Instructions For 1999 Colorado Individual Estimated Income Tax Form 104-Ep
ADVERTISEMENT
1INSTRUCTIONS FOR 1999 COLORADO INDIVIDUAL
ESTIMATED INCOME TAX FORM 104-EP
1. Who must pay estimated tax. Every resident of Colorado
income tax return may be applied to the first estimated tax
and every nonresident with income from Colorado sources
payments coming due, or it may be apportioned ratably to
must pay estimated income tax if his Colorado estimated
all such payments.
income tax net of anticipated credits exceeds $1,000.
6. Penalty for failure to pay estimated tax. If the required
2. Due date for filing. A calendar year taxpayer must file and
estimated tax is not paid, there will be an additional penalty for
pay estimated tax on or before April 15, 1999, if by April 1,
such underpayment computed at the rate of twelve percent per
he can reasonably expect his 1999 Colorado income tax to
annum on the amount of the underpayment.
exceed $1,000 plus estimated credits. If this requirement is
not met until after April 1, but before June 2, the payment
The penalty will not be imposed if the payments and credits
must be made on or before June 15. If the requirement is
on estimated tax were at least equal to the 1998 Colorado
met after June 1, but before September 2, the payment must
income tax liability before any credits for withholding and
be made on or before September 15. If the requirement is
estimated tax, or if the payments and credits were equal to
met after September 1, the payment must be made on or
70% of the 1999 tax liability before any credits for with-
before January 15, 2000. For fiscal year taxpayers, the
holding and estimated tax.
corresponding dates are the 15th day of the fourth month of
the tax year, the 15th day of the sixth month of the tax year,
The first $1,000 of underpayment will not be subject to the
the 15th day of the ninth month of the tax year and the 15th
estimated tax penalty.
day of the first month of the following tax year.
If the due date is a Saturday, Sunday, or legal holiday,
7. Refund of estimated tax. The 1999 estimated tax pay-
payment on the next business day will be accepted as
ments and/or credits may only be claimed as prepayment
having been made on the due date.
credits on the 1999 income tax return. Such payments and/
or credits are not subject to refund except by the filing of
3. Payments of estimated tax. The estimated tax is due in
such a return.
four equal installments if filing is due on or before the 15th
day of the fourth month of the tax year; three equal install-
8. Farmers. In the case of an individual whose estimated
ments if the filing is due on or before the 15th day of the
gross income from farming for the taxable year is at least
sixth month of the tax year; two equal installments if the
two-thirds of the total estimated gross income, if on or
filing is due on or before the 15th day of the ninth month of
before March 1 of the succeeding taxable year he files a
the tax year; one installment if the filing is due on or before
return and pays in full the amount computed on the return as
the 15th day of the first month of the following year.
payable, he will be considered to have fulfilled the obliga-
tion to file and pay estimated tax.
4. How to compute your estimated tax for 1999. You should
compute your 1999 estimated tax in the worksheet pro-
9. Where to file. Estimated tax vouchers should be filed with
vided in this booklet using the 1998 individual income tax
the Colorado Department of Revenue, Denver, Colorado 80261-
instruction booklet as a guide.
0008. Make checks or money orders payable to the Colorado
Department of Revenue.
5. Application of 1998 overpayment. An estimated tax
credit resulting from an overpayment of tax on your 1998
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial