Arizona Form 221 - Underpayment Of Estimated Tax By Individuals - 2014

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Arizona Form
Underpayment of Estimated Tax by Individuals
2014
221
Include with your return.
Name (first, middle initial, last) If joint return, also give spouse’s name and middle initial
Social Security Number
Calculation of Underpayment
Part A
1 I am claiming an exception from the imposition of the estimated payment penalty because I qualified for federal relief
under I.R.C. §6654. Check box and see instructions ........................................................................................................... 1
00
2 Amount of tax for 2014 from Form 140, page 2, line 48, or Form 140PY, page 2, line 61, or Form 140NR, page 2, line 58 2
00
3 Tax credits claimed on your 2014 Arizona return .................................................................................................................. 3
00
4 Subtract line 3 from line 2 ..................................................................................................................................................... 4
00
5 Arizona tax withheld during 2014. Do not include any estimated tax payments or extension payments on this line ........... 5
00
6 Subtract line 5 from line 4. If less than $1,000, stop here. You do not owe the penalty. Do not file Form 221 .................. 6
00
7 Multiply line 4 by 90% (.90) ................................................................................................................................................... 7
00
8 Enter the immediately preceding year’s tax liability after tax credits. See instructions ........................................................ 8
00
9 Required Annual Payment: Enter the lesser of line 7 or line 8 .......................................................................................... 9
(a)
(b)
(c)
(d)
10 Payment date .......................................................................................
10
Apr-15-2014
Jun-16-2014
Sep-15-2014
Jan-15-2015
11 Divide the amount on line 9 by the number of payments required for
the year (usually four). Enter the result in appropriate columns.
Check this box if you use any other installment method. If you
annualize, complete the worksheet on page 2 of this form and enter
the amount from line 23 of that worksheet in each column of line 11 ..
11
12 Estimated tax paid and income tax withheld. See instructions ...........
12
13 Overpayment: See instructions ...........................................................
13
14 Add lines 12 and 13 .............................................................................
14
15 Underpayment: Subtract line 14 from line 11; or
Overpayment: Subtract line 11 from line 14 ......................................
15
Part B
Underpayment of Estimated Tax Penalty
16 Rate Period One: 3% (Apr-15-14 through Jun-30-14)
Computation starting date for this period .............................................
16
Apr-15-14
Jun-16-14
17 Number of days after the date on line 16 through the date the amount
on line 15 was paid or June 30, 2014 whichever is earlier ..................
17 Days:
Days:
Number of days on line 17
18
× 3% × underpayment on line 15
365
18
19 Rate Period Two: 3% (Jul-1-14 through Sep-30-14)
19
Jun-30-14
Jun-30-14
Sep-15-14
Computation starting date for this period .............................................
20 Number of days after the date on line 19 through the date the amount
on line 15 was paid or September 30, 2014 whichever is earlier .........
20 Days:
Days:
Days:
Number of days on line 20
21
× 3% × underpayment on line 15
365
21
22 Rate Period Three: 3% (Oct-1-14 through Dec-31-14)
22
Sep-30-14
Sep-30-14
Sep-30-14
Computation starting date for this period .............................................
23 Number of days after the date on line 22 through the date the amount
on line 15 was paid or December 31, 2014 whichever is earlier ..........
23 Days:
Days:
Days:
Number of days on line 23
24
× 3% × underpayment on line 15
365
24
25 Rate Period Four: 3% (Jan-1-15 through Apr-15-15)
Computation starting date for this period .............................................
25
Dec-31-14
Dec-31-14
Dec-31-14
Jan-15-15
26 Number of days after the date on line 25 through the date the amount
on line 15 was paid or April 15, 2015 whichever is earlier ...................
26 Days:
Days:
Days:
Days:
underpayment on line 15 plus any penalty
Number of days on line 26
27
× 3% ×
from Rate Periods 1, 2 and 3 if the
365
underpayment is unpaid as of Jan-1-15
27
28 Penalty:
Column (a) - Add lines 18, 21, 24, 27. Enter total on line 28 of col. (a).
Column (b) - Add lines 18, 21, 24, 27. Enter total on line 28 of col. (b).
Column (c) - Add lines 21, 24, 27. Enter total on line 28 of col. (c).
Column (d) - Enter the amount from column (d), line 27 ....................
28
29 Penalty Limitation. In columns (a) through (d), list the smaller of
line 15 x 10% or the amount from line 28 ............................................
29
00
30 TOTAL PENALTY: Add the amounts in columns a, b, c, and d, line 29 (see instructions) ................................................. 30
*Percentage rate to be announced
ADOR 10642 (14)

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