Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh (Page 4 of 6) in pdf

740NP-WH-P

Page 4

INSTRUCTIONS—Form 740NP-WH-P

40A201-WHP (10-15)

Purpose of Form—This form is to be used by a pass-

Line 1—Enter from Form 740NP-WH, Line 9 the total tax

through entity required to make a declaration and

liability of individual partners, members or shareholders

payment of estimated tax for the taxable year as provided

whose liability exceeds $500. “Individual” means an

by KRS 141.206(6) and KRS 141.207 to: (i) compute the

individual, estate or trust.

underpayment penalty as provided by KRS 141.990;

and (ii) compute the interest on any late payment or

Line 2—Enter 25% of the amount on Part II, Line 1 in

underpayment of an estimated tax installment as provided

Columns A, B, C and D.

by KRS 141.985.

Line 3—Enter the total estimated tax paid for each

installment period included on Form 740NP-WH, lines 10

PART I — FIGURING THE UNDERPAYMENT AND PENALTY

and 12.

KRS 141.207(4) provides that a pass-through entity

required to make a declaration and payment of estimated

For a calendar year taxpayer, enter estimated tax

tax shall be subject to the penalty provisions of KRS

payments as follows: (i) if the declaration payment was

131.180 and 141.990.

made on or before April 15 of the taxable year, enter the

payment in Column A; (ii) if the declaration payment

Line 1—Enter the number of individual partners, members

was made after April 15 but on or before June 15 of the

taxable year, enter the payment in Column B; (iii) if the

or shareholders whose income tax liability on Form

declaration payment was made after June 15 but on

740NP-WH, Line 9 exceeds $500. “Individual” means an

or before September 15 of the taxable year, enter the

individual, estate or trust.

payment in Column C; (iv) if the declaration payment

was made after September 15 but on or before January

Line 2—Enter the number of corporate partners or

15 of the succeeding taxable year, enter the payment in

members whose income tax liability on Form 740NP-WH,

Column D; or (v) if the declaration payment was made

Line 9 exceeds $5,000.

after January 15 of the succeeding taxable year, do not

enter the payment on Line 3. Note: If a payment date

Line 3—Enter from Form 740NP-WH, Line 9 the total tax

falls on a holiday or weekend, the applicable payment

liability of individual partners, members or shareholders

date is the next business day.

whose liability exceeds $500 and corporate partners or

members whose liability exceeds $5,000.

Fiscal Year: If Form 740NP-WH is for a fiscal year,

enter the estimated tax payments as follows: (i) if the

Line 5—Multiply Line 3 by the percentage on Line 4.

declaration payment was made on or before the 15th

day of the 4th month, enter the payment in Column A;

Line 6—Multiply $5,000 by the number of corporate

(ii) if the declaration payment was made after the 15th

partners or members on Line 2.

day of the 4th month but on or before the 15th day of

the 6th month, enter the payment in Column B; (iii) if

Line 7—Enter the total estimated tax payments from Form

the declaration payment was made after the 15th day

740NP-WH, Lines 10 and 12.

of the 6th month but on or before the 15th day of the

9th month, enter the payment in Column C; (iv) if the

Line 8—Enter the amount from Line 5 less the amounts

declaration payment was made after the 15th day of the

on Lines 6 and 7.

9th month but on or before the 15th day of the 1st month

in the succeeding taxable fiscal year, enter the payment

Line 10—Multiply the amount on Line 8 by the percentage

in Column D; (v) if the declaration payment was made

on Line 9. Enter the amount on this line and on Form

after the 15th day of the 1st month in the succeeding

740NP-WH. If there is an income tax overpayment on Line

taxable fiscal year, do not enter the payment on Line 3.

15 of Form 740NP-WH, enter this amount on Form 740NP-

WH, Line 17. If there is an income tax due on Line 14 of

For Column A only, enter the amount from Line 3 on Line

Form 740NP-WH, enter this amount on the Tax Payment

Summary, Line 3.

Line 4—Enter the amount from Line 10 of the preceding

PART II — LATE PAYMENT INTEREST FOR INDIVIDUAL

column. This line does not apply to the first installment.

PARTNERS, MEMBERS OR SHAREHOLDERS

KRS 141.985 provides that if the tax imposed by this

Line 5—Enter the total of lines 3 and 4. This line does not

chapter on any installment or portion of the tax is not paid

apply to the first installment.

on or before the date prescribed for its payment, there

shall be collected, as part of the tax, interest upon the

Line 6—Enter the total of Lines 8 and 9 of the preceding

unpaid amount at the tax interest rate as defined in KRS

column. This line does not apply to the first installment.

131.010(6) from the date prescribed for its payment until

payment is actually made to the department.

Line 7—Enter the amount of Line 5 less Line 6. If zero

Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh Page 4

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