Form Cit-Ut - Underpayment Of Estimated Tax By Corporation - 2014 Page 4
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Who has to pay underpayment interest?
of the short taxable year.
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Line 6 – Multiply the amount on line 4c by 25% (0.25) and
You are only subject to the underpayment interest if your tax
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enter this amount in each column, A through D. This is the
liability is $5,000 or more during the current year. You should
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amount of each of your quarterly estimated installments.
have paid the lesser of these amounts:
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• If you use the annualized income installment method and/
1. 80% of your tax liability for the current year, or
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or the adjusted seasonal installment method, mark the
2. 100% of your tax liability for the previous year.
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box on this line, complete the worksheet on pages 2 and
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However, if the previous year’s return did not show a tax
3 of these instructions to determine the amounts of your
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liability, if that return did not cover a full 12 months, or if you
installments, and enter the amounts from line 41 of the
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are filing your initial return this year, your installments must
worksheet on line 6 of this form.
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be based upon 80% of your tax liability for the current year.
• If your income varied during the year because, for
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If you did not pay enough estimated tax by any installment
example, your business was operated on a seasonal
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due date, you may owe underpayment interest for that
basis, you may want to use the annualized income
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estimate period. The interest is calculated separately for
installment method and/or seasonal installment method.
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each installment due date, even if you are requesting a
Using these methods may reduce the amount of your
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refund on your Montana tax return. Therefore, you may
required installments. See the instructions on this page
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owe underpayment interest for an earlier installment due
for more information about this calculation.
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date, even if you paid enough tax later to make up the
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Complete lines 7 through 14 in each column before
underpayment.
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completing the next column.
If you do not want to calculate the underpayment
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Line 7 – Enter the amount of estimated tax payments made
interest, we will calculate it and send you a notice of the
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on or before the due date on line 5 for this particular column,
underpayment interest due.
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and after the due date on line 5 for the previous column.
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How do I use Form CIT-UT?
For example, a calendar year corporation will enter on line
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7, column B, the amount of estimated tax payments made
Complete Part I of this form to determine if you have an
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between April 15 and June 15.
underpayment for any of the four installment due dates. If
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you have an underpayment on line 13 in columns A, B, C,
If you have an overpayment from the previous year, you
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or D, go to Part II to calculate your underpayment interest.
should apply the installment to column A. If you have mineral
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If you have to pay underpayment interest, include Form
royalty tax (line 12d of the CIT) and/or tax on pass-through
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CIT-UT with your Montana Corporate Income Tax Return
entities (line 12e of the CIT) withheld on your behalf, divide
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(Form CIT).
the total of these amounts by four and apply the result to
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each quarterly installment.
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Part I: Calculating Your Underpayment
Line 13 – If line 13 shows an underpayment in any column,
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Line 1 – Enter the tax from line 10 of your Form CIT.
please complete Part II to calculate the underpayment
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Line 2 – Enter the tax credits from line 13 of your Form CIT.
interest that you owe for this tax year.
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Line 3 – Subtract line 2 from line 1. If the result is less than
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Part II: Figuring Your Underpayment Interest
$5,000, stop here. You do not need to complete this form. If
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Line 15 – Enter the date of the estimated payment that
the result is $5,000 or greater, enter the result here.
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covers the installment in each column. A payment of
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Line 4a – Multiply line 3 by 80%. Enter the result on this
estimated tax is applied against underpayment of required
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line.
installments in the order that those installments are required
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Line 4b – From your previous year’s Form CLT-4, subtract
to be paid. For example, after the first installment due date
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the tax credits you reported on line 13 from your Montana
(April 15th), there is an underpayment of $1,000 and the
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tax liability on line 10 (line 10 minus line 13). Enter the result
second installment requires a payment of $2,000. A payment
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on this line. However, if your previous year’s return covered
of $2,000 is made on June 10, with $1,000 of this payment
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a period of less than 12 months, it did not show a tax liability,
being applied to the underpayment of the first installment.
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or if you are filing your initial return this year, do not use this
The interest on the first installment will be calculated from
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line. Instead, enter the amount from line 4a on line 4c and
April 15 through June 10 (56 days). The second installment
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then go to line 5.
will now be underpaid by $1,000.
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Line 4c – Enter the lesser of line 4a or 4b.
Line 16 – Calculate the number of days that the
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Line 5 – Enter the quarterly installment due dates in
underpayment is late. This is the number of days from the
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columns A through D. The installment due dates are the 15th
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installment due date until the payment for the installment is
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day of the 4th, 6th, 9th, and 12th months of your tax year.
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paid.
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For example, if your tax year ends on December 31, your
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Line 17 – Calculate the amount of underpayment interest for
installment due dates are April 15, June 15, September 15,
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each period. The interest rate on the underpayment is 12%
and December 15 of your tax year.
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per year, calculated daily. Multiply the underpayment on line
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Short Period Returns: If you are filing a short period return,
13 by the number of days late on line 16. Multiply this result
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payments of estimated tax are to be made at the times and
by 12% (0.12). Divide this result by 365.
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in the amounts required for regular tax years, except all
Line 18 – Calculate your total underpayment interest. Add
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installments must be made by the 15th day of the last month
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Page 4
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