Form Est-I - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2014 Page 5
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7Form EST-I, Page 5
column heading. For most taxpayers, this is one-fourth of
Part I. Required Annual Payment
the required annual payment shown in Part I, line 6.
Complete lines 1 through 6 to figure your required annual
Line 15. Add lines 3a (withholding) and 3b (refundable
payment.
tax credits) from Part I on page 1. Divide the result by 4
For this part, if you are married filing separately on the
and enter that amount in each column. The sum of all four
same form, you will need to add the amounts from both
columns should equal the sum of lines 3a and 3b from
columns of Form 2 together.
page 1.
If you filed an amended return, use the amounts shown on
Line 17. List your estimated tax payments for 2014. Before
your original return to figure your underpayment.
completing line 17, enter in Table 1 the payments you made
Line 1. Enter the amount from your 2014 Form 2, line 54;
for 2014 Include the following payments:
Form 2M, line 47; or Form 2EZ, line 15. For an estate or
● Any overpayment from your 2013 return applied to your
trust, enter the amount from Form FID-3, line 36.
2014 estimated tax payments. Treat the payment as
Line 3a. Enter the taxes withheld from Form 2, lines 55
made on April 15, 2014.
through 57; Form 2M, line 48; or Form 2EZ, line 16. For an
● Estimated tax payments you made for the 2015 tax
estate or trust, enter the amount from Form FID-3, lines 37
year.
through 39.
Line 3b. Enter your 2014 refundable credits. This amount
Table 1. Estimated Tax Payments
can be found on Form 2, line 60; Form 2M, line 51; or FID-
Payments
Payments
Date
Date
3, line 42.
Line 3c. Enter the amount of any overpayment you had in
2013 that you chose to carry forward to 2014.
Line 4. Subtract line 3 from line 1. If the result is less than
$500, you do not need to continue filling out this form. You
do not owe interest on your underpayment.
Line 5. Enter the amount from your 2013 Form 2, line 54;
Form 2M, line 47; or Form 2EZ, line 15. For an estate or
trust, enter the amount from Form FID-3, line 36.
Entries on Form EST-I. Enter on line 17 the following tax
payments.
Line 6. Enter the smaller of line 2 or 5. If total withholding,
● Column A—total payments you made by April 15, 2014,
refundable credits and any overpayment from 2013 on line
3 is equal to or more than this line, you do not owe any
including any 2013 overpayment that was applied to
interest on the underpayment of estimated taxes.
2014.
● Column B—total payments you made after April 15,
Part II. Short Method
2014, through June 16, 2014.
You may use the short method if either of the following
● Column C—total payments you made after June 16,
situations apply to you:
2014, through September 15, 2014.
● You did not make estimated tax payments; or
● Column D—total payments you made after september
● You made all of your estimated tax payments on or
15, 2014, through January 15, 2015.
before the due dates and in four equal amounts.
When figuring your payment dates and the amounts to
If you can use the short method, complete lines 7 through
enter on line 17 of each column, apply the following rules.
10 to figure your total underpayment for the year, and lines
● Include all estimated tax payments you made for each
11 through 13 to figure the interest.
period. Include any overpayment from your 2013 tax
If you are filing Form 2EZ, stop here. Do not use the
return you elected to apply to your 2014 estimated tax.
regular method in Part III to calculate your interest on the
If your 2013 return was fully paid by the due date, treat
underpayment of estimated taxes.
the overpayment as a payment made on April 15, 2014.
● If an overpayment is generated on your 2013 return
Part III. Regular Method
from a payment made after the due date, treat the
Use the regular method if you are not eligible to use the
payment as made on the date of payment. For
short method. You must use the regular method if you
example, you paid $500 in tax due on your 2013 return
made payments of unequal amounts and/or you made the
on July 2, 2014, and later amended the return and were
payments after the due dates.
due a $400 refund which you elected to have applied
If you are using the annualized method, you will need to
as an estimated payment to your 2014 taxes. The $400
complete Part IV before beginning Part III.
overpayment would be treated as paid on July 2.
Figure Your Quarterly Underpayment/Overpayment
(Lines 14-24)
Line 14. Enter on line 14, columns A through D, the amount
of your required installment for the due date shown in each
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