Annualized Income Installment Worksheet For Underpayment Of Estimated Tax (Page 2 of 2) in pdf

Annualized Income Installment Worksheet For Underpayment Of Estimated Tax Page 2

ANNUALIZED INSTALLMENT WORKSHEET

If your income varied during the year because, for example, you own a seasonal business or the majority of your income

was received in one payment, you may be able to lower or eliminate the amount of your quarterly estimated tax payments

by using the annualized income installment method. Use the Annualized Income Installment Worksheet to calculate the

required 2015 installment for each payment due date.

SPECIFIC INSTRUCTIONS

NOTE: You must complete lines 1-25 of each column before going on to the next column.

(First complete Form 2210ME lines 1 through 7)

ANNUALIZED PERIODS: If your annualized periods are different than those shown, enter the correct periods. See 36

M.R.S. § 5228, subsections 4, 5 and 7.

Line 1. Enter your total Maine adjusted gross income for the period. Estates and Trusts, enter your Maine taxable income

less your federal exemption for the period.

Line 13. Enter the amount of credits used in prior years to reduce Maine income tax that become subject to recapture during

the months shown in the column headings (see Form 1040ME, line 20a or Form 1041ME, Schedule A, line 1).

Line 15. Enter the refundable and nonrefundable credits you are entitled to because of events that occurred during the

months shown in the column headings (see Form 1040ME, line 25d and Schedule A or Form 1041ME, Schedule A). For

example, the amount of child care credit resulting from payments you made during the ﬁ rst quarter should be included in

column 1, line 15.

Line 19. Add the amounts on line 25 of each preceding column and enter the total here.

Line 25. This is the amount of your estimated tax due. Enter the smaller of line 20 or line 23 here and on Form 2210ME,

line 9 in the corresponding column.

Annualized Income Installment Worksheet For Underpayment Of Estimated Tax Page 2