Form Nj-2210 - Underpayment Of Estimated Tax By Individuals, Estates Or Trusts - 2014 Page 3
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4New Jersey Gross Income Tax
Instructions for Form NJ-2210
Underpayment of Estimated Tax by Individuals, Estates, or Trusts
2014
Use Form NJ-2210 to determine if you are subject to interest on the underpayment of estimated tax. Estates and trusts
are subject to interest on underpayment of estimated tax and may need to complete form NJ-2210, except estates and trusts
that meet the two year limitation and other criteria of federal Internal Revenue Code section 6654(1)(2). Complete Part I,
Figuring your Underpayment, to determine if you have not paid enough estimated tax during any of the payment periods. If
you have not, complete Part II, Exceptions, to determine if an exception applies to any of the payment periods. If no excep-
tion applies use the attached worksheet, Computing The Interest, to calculate the interest for that period.
In General - You may owe interest if you did not make estimated
Line 14 - Based on the amounts indicated on Line 6, Part I, enter
payments, including withholdings (see Line 6), equal to at least
the total amount of all estimated tax payments and taxes withheld
80% of your 2014 tax liability (Line 44, Form NJ-1040) or 100%
by each of the due dates indicated on Part II.
of your 2013 tax liability, provided your 2013 New Jersey Gross
Income Tax return covered a full 12 month period.
Exceptions 1, 2, 3 & 4 - You must complete the appropriate
worksheet for exemptions 2, 3 and 4 and attach all computations
If an underpayment does exist for any column in Part I, you
for each of the exceptions claimed. If you meet exception 1 at
should complete Part II, Exceptions and the appropriate work-
Line 15 do not file this form. These amounts will be automati-
sheet on page 2, NJ-2210 to determine if any of the exceptions on
cally verified by the Division of Taxation.
Part II may apply. You must complete the appropriate worksheet
for exceptions 2, 3 and 4 and attach all computations for each of
Exception 1 - Enter your prior year tax liability in the space pro-
the exceptions claimed.
vided at Line 15. Exception 1 only applies if your prior year tax
return covered a full twelve month period and your current tax
SPECIFIC INSTRUCTIONS
year payments (Line 14) are at least equal to your prior year tax
PART I
liability. Your prior year tax liability is zero, if a return was not
required to be filed. Enter the applicable percentage of your prior
Line 3 - If Line 3 is $400 or more, complete Lines 4 through 13.
year tax liability in each column at Line 15, as indicated.
Line 6 - For the purpose of determining your underpayment of
Exception 2 - Exception 2 is calculated by subtracting the total
estimated tax, tax withheld includes the amount of New Jersey
Tax Withheld (Line 48, Form NJ-1040), Property Tax Credit
amount of your current tax year exemptions from your prior year
(Line 49, Form NJ-1040), New Jersey Earned Income Tax Credit
Gross Income. Tax is computed using the current year tax rates.
(Line 51, Form NJ-1040), Excess NJ UI/WF/SWF Withheld
Subtract your credit for income taxes paid to other jurisdictions,
(Line 52, Form NJ-1040), Excess NJ Disability Insurance
if any. Enter the applicable percentage of Line 6 of the worksheet
Withheld (Line 53, NJ-1040) and Excess NJ Family Leave
on each column at Line 16, as indicated. Exception 2 only applies
Insurance Withheld (Line 54, NJ-1040). The total amount of tax
if your current year tax payments (Line 14) are at least equal to
withheld is considered to have been paid evenly (one-fourth of
the amounts indicated at Line 16.
total amount) on each payment due date, unless you can show oth-
erwise. Include this amount with the amount of any estimated tax
Exception 3 - Exception 3 is calculated by multiplying the actual
payments on each of the columns on Part I. The total amount of
portion of NJ Gross Income that is applicable to each period
credit, if any, from your prior year tax return should be included
shown, by the annualization amounts at Line 2 of the worksheet.
in the amount of your payment on Column A. If each column on
Subtract the total amount of exemptions from your Annualized
Line 6 is greater than the corresponding column on Line 5, do not
Income on Line 3. Compute tax on this amount. Subtract your
complete the rest of this form.
credit for income taxes paid to other jurisdictions, if any. Enter
the applicable percentage of each amount from Line 8 of the
Line 7 - Complete Lines 7 through 13 for one column before
worksheet on the corresponding column at Line 17 as indicated.
completing the next column.
Exception 3 only applies if your current year tax payments (Line
14) are at least equal to the amounts indicated at Line 17.
Line 12 - If Line 12 is zero for all payment periods, you are not
subject to the interest and therefore do not have to file Form NJ-
Exception 4 - Exception 4 is calculated by computing tax on the
2210. If you have an underpayment in any column on Line 12,
complete Part II.
actual amount of NJ Taxable Income that is applicable to each
period shown. Subtract your credit for income taxes paid to other
PART II
jurisdictions, if any. Enter 90% of each amount from Line 4 of
the worksheet on the corresponding column at Line 18.
You will not have to pay interest if, (1) you have paid your 2014
Exception 4 only applies if your current year tax payments (Line
tax payments (Line 14) on time; and (2) the amount on Line 14 is
14) are at least equal to the amounts indicated at Line 18.
equal to or more than the tax calculated under any of the four
exceptions for the same payment period.
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