Form Dr 0204 - Computation Of Penalty Due Based On Underpayment Of Colorado Individual Estimated Tax - 2015 Page 2

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*150204==29999*

Taxpayer’s Name

Social Security Number

Part 4 — Annualized Installment Method Schedule

20. Ending date of annualization period

March 31, 2015

May 31, 2015

August 31, 2015

Dec 31, 2015

21. Colorado taxable income computed

through the date on line 20

2.4

1.5

22. Annualization factor

23. Annualized taxable income

Line 21 times line 22

24. Annualized Colorado tax

Line 23 times 4.63%

17.5%

35%

52.5%

70%

25. Applicable percentage

26. Installment payment due.

Line 24 multiplied by line 25, minus

amounts entered on line 26 in earlier

quarters. Enter here and on line 7

Instructions for DR 0204

Part 1 Generally you are subject to an estimated tax penalty

8. The amount entered on line 10 is the net overpayment from

if your 2015 estimated tax payments are not paid in a timely

the preceding period. On line 17, if the payment was made prior

to January 1, 2016, enter “0.” If the tax return is filed and any tax

manner. The estimated tax penalty will not be assessed if either of

the exceptions are met.

due is paid by January 31, 2016, no penalty will be computed in

column four. Estimated tax payments from a farmer or fisherman

Part 2 The required annual amount to be paid is the lesser of:

are due in a single payment by January 15, 2015 and only column

1. 70% of actual 2015 net Colorado tax liability.

four is used to compute the penalty.

2. 100% of preceding year’s net Colorado tax liability. (This

Part 4 Taxpayers who do not receive income evenly during the

amount only applies if the preceding year was a 12-month

year may elect to use the annualized income installment method

tax year, the individual filed a Colorado return and the federal

to compute their estimated tax payments if they elect annualized

adjusted gross income for the preceding year was $150,000

installments for the payment of their federal income tax. Complete

or less, $75,000 or less if married separate.)

the annualized installment method schedule to compute the

3. 110% of preceding year’s net Colorado tax liability. (This

amounts to enter on line 7. See FYI Income 51 regarding this

amount only applies if the preceding year was a 12-month

computation method.

tax year and the individual filed a Colorado return.)

Example: Taxpayer's net tax liability for 2015 is $10,000. He had

Part 3 If no exception applies to you, compute your penalty on

$1,000 withholding and none of the exceptions apply. He paid

lines 7 through 19 of form 204. Complete each column before

$4,000 on June 12, 2015, and made no additional estimated tax

going on to the next column. See FYI Income 51, Estimated

payments.

Income Tax, regarding estimated tax payment allocation on line

April 15

June 15

September 15

January 15

Line 7

$1,750

Line 8

$4,000

Line 9

$250

Line 10

—

$1,000**

—

Line 11

$250

$4,250

$1,250

$250

Line 12

$1,500

$(2,500)

$500

$1,500

Line 13

12/31/15

6/12/15

12/31/15

—

Line 14

261

—

108

—

Line 15

$64.36

—

$8.88

—

Line 16

4/18/16

6/12/15

4/18/16

Line 17

107

110

Line 18

$26.38

$9.04

$23.42

Line 19

$132.08

** June 12 Payment

$4,000

April withholding

250

June withholding

250

$4,500

April installment

$1,750

June installment

1,750

3,500

Overpayment to September

$1,000

For additional information regarding the estimated tax penalty see FYI Income 51, which is available at

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