments made between June 16,

2011 and September 15, 2011, and in column D those payments made between

September 16, 2011 and January 15, 2012.

PART 5

ANNUALIZED INCOME INSTALLMENT WORKSHEET

01/01/11

IMPORTANT: Complete one column lines 23-33 before completing the next

column.

03/31/11

05/31/11

08/31/11

12/31/11

23.

Figure actual taxable income.............................................................................

2.4

1.5

24.

Annualization amounts.......................................................................................

25.

Multiply the amount on line 23 by the indicator on line 24................................

26.

Figure the Rhode Island tax on the amount on line 25......................................

20%

40%

60%

80%

27.

Applicable percentage........................................................................................

28.

Multiply the amount on line 26 by the applicable percentages on line 27.........

29.

Enter the combined amount from line 33 for all preceding periods...................

30.

Subtract line 29 from line 28 (not less than zero)..............................................

Enter the amount from RI-2210C, page 1, line 13 for the period plus the

31.

amount from line 32 of this worksheet for the preceding period........................

If line 31 is more than line 30, SUBTRACT line 30 from line 31,

32.

OTHERWISE enter zero....................................................................................

33.

Enter the smaller of line 30 or line 31 here and on page 1, line 14..................

Page 2

Form Ri-2210c - Underpayment Of Estimated Tax By Composite Filers - 2011 Page 2

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