Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh (Page 3 of 3) in pdf

740NP-WH-P

Page 3

INSTRUCTIONS—Form 740NP-WH-P

40A201-WHP (10-13)

Purpose of Form—This form is to be used by a pass-through entity

June 15 of the taxable year, enter the payment in Column B; (iii) if

required to make a declaration and payment of estimated tax for the

the declaration payment was made after June 15 but on or before

taxable year as provided by KRS 141.206(6) and KRS 141.207 to: (i)

September 15 of the taxable year, enter the payment in Column C;

compute the underpayment penalty as provided by KRS 141.990; and

(iv) if the declaration payment was made after September 15 but

(ii) compute the interest on any late payment or underpayment of an

on or before December 15 of the taxable year, enter the payment in

estimated tax installment as provided by KRS 141.985.

Column D; (v) if the declaration payment was made after December

15 but on or before January 15 of the succeeding taxable year, enter

PART I—FIGURING THE UNDERPAYMENT AND PENALTY

the payment in Column E; or (vi) if the declaration payment was

made after January 15 of the succeeding taxable year, do not enter

KRS 141.207(4) provides that a pass-through entity required to make

the payment on Line 8. Note: If a payment date falls on a holiday or

a declaration and payment of estimated tax shall be subject to the

weekend, the applicable payment date is the next business day.

penalty provisions of KRS 131.180 and 141.990.

Fiscal Year: If Form 740NP-WH is for a fiscal year, enter the estimated

Line 1—Enter the number of individual partners, members or

tax payments as follows: (i) if the declaration payment was made on

shareholders whose tax liability on Form 740NP-WH, Line 9 exceeds

or before the 15th day of 4th month, enter the payment in Column A;

$500. “Individual” means an individual, estate or trust.

(ii) if the declaration payment was made after the 15th day of the 4th

Line 2—Enter the number of corporate partners or members whose

month but on or before the 15th day of 6th month, enter the payment

tax liability on Form 740NP-WH, Line 9 exceeds $5,000.

in Column B; (iii) if the declaration payment was made after the 15th

day of the 6th month but on or before the 15th day of 9th month, enter

Line 3—Enter from Form 740NP-WH, Line 9 the total tax liability

the payment in Column C; (iv) if the declaration payment was made

of individual partners, members or shareholders whose liability

after the 15th day of the 9th month but on or before the 15th day of

exceeds $500, and corporate partners or members whose liability

12th month, enter the payment in Column D; (v) if the declaration

exceeds $5,000.

payment was made after the 15th day of the 12th month but on or

before the 15th day of the 1st month in the succeeding taxable fiscal

Line 5—Multiply Line 3 by the percentage on Line 4.

year, enter the payment in Column E; (vi) if the declaration payment

Line 6—Multiply $5,000 by the number of corporate partners or

was made after the 15th day of the 1st month in the succeeding

members on Line 2.

taxable fiscal year, do not enter the payment on Line 8.

Line 7—Enter the total estimated tax payments from Form 740NP-

For Column A only, enter the amount from Line 8 on Line 12.

WH, Lines 10 and 12.

Line 9—Enter the amount from Line 15 of the preceding column. This

Line 8—Enter the amount from Line 5 less the amounts on Lines 6

line does not apply to the first installment.

and 7.

Line 10—Enter the total of Lines 8 and 9. This line does not apply to

Line 10—Multiply the amount on Line 8 by the percentage on Line 9.

the first installment.

Enter the amount on this line and on Form 740NP-WH, Tax Payment

Summary.

Line 11—Enter the total of Lines 13 and 14 of the preceding column.

This line does not apply to the first installment.

PART II—LATE PAYMENT INTEREST

Line 12—Enter the amount of Line 10 less Line 11. If zero or less enter

KRS 141.985 provides that if the tax imposed by this chapter on any

zero (-0-). For the first installment, enter the amount from Line 8.

installment or portion of the tax is not paid on or before the date

prescribed for its payment, there shall be collected, as part of the tax,

Line 13—If the amount on Line 12 is zero, enter the amount of Line

interest upon the unpaid amount at the tax interest rate as defined

11 less Line 10; otherwise enter zero (-0-). This line does not apply to

in KRS 131.010(6) from the date prescribed for its payment until

the first installment.

payment is actually made to the department.

Line 14—If the amount on Line 12 is less than or equal to Line 7, enter

Line 1—Enter from Form 740NP-WH, Line 9 the total tax liability of

the amount on Line 7 less Line 12.

individual partners, members or shareholders whose liability exceeds

$500. “Individual” means an individual, estate or trust.

Line 15—If the amount on Line 7 is less than Line 12, enter the amount

on Line 12 less Line 7.

Line 2—Enter from Form 740NP-WH, Line 9 the total tax liability of

corporate partners or members whose liability exceeds $5,000.

Line 16—Enter the date the underpayment on Line 14 was paid or

the 15th day of the fourth month after the close of the taxable year,

Line 3—Multiply the number of corporate partners or members

whichever is earlier. A payment of estimated tax is applied against

included on Part II, Line (2) by $5,000.

unpaid required installments in the order in which the installments

are required to be paid, regardless of the installment to which the

Line 4—Enter Line 2 less Line 3.

payment pertains. Note: If the 15th day of the fourth month after the

Line 5—Enter 25% of the amount on Line 1 in Columns A, B, C and E.

close of the taxable year falls on a holiday or weekend, the applicable

date is the next business day.

Line 6—Enter 50% of the amount on Line 4 in Column B, and 25% of

the amount on Line 4 in Columns C and D.

Line 17—Enter the interest due on the tax underpayment on Line 14,

Columns A through E. If the pass-through entity has more than one

Line 7—Enter the total of Lines 5 and 6 in each column.

payment for the underpayment, attach a separate computation for

each payment. The interest rate is 6 percent for calendar year 2013.

Line 8—Enter the total estimated tax paid for each installment period

The interest rate for 2014 is available online at

included on Form 740NP-WH, Lines 10 and 12.

or you may contact the Department of Revenue at (502) 564-8139.

For a calendar year taxpayer, enter estimated tax payments as

follows: (i) if the declaration payment was made on or before

Line 18—Enter the total of the amounts on Line 17, Columns A

April 15 of the taxable year, enter the payment in Column A; (ii) if

through E. Enter on this line and on Form 740NP-WH, Tax Payment

the declaration payment was made after April 15 but on or before

Summary.

Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh Page 3

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