Form Est-I - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2013 Page 7
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7Form EST-I, Page 7
Example 5.
Assume the same facts as in Example 3. On line 27, enter the interest for each underpayment: “6.58” ($2,000 × (15 ×
0.08 ÷ 365)) and “$27.62” ($2,000 × (63 × 0.08 ÷ 365)). The entries are illustrated below.
A
B
C
D
4/15/13
6/17/13
9/16/13
1/15/14
25. Enter the date(s) you paid the amount on line 23 or the 15th
4/30/13
day of the fourth month after the close of the tax year,
whichever is earlier (see instructions) .................................... 25.
6/17/13
26. Enter the number of days from the installment due date to the
15
date shown on line 25 (see instructions) ................................ 26.
63
27. Interest. Multiply line 23 x days from
6.58
line 26 x 8% / 365 days .......................................................... 27.
27.62
because they are cumulative. For example, column B will
Part IV. Annualized Income Installment Method
include the amount from column A as well as your itemized
If your income varied during the year because, for example,
deductions from 4/1/13 through 5/31/13.
you operated your business on a seasonal basis or had
Estates and trusts will need to enter zero and continue to
a large capital gain late in the year, you may be able to
line 37. Enter the amount from line 31 on line 37.
lower or eliminate the amount of one or more required
installments by using the annualized income installment
Line 35. Enter the full amount of your standard deduction.
method. Use Part IV to fi gure the required installments to
This is 20% (0.20) of line 31, but if your fi ling status is:
enter on line 14 of Part III.
● Single or married fi ling separately, do not enter less
If you use Part IV for any payment due date, you must use
than $1,900 or more than $4,270, or
it for all payment due dates.
● Married fi ling jointly or head of household, do not enter
To use the annualized income installment method to fi gure
less than $3,800 or more than $8,540.
interest on the underpayment of estimated tax payments,
Line 38. For each column, multiply $2,280 by your total
you must do all of the following:
exemptions. Your total exemptions can be found on your
1. Complete Part IV, lines 29 through 53. Enter the
2013 Form 2, line 6d or Form 2M, line 5d. If you fi led Form
amounts from Part IV, line 53, columns A through D, in
2EZ in 2013, enter $2,280 if your fi ling status was single, or
the corresponding columns of Part III, line 14.
$4,560 if your fi ling status was married fi ling jointly.
2. Complete Part III to fi gure the interest.
Estates and trusts will need to enter $2,280 on this line.
To fi gure the amount of each required installment, Part IV
Line 40. To compute the tax, use the 2013 Montana
selects the smaller of the annualized income installment
Individual Income Tax Table located at the bottom of Form
or the regular installment (that has been increased by the
EST-I, page 2.
amount saved by using the annualized income installment
Line 41. If net capital gains are included in your Montana
method in fi guring any earlier installments).
adjusted gross income reported on line 29, multiply the net
Line 29. For each period (column), fi gure your Montana
capital gains amount by 2% (0.02) and enter the result on
adjusted gross income. Include your share of partnership
this line.
or S corporation income or loss items for the period.
Line 43. Enter your nonrefundable tax credits for each
Please note that each column will include the amount from
period. For a complete list and description of Montana
the previous column because they are cumulative. For
nonrefundable tax credits, please see Form 2, Schedule V
example, column B will include the amount from column A
and Form 2 instructions.
as well as your Montana adjusted gross income from 4/1/13
Line 53. Enter the smaller of line 48 or line 51. You will also
through 5/31/13.
need to enter this amount on line 14 of Part III and continue
Line 30. Estates and trusts do not use the amounts shown
through the calculations of Part III to calculate the interest
in columns A through D. Instead, use 6, 3, 1.71429, and
on the underpayment of estimated tax.
1.09091, respectively, as the annualization amounts.
Administrative Rules of Montana: 42.17.304 through
Line 32. Enter your itemized deductions for each period.
42.17.317
If you do not itemize deductions, enter zero in columns A
Questions? Please call us toll free at (866) 859-2254 (in
through D and continue to line 35. Please note that each
Helena, 444-6900).
column will include the amount from the previous column
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