Form Rpd-41272 12 - Calculation Of Estimated Personal Income Tax Underpayment Penalty - State Of New Mexico Taxation And Revenue Department - 2012 Page 2
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5RPD-41272 12
New Mexico Taxation and Revenue Department
Rev. 12/3/2012
2012 Calculation of Estimated Personal Income Tax Underpayment Penalty
Section III: Calculate the amount and timing of the required estimated tax payments due:
8. Standard Method: If you were required to make estimated tax payments on or before March 31, multiply the required
annual payment, line 7, by 25% (0.25). Enter this amount on line 12 in each of the columns in the table below and go to
line 11. Skip lines 9 and 10.
9. Annualized Income Method: If you did not have income sufficient to require a payment until after March 31, review lines
9a, 9b and 9c and complete line 12 according to the instructions that apply. Then go to line 11. Skip line 10.
9a. If you were required to make estimated tax payments after March 31 but before June 1, multiply the required annual
payment, line 7, by 50% and enter on line 12, column (b). Multiply the required annual payment, line 7, by 25% and
enter that amount on line 12, columns (c) and (d).
9b. If you were required to make estimated tax payments after May 31 but before September 1, multiply the required
annual payment, line 7, by 75% and enter that amount on line 12, column (c). Then multiply the required annual pay-
ment, line 7, by 25% and enter that amount on line 12, column (d).
9c. If you were required to make estimated tax payments after August 31, enter 100% of the required annual pay-
ment, line 7, on line 12, column (d).
10. Farmers or Ranchers: If you are a qualified farmer or rancher, enter 100% of the required annual payment on line 12,
column (d) and go to line 11. NOTE: Mark “5” on Form PIT-1, indicating the special method allowed for calculation of
underpayment of estimated tax penalty, and attach Form RPD-41272 to the return. If a qualified farmer or rancher files
and pays the tax in full on or before March 1 of the year following the tax year of the return, no penalty is due. Complete
Sections I through IV, and enter zero on page 3, line 34.
11. Total withholding tax and estimated tax paid. To complete line 13, divide the tax withheld for the 2012 tax year by four
and add an equal amount of tax withheld to the estimated tax paid per payment period. If you elect to compute estimated
installment payments based on the actual dates on which all amounts of withholding tax were withheld for the applicable
year, enter the total taxes withheld for the quarter in columns (a) through (d), based on the actual date the amounts
were withheld. Then, for each column enter the total tax withheld prior to the date above the column if it was a calendar
tax year, and the equivalent payment period due date if it was a fiscal year. For columns (b), (c) and (d), do not include
amounts withheld and reported in the previous column. Include amounts carried forward from the prior-year personal
income tax return in column (a).
Section IV: Calculate the underpayment.
Complete rows 12 and 13 according to the instructions 8 through 11 above. Then continue with line 14. Complete lines 14
through 20 for each column before going on to the next column. Do not complete fields that are shaded.
Installment due dates. For calendar year taxpayers, the
Installment Due Dates
due dates of the installments are entered for you. If a fis-
(a)
(b)
(c)
(d)
cal year filer, strike through the dates entered and enter
4/16/12
6/15/12
9/17/12
1/15/13
the correct installment due dates. See WHEN IS EACH
INSTALLMENT PAYMENT DUE? in the instructions.
12. Required estimated payments. See instructions 8
12.
through 10.
13. Estimated tax paid and tax withheld. See instruction 11
13.
to complete this line.
14. Enter amount of overpayment, if any, from line 20 of
14.
the previous column.
15.
15. Add lines 13 and 14.
16. Enter the sum of lines 18 and 19 from previous column.
16.
17. Subtract line 16 from line 15. If zero or less, enter zero.
For column (a) only, enter the amount from line 13.
17.
18. If the amount on line 17 is zero, subtract line 15 from
line 16; otherwise, enter zero.
18.
19. Underpayment. If line 12 is equal to or more than line
17, subtract line 17 from line 12. Then go to line 14 of
19.
the next column; otherwise, go to line 20.
20. Overpayment. If line 17 is more than line 12, subtract
line 12 from line 17. Then go to line 14 of the next
column.
20.
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