Annualized Income Worksheet - West Virginia Department Of Revenue printable pdf download

Personal Income Tax

FOR FORM

INSTRUCTIONS

IT-210

If you are not subject to the penalty be-

usual circumstances which

Form IT-210 closely mirrors the comparable

cause you meet ALL these require-

makes imposing the penalty

ments, check BOX B in PART I and at-

federal Form 2210; however, certain differ-

unfair or inequitable.

ences will be noted in these instructions.

tach Form IT-210 to your return.

Since this form is complicated, many tax-

To request a waiver of the penalty, check

The total tax shown on your 2001 return

payers may want to let the West Virginia

the box in PART I and figure the amount of

minus the tax you paid through West

State Tax Department send them a bill for

the penalty you ask to be waived. Enter the

Virginia withholding is less than $600.

any estimated penalty due. If you are sub-

amount of penalty on Line 15 of Form IT-

To determine if you meet this exception,

ject to the penalty and do not file this form,

140, check the box and attach a signed

complete lines 1 through 5. If you meet

you will receive a bill for the penalty due. If

statement explaining the reasons the pen-

this exception, you do not have to file

any of the boxes in PART I apply to you,

alty should be waived. If you have docu-

Form IT-210.

you must complete the appropriate portions

mentation substantiating your statement, at-

and attach a copy of Form IT-210 to your

tach a copy. The Department will notify you

You will not have to pay the penalty on any

personal income tax return.

if your request for waiver is not approved.

fourth quarter underpayment if you file your tax

return and pay any tax due on or before Janu-

ust Pay the Underpay-

ary 31, 2002. Include the tax paid with your

Who Must Pay the Underpay-

ust Pay the Underpay-

PART II—FOR ALL FILERS

return in column (d) of line 17; this will result

ment Penalty

in no penalty being due for the January 15,

ine 1—Enter the amount from line 8 of

2002 installment.

Form IT-140 or line 11 of Form IT-140NR/

ou may be charged a penalty if you did

PY.

not pay enough estimated tax by any of the

due dates, or if you failed to have enough

Special Rules for Far

mers

Special Rules for Far

Special Rules for Farmers

mers

Line 2—Enter the sum of any amounts

West Virginia state income tax withheld from

shown on lines 11 and 12 of Form IT-140

your income. This may be true even if you

You are considered to be a farmer for

or lines 14 and 15 of Form IT-140NR/PY.

are due a refund when you file your return.

the taxable year if at least two-thirds of

The penalty is computed separately for each

your gross income for 2001 was from

Line 3—Subtract line 2 from line 1 and en-

due date. You may owe a penalty for an

farming sources.

If you are a farmer,

ter the result.

earlier due date even if you make large

the

following

special

rules

apply:

enough payments later to make up the un-

Line 4—Enter the amount of withholding tax

derpayment.

You are only required to make one

shown on line 9 of Form IT-140 or line 12

You may owe the penalty if you did not pay

payment for the taxable year (due

of Form IT-140NR/PY.

at least the smaller of:

January 15, 2002); and

Line 5—Subtract line 4 from line 3 and en-

90% of your 2001 tax liability; or

The amount of estimated tax required

ter the result. IF LINE 5 IS LESS THAN

to be paid (line 6) is sixty-six and two-

$600, YOU ARE NOT SUBJECT TO THE

100% of your 2000 tax liability (if you

thirds percent (66-2/3%) instead of

PENALTY AND NEED NOT FILE FORM IT-

filed a 2000 return that covered a full

ninety percent (90%);

210.

12 months).

If you file your return and pay the tax

Line 6—Multiply line 3 by ninety percent

due on or before the first day of

(.90) and enter the result.

Exceptions to the Penalty

March, 2002, no penalty is due.

ou will not have to pay any penalty if ei-

Line 7—Enter your tax after credits from

Mark the appropriate box in PART I and com-

ther of these exceptions apply:

your 2000 West Virginia return. If you filed

plete only column (d) of PART IV to figure your

Form IT-140 in 2000, your tax after credits

You had no tax liability for 2000 and

penalty. Be sure to use the proper percentage

will be line 8 reduced by the sum of lines 11

you meet ALL the following condi-

when calculating line 6, and carry the entire fig-

and 12; if you filed Form IT-140NR/PY, your

tions:

ure shown on line 8 to column (d), line 16.

tax after credits will be line 11 reduced by

the sum of lines 14 and 15.

•

your 2000 tax return was (or would

W W W W W aiver of Penalty

aiver of Penalty

have been had you been required

Line 8—Compare the amounts shown on

to file) for a taxable year of twelve

lines 6 and 7. If line 7 is zero and line 5 is

If you are subject to underpayment penalty, all

months;

more than $5,000, enter the amount shown

or part of the penalty will be waived if the West

on line 6.

Virginia State Tax Department determines that:

•

you were a citizen or resident of

the United States throughout the

P P P P P AR

ART III—SHOR

T III—SHOR

T III—SHORT METHOD

T METHOD

The penalty was caused by rea-

preceding taxable year;

son of casualty or disaster;

You may use the short method to figure your

•

your tax liability for 2001 is less

The penalty was caused by un-

than $5,000.

penalty only if:

Annualized Income Worksheet - West Virginia Department Of Revenue

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