Form 2210-K - Underpayment Of Estimated Tax By Individuals - 2011 Page 3
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3FORM 2210-K (2011)
Instructions for Form 2210-K
Page 3
42A740-S1
Purpose of Form—Use this form to determine if you owe an
A taxpayer who is not required to pay estimated tax in four
underpayment of estimated tax penalty for failing to prepay
equal installments at the beginning of the year may be
70% of your tax liability and/or interest for failing to make
required to make installment payments during the remainder
four equal estimated tax installments timely. You may be
of the year. Refer to the payment due dates at the top of
subject to one or both even if you are due a refund when
columns A – D to determine how many installments you are
you file your tax return.
required to make based on when your income changed or
was received.
Underpayment of Estimated Tax Penalty—You may be
charged an underpayment of estimated tax penalty if you
If you are required to make 3 installments, multiply line 7 by
did not prepay 70% of your tax liability and you did not meet
33.3 percent (.333) and enter in columns B through D.
one of the exceptions listed in Part I.
If you are required to make 2 installments, multiply line 7 by
Estimated Tax Interest—You may also be charged interest if
50 percent (.50) and enter in columns C and D.
you failed to make four equal installments timely pursuant
to KRS 141.305. These payments are due by April 15, June
If you are required to only make 1 installment, multiply line
15, September 15 of the taxable year, and on January 15 of
7 by 100 percent (1.00) and enter in column D.
the succeeding taxable year. Failure to make these equal
installments timely may result in interest due pursuant to
Line 9—Enter the sum of estimated tax payments made and
KRS 141.985. The interest is computed separately for each
Kentucky withholding for each quarter. If you have Kentucky
due date.
income tax withheld, multiply the total by 25 percent (.25)
and enter in columns A through D. If you had a credit forward
•
If you paid estimated tax on January 16
or 17
, 2012, it
th
th
from a prior year return, enter the total amount in Column
is considered paid on January 15
, 2012, to the extent it
th
A only.
is applied to the fourth required installment.
Note: Complete lines 10 through 17 for Column A before
Part I—Exceptions and Exclusions—The underpayment of
going to Column B, etc.
estimated tax penalty may not apply if one of the exceptions
listed in Part I is met. If you meet one or more of the
Line 10—Enter amount from line 17 of the previous column.
exceptions, check the appropriate block(s), complete the lines
This amount should be the overpayment if any from the
associated with the exception and check the “Form 2210-K
previous column.
attached” block on form 740, line 41a (Form 740-NP , line 41a).
If none of the exceptions apply, go to Part II.
Line 12—Enter amount from line 16 of the previous column.
This amount should be the underpayment amount from the
Part II—Figuring the Underpayment and Penalty—Only
previous column that will be carried over to each column
complete this section if the additional tax due exceeds $500
until the payment is made.
and you do not meet one of the exceptions listed in Part I.
Do not include amounts that were prepaid with extension or
Line 16—This is the underpayment amount for that column
payments made after the due date of the fourth declaration
and any underpayment from the previous columns. The
installment. To avoid this penalty in the future, obtain and
underpayment will continue to carryover to the next column
file Form 740-ES.
until the payment is made or the due date, whichever is
earlier.
Part III—Required Annual Payment and Interest Calculation—
This section is used to calculate your required annual
Figuring the Interest—Interest will be calculated on each
payment. The required annual payment is used to calculate
underpayment in each column from the payment due date
the amount of payment that you should have made each
written above line 8 to the date on line 18 or the date the
quarter. If you do not pay the required amount in each quarter,
payment was made, whichever is earlier. The underpayments
you will be subject to interest until that payment is made.
will carryover to the next column and be added to that columns
You may not be required to pay estimated tax payments if
underpayment to calculate interest on that balance.
you meet one of the following exceptions:
•
Taxpayer died during the taxable year
Line 18—Use this date to calculate the number of days that
the current interest amount will be based upon, unless the
•
Declaration was not required until after September 1,
underpayment was paid prior to this date.
2011, and the taxpayer files a return and pays the full
amount of the tax computed on the return on or before
Line 19—This is the number of days from the payment due
February 1, 2012.
date shown above line 8 to the date the amount on line 16
•
Two–thirds (2/3) or more of the gross income was from
was paid or the date shown on line 18 for the column in which
farming; this return is being filed on or before March 1,
you are calculating interest.
2012; and the total tax due is being paid in full.
For example, if your underpayment on line 16 for column A
•
Prepaid your last years tax liability with timely
is $1,000, you would calculate the interest from 4–15–11 to
payments.
6–15–11 and enter 61 days on line 19. If this $1,000 remains
Lines 1–7—Calculates your required annual payment which
unpaid, it will be added to any underpayment in column B
is the lesser of your current years income tax liability or your
and you would calculate interest from 6–15–11 until 9–15–11
previous years tax liability. If you have paid withholding that
which would be 92 days for that period, etc.
exceeds the lesser of the two, you do not owe interest and
you do not need to complete the rest of the form.
Line 20—The annual interest rate is established by the
Department of Revenue for each calendar year. The interest
Line 8—Multiply line 7, page 2, by 25 percent (.25) and enter
rate for calendar year 2011 is 5 percent and the interest rate
amount in columns A through D. However, if your source(s)
for calendar year 2012 is 6 percent. The interest calculation
of income changed unexpectedly throughout the year or your
for the required third installment payment may be calculated
income was received later in the year, the required number
using two different interest rates.
of installments may be fewer.
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