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RPD-41287 12

New Mexico Taxation and Revenue Department

Rev. 12/3/2012

2012 Calculation of Estimated Corporate Income Tax

Penalty and Interest on Underpayment

Instructions

(page 2 of 3)

withheld is deemed paid on each quarterly payment due date unless the taxpayer establishes the dates on which all amounts

were actually withheld, in which case the amounts withheld shall be deemed payments of estimated tax on the due dates

on which the amounts were actually withheld.

Line 6. Calculate any underpayment as of the due date of the installment tax payment for each quarter by subtracting line

5 from line 4.

Line 7. Record the sum of all estimated installment tax payments made against each quarter that was paid after the due

date of the installment tax payment. Do not include amounts made or credited to any other quarterly installment payment.

Line 8. For each column, add the amounts on lines 5 and 7. The total of all columns of line 8 should equal total estimated

tax payments made or credited for the 2012 tax year. This amount should also equal the sum of all estimated payments

listed in Section II.

Section II: List each estimated tax payment made or credited to tax year 2012. Enter the amount of each estimated tax

payment made and the postmark of the payment. If it was a carryforward from a previous tax return, indicate the tax year

of the return. If one or more payments were submitted to the Department under an incorrect federal employer identification

number (FEIN), provide the FEIN as originally submitted with the payment.

Section III: Compute the penalty and interest on underpayment of estimated installment tax payments. Do not com-

plete this section if you wish the Department to compute the penalty and interest on underpayment of estimated corporate

income tax. Please check the indicator box at the bottom of page 1 of this form (RPD-41287) and follow the directions for

filing this form. (See the note at the beginning of these instructions.)

Line 9. Enter the underpaid amount of the estimated installment payment due as of the due date of the installment payment.

(From line 6 of Section I)

Line 10. Enter the date the installment payment was due (from line 1 of Section I).

Line 11. Enter the date the late installment payment was made or the due date of the return, whichever is earlier. Include

only payments made after the due date of the installment payment. If multiple payments were made after the due date of

the installment payment, for any quarter, the column for the quarter will need to be repeated. Each payment for a quarter

should be computed in a separate column. A spreadsheet can be attached that is in the same format as Section III. When

completing line 21, for subsequent columns for the same quarter, subtract the previous payment(s) for the quarter from the

underpayment of estimated tax for the quarter.

General Instructions for lines 12 through 30, columns (a) through (d).

•

You do not need to complete a column for a quarter if zero or no underpayment of estimated tax payment is recorded on

line 9 for the corresponding quarter.

•

“Underpayment” generally refers to the underpayment calculated on line 6 of Section I. See the note on the next page,

when multiple partial payments are made on a quarterly estimated tax liability after the installment tax due date.

Lines 13, 15, 17, 19, 21, 23, 25, and 27. Enter the number of days from the beginning of the calculation period to the date

the underpayment was paid or the last day of the calculation period, whichever is earlier. The calculation period is defined on

the form. For example, line 13, identifies the calculation period as after 04/15/2012 and before 07/01/2012. The calculation

periods coincide with the calendar year quarters.

Lines 14, 16, 18, 20, 22, 24, 26 and 28. Calculate interest due during the calculation period. Perform the computation as

indicated on the form. If the annual interest rate is blank, then the annual interest rate for the quarter was not announced by

the IRS at the time of the last revision of this form. Check the Department web site for a current list of the applicable interest

rates. The IRS does not announce the interest rates until the month prior to the beginning of each quarter.

Form Rpd-41287 12 - Calculation Of Estimated Corporate Income Tax - Penalty And Interest On Underpayment - New Mexico Taxation And Revenue Department - 2012 Page 5

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