Instructions For Form 480.80 - Fiduciary Income Tax Return (Estate Or Trust) (Page 4 of 4) in pdf

Instructions Form 480.80

Use the following worksheet to determine the amount

In those cases in which any person voluntarily fails to file

corresponding to the special additional tax:

the above mentioned return or any declaration (within

the terms required by the Code or regulations) with the

intention to evade or defeat any tax imposed by the

1. Enter the amount reflected on line 2, Part II of

Code, in addition to other penalties, shall be guilty of a

the return. If the total is $100,000 or less, do

third degree felony.

not continue and enter zero (“0”) on line 16,

Part III of the return …........................…….

Line 19 - Balance of tax due

2. Enter the sum of the amounts reflected

This is the amount you owe. The same must be paid not later

on lines 1 through 5, Part III of the return

than October 15, or if you are filing on a fiscal year basis, not

later than the 15th day of the sixth month after the due date

3. Multiply line 2 by 5% …............…..……....

of the return.

4. Credit for taxes paid to the United States,

Line 20 - Amount overpaid

its possessions and foreign countries

(Schedule C Individual, Part IV, line 7)

Any amount overpaid for income tax will be applied

against any exigible tax liability imposed by the Code.

5. Enter the difference between lines 3 and

4. If line 3 exceeds line 4, transfer this

If there are no previous year debts, you may elect to contribute

amount to line 16, Part III of the return.

all or part of the tax paid in excess to the San Juan Bay Estuary

If line 4 exceeds line 3, transfer this

Special Fund on line 20A and any balance to be refunded on

amount to Schedule B Individual, Part

line 20B.

II, line 1…….…............................…..

Line 18 - Amount paid with this return

SIGNATURE OF THE RETURN

Make your check or money order payable to the Secretary

The return will not be considered filed unless it is signed

of the Treasury. Indicate the social security or employer

and all necessary documents and information are

identification number, Form 480.80 and the

submitted. The return must be signed by the

corresponding year on the check or money order.

administrator or authorized representative.

If you decide to pay in cash, you can do it at any of our Internal

PAYMENT FOR THE PREPARATION OF THE RETURN

Revenue Collections Offices. Make sure to obtain an official

receipt from the Collector at the time of payment.

If you paid for the preparation of the tax return, make sure

that the specialist signs the return and includes his/her

INTEREST, SURCHARGES AND PENALTIES

specialist registration and employer identification

number. The Code provides civil and criminal sanctions

Interest

to those specialists who fail to submit this information.

The Code provides for the assessment of interest at a 10%

If the return is prepared by an accounting firm duly registered

annual rate over any tax balance that is not paid by its due date.

as a specialist, the same must include the employer identification

number, registration number and be signed by the authorized

Surcharges

person.

In case that the assessment of interest is applicable, a surcharge

of 5% of the amount due will be assessed, if the delay in paying

exceeds 30 days but not over 60 days; or 10% of the amount

due, if the delay exceeds 60 days.

Penalties

The Code imposes a progressive penalty from 5% to 25% of

the total tax for late filing unless you can show reasonable cause

for the delay.

Any person required under the Code to file a return or

declaration, and who voluntarily fails to file such return or

declaration within the term or terms required by the Code or

regulations, in addition to other penalties, shall be guilty of a

misdemeanor.

Instructions For Form 480.80 - Fiduciary Income Tax Return (Estate Or Trust) Page 4

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