Form 2ez Draft - Montana Individual Income Tax Return

Form 2EZ - Page 2

Standard Deduction Worksheet

1. Enter your Montana adjusted gross income from Form 2EZ, line 10 here ...............................................................................................1.

2. Multiply the amount on line 1 by 0.20 (20%) and enter the result here ....................................................................................................2.

3. Enter the amount below that corresponds to your ﬁ ling status here .........................................................................................................3.

• If your ﬁ ling status is single (ﬁ ling status 1) enter $X,XXX. This is your maximum standard deduction.

• If you ﬁ ling status is joint (ﬁ ling status 2) enter $X,XXX. This is your maximum standard deduction.

4. Enter the amount from line 2 or 3, whichever is smaller ...........................................................................................................................4.

5. Enter the amount below that corresponds to your ﬁ ling status .................................................................................................................5.

• If your ﬁ ling status is single (ﬁ ling status 1) enter $X,XXX. This is your minimum standard deduction.

• If your ﬁ ling status is joint (ﬁ ling status 2) enter $X,XXX. This is your minimum standard deduction.

6. Enter here and on Form 2EZ, line 11, the amount from lines 4 or 5, whichever is larger. This is your standard deduction. ...............6.

Calculation of Interest on Underpayment of Estimated Taxes – Short Method

You are required to pay your income tax liability throughout the year. You can make your payments through employer withholding, through installment

payments of estimated taxes, or through a combination of employer withholding and estimated tax payments.

You are not required to make estimated tax payments if one of the following conditions apply to you:

• Your combined tax liability after you applied your withholding and estimated tax payments is less than $500.

• You did not have a 2007 income tax liability and you were a citizen or resident of the United States the entire year.

• You retired in either 2007 or 2008 after reaching the age of 62.

• You become disabled in either 2007 or 2008.

• You are a farmer or rancher and 66-2/3% of your 2008 gross income is derived from your farming and ranching operation. Your 66-2/3% farming and

ranching income is determined annually and is based on your 2008 gross income. Please note that Montana does not use the same “look back” period

that the Internal Revenue Service uses to determine the percentage of your farming and ranching income for federal income tax purposes.

If you did not pay in advance at least 90% of your 2008 income tax liability (after applying your credits) or 100% of your 2007 income tax liability (after

applying your credits), you may have to pay interest on the underpayment of your estimated taxes.

If you are required to pay interest on your underpayment, you can use this short method to determine your interest, but you can use this short method only if:

• You made non-estimated tax payments or your payments were only Montana withholding, or,

• You made four equal estimated payments by the required due date.

If you are not eligible to use this short method to calculate your interest on your underpayment, use Montana Form EST-I, “Interest on Underpayment of

Estimated Tax Payments.” You can access this form by visiting our website at mt.gov/revenue or by calling us at (406) 444-6900.

1. Enter the amount from line 17 here. If it is less than $500, stop here; you do not owe interest on your underpayment of estimates. .....1.

2. Enter here your 2008 total tax liability as reported on Form 2EZ, line 15. ................................................................................................2.

3. Multiply line 2 by 0.90 (90%) and enter the result here. ...........................................................................................................................3.

4. Enter here the 2007 income tax liability that you reported on your 2007 Form 2, line 58, Form 2M, line 50 or Form 2EZ, line 16. .........4.

5. Enter the smaller of line 3 or line 4 here. ..................................................................................................................................................5.

6. Enter the amount from line 16 here. .........................................................................................................................................................6.

7. Subtract line 6 from line 5 and enter the result here. If the result is zero or less, stop here; you do not owe interest on your

underpayment. This is your total underpayment for 2008. .......................................................................................................................7.

8. Multiply line 7 by 0.0XXXX and enter the result here. ..............................................................................................................................8.

9. If you paid the amount on line 7 on or after April 15, 2009, enter zero. If you paid the amount on line 7 before April 15, multiply the

amount on line 7 by the number of days before April 15 you paid by 0.000XXXX and enter the amount here. .......................................9.

10. Subtract line 9 from line 8 and enter the result here and on Form 2EZ, line 19. This is your interest on underpayment of estimated

taxes. ......................................................................................................................................................................................................10.

The 2008 Montana Individual Income Tax Table will go here.

Form 2ez Draft - Montana Individual Income Tax Return - 2008 Page 2

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