Form Rpd-41272 12 - Calculation Of Estimated Personal Income Tax Underpayment Penalty - State Of New Mexico Taxation And Revenue Department - 2012
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5RPD-41272 12
Rev. 12/3/2012
New Mexico Taxation and Revenue Department
2012 Calculation of Estimated Personal Income Tax Underpayment Penalty
Print your name (first, middle, last)
Enter your social security number
HOW TO USE THIS FORM
You need to complete this form only if you have elected to use an alternative method of computing estimated tax
due. If you do not elect to use an alternative method, the Department will compute your liability, if any, using the standard
method and will send you an assessment for penalty due. Alternative methods of computing estimated tax are described on
page 2 of the instructions. If one of the alternative methods for calculation of penalty on underpayment of estimated income
tax applies to you, complete this form and attach it to your 2012 New Mexico PIT-1 form. You must also mark the indicator
box on Form PIT-1. If you do not need to file this form, you may use it to calculate penalty, but do not submit this form to the
Department. See also Publication FYI-320, PIT-ES: Personal Income Tax Estimated Payments, for a complete explanation
of calculating estimated personal income tax and how to make estimated personal income tax payments.
NOTE: No penalty is imposed if the difference between line 4 in column 2 of Section II, and tax withheld and reported on
Form 2012 PIT-1, for the tax year is less than $1,000. You do not owe the penalty. Do not file this form.
Section I: Mark the box below that applies to you. Refer to Alternative Methods on page 2 of the instructions for further
details.
1. I may elect to use an alternative method of computing estimated tax due because (check one):
My income varied during the year, and I was not required to pay estimated personal income tax until
after March 31, 2012; (Both statements must be true.)
I am a farmer or rancher who expects to receive two-thirds of gross income for 2012 from ranching or
farming, or I have received at least two-thirds of my gross income for the previous tax year from farming
or ranching; or
I wish to compute estimated payments based on the actual dates on which all amounts of withholding
tax were withheld for tax year 2012.
Section II: Calculate the required annual payment.
Enter the amounts from the New Mexico personal income tax forms and schedules for the tax year shown at the top of
the column. Do not complete the column for 2011 if you did not file a full,
12-month New Mexico PIT-1 return for tax year 2011. NOTE: If you are a
Column 1 (2011)
Column 2 (2012)
first-year resident in 2012, you are not required to make estimated payments.
2. For column 1 enter the amount from line 20, Form 2011 PIT-1. For column
2 enter amount of Net New Mexico income tax from Form 2012 PIT-1.
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3. For column 1 enter the sum of the amounts reported on lines 21 and 22
of Form 2011 PIT-1. For column 2 enter the sum of rebates and credits
from Form 2012 PIT-1 plus any working families tax credit claimed.
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4. Subtract line 3 from line 2 and enter here. If the difference between the
amount on this line, column 2 and the income tax withheld on Form 2012
PIT-1 is less than $1,000, stop here. You do not owe the penalty. Do not
file this form. See note under How to Use this Form, above.
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5. Multiply column 2, line 4, by 90% (0.90) and enter here.
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6. Enter the amount of column 1, line 4 in column 2, line 6. If you did not
complete column 1, or if column 1, line 4 is a negative number, enter zero.
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7. Enter the lesser of lines 5 and 6. This is your required annual payment.
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