Form Rev-1630 - Underpayment Of Estimated Tax By Individuals - 2014
Download a blank fillable Form Rev-1630 - Underpayment Of Estimated Tax By Individuals - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Rev-1630 - Underpayment Of Estimated Tax By Individuals - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4GO DIRECTLY TO FORM
REV-1630 (12-14) (FI)
UNDERPAYMENT OF
2014
ESTIMATED TAX
BY INDIVIDUALS
BUREAU OF INDIVIDUAL TAXES
INSTRUCTIONS
IMPORTANT: With the passage of Act 85 of 2012, taxpayers who qualified for
The total estimated tax and credits for tax year 2014 must be equal to or
100 percent Tax Forgiveness in the previous tax year are not subject to the
greater than the 2013 tax year liability per installment period.
estimated underpayment penalty in the subsequent tax year. Taxpayers who
PART l. CALCULATING YOUR UNDERPAYMENT
qualified for less than 100 percent Tax Forgiveness may take into account the
Line 1a. Insert the tax liability figure from Line 12 of your 2014 PA-40 tax
Tax Forgiveness Credit in the calculation of Exception 1 in determining if
return.
they are subject to the penalty. See the instruction for Line 12.
Line 1b. Calculate 90 percent of Line 1a by multiplying Line 1a by 0.90.
PURPOSE & USE: Under Pennsylvania personal income tax law, any
Line 2. The credits allowed to reduce the tax due are also used to reduce
individual who reasonably expects annual income for the tax year to exceed
your tax liability for this calculation. Add together the following lines from
$8,000, disregarding income subject to PA withholding, must declare and
Form PA-40: Line 13 (Total PA Tax Withheld), Line 17 (Nonresident Tax
pay estimated tax.
Withheld), Line 21 (Tax Forgiveness Credit), Line 22 (Resident Credit) and
Use this form to determine if you paid enough estimated tax in each of the
Line 23 (Total Other Credits). If Line 2 is more than Line 1b, you do not owe
four payment periods (Part l). If you did not pay enough tax in any payment
a penalty and do not need to complete this form.
period, then there is an underpayment for that period and a corresponding
Line 3. Subtract Line 2 from Line 1a. If the amount is $246 or more, complete
interest penalty imposed. Use this form to determine if any exceptions to
Lines 4 through 10. If less than $246, you did not owe estimated income tax
the interest penalty apply (Part II). If an exception does not apply, use this
and do not have to complete this form.
form to calculate the interest due (Part III). This form must be filed even
if one of the exceptions applies. A different exception may apply for each
Line 4. Subtract Line 2 from Line 1b. This amount is used to determine if
payment period.
you have an underpayment. If you have an underpayment, the penalty is
calculated on this amount.
NOTE: If you are using this form to calculate penalty on your 2013 return,
Line 5. Divide Line 4 by 4 and enter the amount in each of the four Columns
enclose a copy of this form (including applicable worksheet) with Form PA-40.
a through d.
FARMERS - There are special estimated tax payment rules that apply to
Fiscal year filers. For Column a use the 15th day of the fourth month of
farmers. These rules apply to those who cultivate, operate or manage a farm
the tax year, for Column b use the 15th day of the sixth month of the tax
for profit or gain. A farm is a tract of land devoted to agriculture, pasturage,
year, for Column c use the 15th day of the ninth month of the tax year and
stock raising or some allied industry. It includes dairy, stock and poultry
for Column d use the 15th day of the first month following the close of the
farms.
tax year.
If you meet both of the following tests, you do not owe interest for under-
Line 6. Line 6 represents the timely payments credited to your account for
paying estimated tax:
each of the four payment due dates. If you made a payment after the due
1) Your gross income from farming for the taxable year is at least 2/3 of
date, do not include that amount on Line 6. Each column will indicate a total
your gross income from all sources for the taxable year; and
of your estimated payments for the period. To calculate the amounts to be
2) You filed your tax return and paid the entire amount due by March 1 of
entered on Line 6, use the following steps and insert the total result for each
the following year, or you paid all of your estimated tax by Jan. 15, 2014.
column in the appropriate column. Do not include any credits from Line 2.
If you meet these tests, please complete REV-1630A, Underpayment of
In Column a, enter the amount of 2014 estimated tax payment(s) made on
Estimated Tax by Individual Farmers. If you do not meet both tests, you are
or before April 15. Include in your estimated tax payments in Column a any
not considered a farmer for PA tax purposes. Please complete this form to
overpayment of tax from your prior year’s return that you elected to apply to
see if you qualify for any other exceptions to the interest penalty.
this year’s tax. In Column b, enter the amount of 2014 estimated payments
made after April 15 and on or before June 15. In Column c, enter the
WHO MUST PAY INTEREST FOR UNDERPAYMENT OF ESTIMATED
amount of 2014 estimated payments made after June 17 and on or before
TAXES: If you did not pay any estimated tax or did not pay the correct
Sept. 16. In Column d, enter the amount of 2014 estimated payments made
estimated tax by any due date or if you did not pay the entire 2014
after Sept. 16 and on or before Jan. 15, 2015.
estimated tax in one payment on or before April 15, 2014, you may be
charged an interest penalty. This is true even if you are due a refund when
If you filed a final return and paid the total tax due by Jan. 31, 2015, enter
you file your PA income tax return. Interest is calculated separately for each
the amount paid with your return as the fourth installment.
due date. Therefore, you owe interest for an earlier payment due date, even
IMPORTANT: Complete Lines 7 through 10 for one payment period before
if you paid enough tax later to make up for the underpayment.
you go to the next payment period.
IMPORTANT: If you are a Pennsylvania resident working in Indiana,
Line 7. If you have an overpayment on Line 10 for the prior payment period,
Maryland, New Jersey, Ohio, Virginia or West Virginia and your employer does
enter that amount. This does not apply to the April 15th payment period
not withhold PA personal income tax, you are required to make estimated
(Column a).
payments.
Line 8. Add Lines 6 and 7 for each of the columns to determine the total
WHEN INTEREST IS APPLIED: In general and unless you qualify for the
payments applied to the payment period. This figure will be used to determine
farming exemption, there is an underpayment if your 2014 prepayments
if you have an underpayment.
were not:
Line 9. If Line 5 is greater than Line 8 for any column, calculate the amount
• 90 percent of the estimated tax due for the payment period; or
of the underpayment for the payment period by subtracting Line 8 from
Line 5. If Line 8 is greater than Line 5 for any column, subtract Line 5 from
• 100 percent of the estimated tax due for the payment period calculated
Line 8 and enter it in the appropriate column and on Line 7 of the next
by multiplying the taxable income on Line 11 of 2013 Form PA-40 by
payment period. If Line 5 is not greater than Line 8 for any of the Columns
3.07 percent (0.0307). This provision does not apply if you did not file a
a through d, enter zero on Line 9. If all Columns 9a through 9d are zero,
prior year’s return or if you filed your prior year’s return as a part-year
stop here. You do not owe the interest penalty. If there are overpayments
resident.
but not in every quarter, go to the applicable columns for Lines 14a and 14b
CAUTION: You can only use your prior year’s tax liabilities as a safe harbor
and place an X in each column where an overpayment exists.
if the rates for the prior year and the current year are the same. If the tax
rate changes, use the prior year’s income multiplied by the current year’s
Line 10. Calculate the amount of the overpayment for the payment period.
rate to calculate the safe harbor.
Enter this amount on Line 7 of the next payment period. If you have an
(Instructions continued on back cover.)
1
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial