Form K-210 - Kansas Individual Underpayment Of Estimated Tax - 2015 Page 2
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1
2INSTRUCTIONS FOR SCHEDULE K-210
If any due date falls on a Saturday, Sunday, or legal holiday, substitute the next regular work day.
WHO MAY USE THIS SCHEDULE
January 1 – August 31
Multiply income by 1.5
January 1 – December 31
Multiply income by 1
If you are an individual taxpayer (including farmer or fisher), use
This exception applies if the amount on line 7 exceeds the amount
this schedule to determine if your income tax was fully paid
on line 9a or 9b (as applicable). If you are a farmer or fisher, you will
throughout the year by withholding and/or estimated tax payments.
only complete the last column on line 9b.
If your 2015 tax due (line 18 of Form K-40 — DO NOT include
For example, to figure the first column, total your income from
compensating tax from line 19 of the K-40), less withholding and tax
January 1 to March 31, 2015 and multiply by 4. Subtract your deductions
credits (excluding estimated tax payments made) is $500 or more,
(standard or itemized) and your exemption allowance amount. Using
you may be subject to an underpayment of estimated tax penalty and
must complete this form.
this net annualized income figure, compute the tax. Multiply the tax by
Taxpayers (other than farmers or fishers) are not required to make
the percentage rate in the first column.
th
a payment for the January 15
quarter if a Form K-40 was filed and
Repeat these instructions for the remaining three columns,
the tax was paid in full on or before January 31, 2016.
using the multiplication factors given above to annualize the income
Farmers and Fishers: If at least two-thirds of your annual gross
for that period. Enclose a schedule showing your computation of
income is from farming or fishing and you filed Form K-40 and paid
annualized income and tax amounts. If the amount on line 7 (for
the tax on or before March 1, 2016, you may be exempt from any
each column) is equal to or greater than the amount on line 9a
penalty for underpayment of estimated tax. If exempt, write
(for each column), or line 9b, for farmers or fishers – no penalty
“Exempt–farmer/fisher” on line 1 and do not complete the rest of this
is due and no further entries are required.
schedule. If you meet this gross income test, but you did not file a
return and pay the tax on or before March 1, 2016, you must use this
PART II – FIGURING THE PENALTY
schedule to determine if you owe a penalty for underpayment of
LINE 10: Enter on line 10 the amount of underpayment of tax,
estimated tax.
which is the lesser of one of the following computations:
COMPLETING THIS SCHEDULE
•
Line 8 less line 7; or,
•
Line 9a less line 7; or,
Enter your name and your Social Security number in the space
•
Line 9b less line 7
provided at the top of this schedule.
LINES 1 through 4: Complete these lines based on information
LINE 11: This line contains the due date of each installment for
on your income tax return for this tax year and the prior tax year.
a calendar year taxpayer.
If you did not file an income tax return for the prior tax year, or if you
LINE 12: The number of days on line 12 are precomputed for a
did file a return but your income tax balance (line 18, Form K-40) was
calendar year taxpayer that made timely payments. If you did not
zero, then enter zero on line 3 of this schedule.
make timely payments, you should disregard the precomputed
number of days on line 12 and compute the number of days on
PART I – EXCEPTIONS TO THE PENALTY
each quarter to the date paid.
You are NOT subject to a penalty if your 2015 tax payments (line 7)
EXAMPLE: If you paid the 6/15/15 installment on 6/28/15 the
equal or exceed the amounts for one of the exceptions (lines 8 or 9a
number of days to enter on line 12, column 2 will be computed
or 9b) for the same payment period.
from 6/15/15 to 6/28/15, which equals 13 days. If you then paid
LINE 5: Multiply the amount on line 4 by the percentage shown in
the next quarter timely at 9/17/15, the number of days will be
each column of line 5.
from 9/17/15 to 1/15/16, which equals the 120 days (105 already
LINE 6: Enter the cumulative amount of timely paid estimated tax
entered + 15).
payment made in each quarter. For example, Column 3 will be the
LINE 13: The 4% penalty rate begins in column 3 for a calendar
total of your withholding and estimated tax payments made from
year taxpayer, therefore no entry is required in columns 1 and 2. The
January 1 through September 15, 2015.
rd
15 days in the 3
column are from 1/1/16 to 1/15/16. If you did not
LINE 7: For each column, add lines 5 and 6 and enter the result on
make timely payments, you should disregard the precomputed number
line 7.
of days on line 13 and compute the number of days on each quarter to
LINE 8: Exception 1 applies if the amount on line 7 of a column
the date paid.
equals or exceeds the amount on line 8 for the same column.
•
If you file your return prior to 1/15/16, enter in the third column the
Multiply line 2 or 3 (whichever is less) by the percentages shown in
number of days from 1/1/15 to the date filed and disregard the
each column of line 8. If the amount on line 7 (for each column) is
precomputed number of days (15) entered on line 13.
equal to or greater than the amount on line 8 (for each column)
•
The fourth column must be completed by you. Enter the number
– no penalty is due and no further entries are required.
of days from 1/15/16 to the date the return was filed and paid.
LINE 9: Exception 2 applies if your 2015 tax payments equal or
LINES 14 and 15: Penalty is computed at 4% for both the 2015
exceeds 90% (66 2/3% for farmers and fishers) of the tax on your
and 2016 periods.
annualized income for these 2015 periods:
January 1 – March 31
Multiply income by 4
LINE 16: For each column, add lines 14 and 15 and enter the result
January 1 – May 31
Multiply income by 2.4
on line 16.
Page 16
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