Instructions For 2000 Colorado Individual Estimated Income Tax Form 104-Ep

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INSTRUCTIONS FOR 2000 COLORADO INDIVIDUAL
ESTIMATED INCOME TAX FORM 104-EP
1. Who must pay estimated tax. Every resident of Colorado and
6. Application of 1999 overpayment. An estimated tax credit
every nonresident with income from Colorado sources must pay
resulting from an overpayment of tax on your 1999 income tax
estimated income tax if their Colorado estimated income tax net of
return may be applied to the first estimated tax payments coming
anticipated credits exceeds $1,000.
due, or it may be apportioned ratably to all such payments.
2. Due date for filing. A calendar year taxpayer must file and pay
7. Penalty for failure to pay estimated tax. If the required estimated
estimated tax on or before April 15, 2000, if by April 1, they can
tax is not paid, there will be an additional penalty for such underpay-
reasonably expect their 2000 Colorado income tax to exceed $1,000
ment computed at the rate of eleven percent per annum on the amount
plus estimated credits. If this requirement is not met until after April
of the underpayment.
1, but before June 2, the payment must be made on or before June 15.
The penalty will not be imposed if the payments and credits on
If the requirement is met after June 1, but before September 2, the
estimated tax were at least equal to the 1999 Colorado income tax
payment must be made on or before September 15. If the require-
liability before any credits for withholding and estimated tax and
ment is met after September 1, the payment must be made on or
the state sales tax refund, or if the payments and credits were equal
before January 15, 2001. For fiscal year taxpayers, the correspond-
to 70% of the 2000 tax liability before any credits for withholding,
ing dates are the 15th day of the fourth month of the tax year, the
estimated tax and the state sales tax refund.
15th day of the sixth month of the tax year, the 15th day of the ninth
The first $1,000 of underpayment will not be subject to the esti-
month of the tax year and the 15th day of the first month of the
mated tax penalty.
following tax year.
8. Refund of estimated tax. The 2000 estimated tax payments and/
If the due date is a Saturday, Sunday, or legal holiday, payment on
or credits may only be claimed as prepayment credits on the 2000
the next business day will be accepted as having been made on the
income tax return. Such payments and/or credits are not subject to
due date.
refund except by the filing of such a return.
3. Joint Returns. Any estimated tax payment submitted by a married
9. Farmers. In the case of an individual whose estimated gross
couple that will be filing a joint tax return must list the same spouse
income from farming for the taxable year is at least two-thirds of
first on both form 104-EP and form 104.
the total estimated gross income, if on or before March 1 of the
4. Payments of estimated tax. The estimated tax is due in four equal
succeeding taxable year they file a return and pay in full the amount
installments if filing is due on or before the 15th day of the fourth
computed on the return as payable, they will be considered to have
month of the tax year; three equal installments if the filing is due on
fulfilled the obligation to file and pay estimated tax.
or before the 15th day of the sixth month of the tax year; two equal
10. Where to file. Estimated tax vouchers should be filed with the
installments if the filing is due on or before the 15th day of the ninth
Colorado Department of Revenue, Denver, Colorado 80261-0008.
month of the tax year; one installment if the filing is due on or
Make checks or money orders payable to the Colorado Department
before the 15th day of the first month of the following year.
of Revenue.
5. How to compute your estimated tax for 2000. You should
compute your 2000 estimated tax in the worksheet provided in this
booklet using the 1999 individual income tax instruction booklet as
a guide.

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