Form Est-I - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2013 Page 6
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7Form EST-I, Page 6
Example 1.
You fi led your 2012 tax return on June 1, 2013, showing a $2,000 refund. You elected to have $1,000 of your 2012
overpayment applied to your 2013 estimated tax payments. In 2013, you had $4,000 of Montana income tax withheld
from wages. You also made $500 estimated tax payments on September 16, 2013 and January 15, 2014. On line
15, in each column, enter $1,000 (one-fourth of total 2013 withholding). On line 17, column A, enter $1,000 (2012
overpayment applied to 2013). In column B, enter $0 (no estimated tax payment was made for this period), and in
columns C and D, enter $500 (estimated tax payment).
Part III. Regular Method. Use this method if you made payments of unequal amounts. The due dates shown are for calendar year
taxpayers. Adjust these dates accordingly for fi scal year returns.
A
B
C
D
Complete lines 14 through 17 in each column before going to line 18.
4/15/13
6/17/13
9/16/13
1/15/14
14. Required quarterly payment. Divide line 6 from page 1 by
four (4) and enter the result in each column ........................... 14.
15. Add lines 3a and 3b from page 1 and enter one-fourth of the
1,000
1,000
1,000
1,000
amount in each column .......................................................... 15.
16. Subtract line 15 from line 14 ................................................... 16.
17. Enter the amount of estimated tax paid by each date.
1,000
0
500
500
(Include the amount from line 3c on page 1 in column A.) ..... 17.
Line 23. Current quarter underpayment
Example 3.
If line 23 is zero for all payment periods, you do not owe
Your required installment for each payment due date is
interest on your underpayment.
$4,000. You made the following estimated tax payments.
Figure the Interest (Lines 25-28)
Date
Payments
Complete lines 25 through 28 of Part III to fi gure your
4/30/13
$2,000
interest for each period by applying the appropriate rate
against each underpayment shown on line 23 of Part
6/17/13
$3,000
III. Interest is fi gured for the number of days that each
9/16/13
$4,000
underpayment remains unpaid. Use line 26 to show the
1/15/14
$4,000
number of days an underpayment remained unpaid. Use
line 27 to fi gure the actual interest amount by applying the
Line 23, column A, shows $4,000. You enter “4/30
appropriate rate to an underpayment for the number of
$2,000” and “6/17 $2,000” on line 25, column A. The
days it remained unpaid.
remaining $1,000 ($3,000 – $2,000) of the June 17
Your payments are applied fi rst to any underpayment
payment is entered on line 25, column B, “6/17 $1,000.”
balance on an earlier required installment. It does not
Also enter “9/16 $3,000” on line 25, column B, because
matter if you designate a payment for a later period. See
$3,000 of the $4,000 September payment must be used
Example 2.
to fully pay the June underpayment. Continue in this
manner until all your payments are used.
Example 2.
You had a $500 underpayment remaining after your
Line 26. If more than one payment was applied to an
April 15 payment. The June 17 installment required a
underpayment on line 23, enter the number of days each
payment of $1,200. On June 10, you made a payment of
payment was late. See Example 4.
$1,200 to cover the June 17 installment. However, $500
of this payment is applied fi rst to the April 15 installment.
Example 4.
The interest for the April 15 installment is fi gured from
April 15 to June 10 (56 days). The amount remaining to
Using the same facts as Example 3 above, enter “15”
be applied to the June 17 installment is $700.
(number of days from 4/15 to 4/30) and “63” (number
of days from 4/15 to 6/17) on line 26, column A (see
Line 25. If more than one payment was applied to fully
illustration under Example 5).
pay the underpayment amount in a column (line 23),
enter on line 25 the date and amount applied up to the
Line 27. If more than one payment was required to fully
underpayment amount. If a payment was more than the
satisfy an underpayment amount, make a separate
underpayment amount, enter the excess in the next column
computation for each payment. See Example 5. If you fi led
with the same date. See Example 3.
your tax return by January 31 and paid in full the amount
due as computed on the return, there is no underpayment
interest penalty calculated on the fourth installment
payment; enter $0 for column D.
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