Form Rev-1630f - Underpayment Of Estimated Tax By Fiduciaries - 2014

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REV-1630F (12-14) (FI)
UNDERPAYMENT OF
2014
ESTIMATED TAX
BY FIDUCIARIES
BUREAU OF INDIVIDUAL TAXES
INSTRUCTIONS
PURPOSE & USE: Under Pennsylvania personal income tax law,
month of the tax year and for Column d use the 15th day of the
any fiduciary that reasonably expects the income of the estate or
first month following the close of the tax year.
trust the fiduciary administers to exceed $8,000, disregarding income
Line 6. Line 6 represents the timely payments credited to your
subject to PA withholding, must declare and pay estimated tax.
account for each of the four periods. Each column will indicate a
Use this form to determine if you paid enough estimated tax in
total of your estimated payments for the period. To calculate the
each of the four payment periods (Part I). If you did not pay
amounts to be entered on Line 6, use the following steps and insert
enough tax in any period, then there is an underpayment for that
the total result for each column in the appropriate column. Do not
period and a corresponding interest penalty imposed. Use this form
include any credits from Line 2.
to determine if any exceptions to the interest penalty apply (Part
In Column a, enter the amount of 2014 estimated tax payment(s)
II). If an exception does not apply, use the form to calculate the
made on or before April 15. Include in your estimated tax
interest due (Part III). This form must be filed even if one of the
payments in Column a any overpayment of tax from your prior
exceptions applies. A different exception may apply for each period.
year's return that you elected to apply to this year's tax. In Column
b, enter the amount of 2014 estimated payments made after April
NOTE: If you are using this form to calculate penalty on your 2014
15 and on or before June 17. In Column c, enter the amount of
return, enclose a copy of this form (including applicable worksheet)
2014 estimated payments made after June 17 and on or before
with Form PA-41.
Sept. 16. In Column d, enter the amount of 2014 estimated
IMPORTANT: Estates and residuary trusts are not required to
payments you made after Sept. 16 and on or before Jan. 15, 2015.
make estimated tax payments for the first two tax years and will
IMPORTANT: Complete Lines 7 through 10 for one period before
not be charged penalty for underpayment of taxes for those years.
you go to the next period.
All other trusts are subject to estimated tax rules and regulations
Line 7. If you have an overpayment on Line 10 for the prior
and may be charged penalty accordingly.
period, enter that amount. This does not apply to the April 15th
WHO MUST PAY INTEREST FOR UNDERPAYMENT OF
payment period (Column a).
ESTIMATED TAXES: If you did not pay any estimated tax or did
Line 8. Add Lines 6 and 7 for each of the columns to determine
not pay the correct estimated tax by any due date, or if you did not
the total payments applied to the period. This figure will be used
pay the entire 2014 estimated tax in one payment on or before April
to determine if you have an underpayment.
15, 2014, you may be charged an interest penalty. This is true even
Line 9. If Line 5 is greater than Line 8 for any column, calculate
if you are due a refund when you file your PA income tax return.
the amount of the underpayment for the payment period by
Interest is calculated separately for each period. Therefore, you owe
subtracting Line 8 from Line 5. If Line 8 is greater than Line 5 for
interest for an earlier period, even if you paid enough tax later to
any column, subtract Line 5 from Line 8 and enter it in the
make up for the underpayment.
appropriate column and on Line 7 of the next payment period. If
WHEN INTEREST IS APPLIED: In general, you owe interest if there
Line 5 is not greater than Line 8 for any of the Columns a through
is an underpayment and your timely 2014 payments were not:
d, enter zero on Line 9. If all Columns 9a through 9d are zero, stop
here. You do not owe the interest penalty. If there are
• 90 percent of the estimated tax due for the period calculated
overpayments but not in every period, go to the applicable
using the tax shown on your current return as determined using
columns for Lines 14a and 14b and place an X in each column
the annualization method; or
where an overpayment exists.
• 100 percent of the estimated tax due for the period calculated
Line 10. Calculate the amount of the overpayment for the
by multiplying the taxable income shown on Line 9 of your 2013
payment period. Enter this amount on Line 7 of the next payment
Form PA-41 by 3.07 percent (0.0307). This provision does not
period. If you have an overpayment in the Jan. 15th payment
apply if you did not file a return for tax year 2013.
period, do not carry it to any other space on the form.
PART I. CALCULATING YOUR UNDERPAYMENT
If Line 9 is zero for all payment periods, you do not owe an interest
Line 1a. Insert the tax liability figure from Line 10 of your 2014
penalty. If you have an underpayment on Line 9 in any payment
PA-41 tax return.
period, continue on to Part II, Exception 1 Worksheet.
Line 1b. Calculate 90 percent of Line 1a by multiplying Line 1a by
NOTE: If there are columns with underpayments, you must
0.90.
complete the rest of this form.
Line 2. The credits allowed to reduce the tax due are also used to
PART II. CALCULATING YOUR EXCEPTIONS
reduce your tax liability for this calculation. Add Line 12
(Nonresident Tax Withheld from PA Schedule(s) NRK-1), Line 13
Line 11. Enter the result of Exception 1 Worksheet, Line C.
(Total Credit for Taxes Paid by PA Resident Estates or Trusts to Other
Line 12. Exception 1 applies if your 2014 estimated tax payments
States or Countries), Line 14 (Total Other Credits) from the PA-41 and
and credits equal the tax that would have been due on your 2013
Line 15 (PA Income Tax Withheld). If Line 2 is more than Line 1b,
income and if you used the current rate. This provision does not
you do not owe a penalty and do not need to complete this form.
apply if you did not file a return for the prior year.
Line 3. Subtract Line 2 from Line 1a. If the amount is $246 or
To calculate, multiply Pennsylvania taxable income from your 2013
more, complete Lines 4 through 10. If less than $246, you did not
return by 3.07 percent (0.0307). Enter 25 percent of this amount
owe estimated income tax and do not have to complete this form.
in Column a, 50 percent in Column b, 75 percent in Column c and
Line 4. Subtract Line 2 from Line 1b. This amount is used to
100 percent in Column d. If the amount on Line 11 is equal to or
determine if you have an underpayment. If you have an
greater than the amount on Line 12 in any of the columns, you do
underpayment, the penalty is calculated on this amount.
not owe interest for that payment period and you should place an
X in the applicable Line 14a or 14b for that period. If the amount
Line 5. Divide Line 4 by 4 and enter the amount in each of the four
columns.
on Line 11 is less than the amount on Line 12 for any payment
period, continue on to Exception 2 for those periods.
Fiscal year filers. For Column a use the 15th day of the fourth
month of the tax year, for Column b use the 15th day of the sixth
Line 13. Exception 2 applies if your 2014 estimated tax payments
month of the tax year, for Column c use the 15th day of the ninth
and credits equal at least 90 percent of the tax on your actual
(Instructions continued on back cover.)
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