Instructions For Louisiana Nonresident Professional Athlete Individual Income Tax Return - 2011 Page 13
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13Interest and Penalty Calculation Worksheets
In general, you will be charged interest and penalties if you do not
fraction thereof, during which the failure to pay continues. This
pay all amounts due on or before the due date.
penalty cannot exceed 25 percent of the tax due.
1.
A 2011 calendar year return is due on or before May 15, 2012.
To determine if you owe a delinquent payment penalty, answer
the following questions:
2.
Returns for fiscal years are due on or before the 15th day of
the fifth month after the close of the taxable year.
1.
Are you paying a 2011 tax liability after the due date? If yes,
continue to Line 2.
3.
If the due date falls on a weekend or legal holiday, the return
is due the next business day.
2.
Have you paid at least 90 percent of total tax due?
Important: An extension does not relieve you of your obliga-
a. Enter the amount from Form IT-540B-NRA
tion to pay all tax amounts due by the original due date.
Line 14.
. . . . . . . . . . . . .
.00
b. Enter the amount from Form IT-540B-NRA,
Interest – If your income tax is not paid by the due date, you will be
Line 15A. . . . . . . . . . . . . .
.00
charged interest on the unpaid tax until the balance is paid in full.
The interest rate is variable and the 2012 interest rate is posted on
c. Enter the amount from Form IT-540B-NRA,
LDR’s website on Form R-1111, Interest Rate Schedule Collected
Line 15B. . . . . . . . . . . . . .
.00
on Unpaid Taxes. To compute the DAILY INTEREST RATE,
d. Subtract Lines “b” and “c” from Line
multiply the 2012 monthly interest rate by 12 then divide the result
“a” above. . . . . . . . . . . . . .
.00
by 365 and carry out to seven places to the right of the decimal.
e. Multiply Line “d” by 10 percent (.10). . .
.00
Example: Assume the 2012 monthly interest rate is 0.5833 percent,
multiply 0.005833 by 12 then divide the result by 365 to get the
f. Enter the amount from Form IT-540B-NRA,
daily interest rate of 0.0001917.
Line 35.
. . . . . . . . . . . . .
.00
Interest Calculation Worksheet
If the amount on Line f is less than or equal to the amount on Line e,
you have paid at least 90 percent of the total tax due. If the amount
1
Number of days late from the due date.
on Line f is greater than the amount on Line e, you have not paid
0.
2
Interest rate per day (See instructions above.)
at least 90 percent of the total tax due by the due date; therefore,
you owe the delinquent payment penalty. Use the worksheet below
3
Interest rate (Multiply Line 1 by Line 2.)
to calculate that penalty.
.00
4
Amount you owe (Form IT-540B-NRA, Line 35.)
Delinquent Payment Penalty Calculation Worksheet
Total interest due (Multiply Line 4 by Line 3, and
5
.00
enter the result on Form IT-540B-NRA, Line 40.)
1
Number of days late from the due date.
Delinquent Filing Penalty – A delinquent filing penalty will be
÷30
2
Divide Line 1 by 30 days.
charged for failure to file a timely return on or before your due date
or your approved extension date. The penalty is five percent of
Number of 30-day periods (If fraction of
3
days remain, increase the amount to the
the tax for each 30 days or fraction thereof during which the failure
nearest whole number.)
to file continues. By law, the maximum delinquent filing penalty
that can be imposed is 25 percent of the tax due.
.005
4
30-day penalty percentage
Delinquent Filing Penalty Calculation Worksheet
Total penalty percentage (Multiply Line 3
5
by Line 4. The result cannot exceed 25
Number of days late from your due date, or
1
percent [.25].)
your approved extension date.
.00
6
Amount you owe (Form IT-540B-NRA, Line 35.)
÷30
2
Divide Line 1 by 30 (days).
Total amount of Delinquent Payment Penalty
Number of 30-day periods (If fraction of
7
(Multiply Line 6 by Line 5 and enter the result
3
days remain, increase to nearest whole
.00
on Form IT-540B-NRA, Line 42.)
number.)
Underpayment Penalty – You may be charged an Underpayment
.05
4
30-day penalty percentage
Penalty if: (A) your tax deficiency is greater than $1,000; and (B)
Total penalty percentage (Multiply Line 3
your filing status is either single, married filing separately, head of
5
by Line 4. The result cannot exceed
household, or qualifying widow(er). If your filing status is married
25 percent [.25].)
filing jointly, you may be charged an Underpayment Penalty if
.00
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your tax deficiency is greater than $2,000. In order to determine
Amount you owe (Form IT-540B-NRA, Line 35.)
if an underpayment penalty is due and to compute the amount
Total amount of delinquent filing penalty due
of the underpayment penalty, you must obtain Form R-210NRA,
7
(Multiply Line 6 by Line 5 and enter
Nonresident Professional Athlete Underpayment Return.
.00
the result on Form IT-540B-NRA, Line 41.)
Important Notice: The sum of BOTH the delinquent filing and
delinquent payment penalties cannot exceed 25 percent of the
tax due. Thirty day increments are used for the calculation of
the delinquent filing and delinquent payment penalties. These
penalties are based on the date the Department receives the
return or payment.
Delinquent Payment Penalty – If you fail to pay 90 percent of
the tax due by the due date, or fiscal year due date, a delinquent
payment penalty will be assessed. A penalty of 0.5 percent of
the tax not paid by the due date will accrue for each 30 days, or
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