Form Dr 0205 - Computation Of Penalty Due Based On Underpayment Of Colorado Corporate Estimated Tax - 2015

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DR 0205 (07/02/15)
COLORADO DEPARTMENT OF REVENUE
Denver CO 80261-0006
Instructions for DR 0205
Part 1 Generally you are subject to an estimated tax
tax liability for the current tax year and any underpayment
occurring in the first quarter as a result of this estimation
penalty if your 2015 estimated tax payments are not paid
in a timely manner. The estimated tax penalty will not be
must be repaid with the second quarterly payment.
assessed if the Colorado tax liability is less than $5,000.
Part 3 Compute the penalty on lines 10 through 22 of DR
Part 2 The required annual amount to be paid is the
0205. Complete each column before going to the next
lesser of:
column. The dates to be entered on line 10 are the 15th
day of the fourth, sixth, ninth and twelfth month of the
1. 70% of actual net Colorado tax liability, or
taxable year. Corporations filing for a short tax year must
2. 100% of preceding year's Colorado tax liability:
adjust lines 9, 10 and 11 accordingly. Large corporations
only applies if
must complete line 11 based on the computations from
• The preceding year was 12-month tax year, and
line 9 or 29.
• The corporation filed a Colorado return, and
Part 4 Taxpayers who do not receive income evenly during
• The corporation is not defined under section
the year may elect to use the annualized income installment
6655 of the federal IRS code as a large
method to compute their estimated tax payments if they
corporation.*
elected annualized installments or adjusted seasonal
*Large corporations can base their first quarter estimated
installments for the payment of their federal income tax.
tax payment on 25% of the previous year's tax liability.
Complete the annualized installment method schedule to
However, future payments must be based on the actual
compute the amounts to enter on line 11.
For additional information regarding the estimated tax penalty see FYI Income 51, which is available at

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