Form Mi-2210 - Michigan Underpayment Of Estimated Income Tax - 2012 Page 4
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42012 MI-2210, Page 4
Example: Your tax due each period is $2,000. You
FISCAL-YEAR FILERS: Change due dates and interest
have an underpayment of $1,000 for the first period (due
rates to correspond with your tax year.
April 17). On June 10 you send $2,000 to pay the second
Part 1: Estimated Tax Required for the Year
installment. But, $1,000 of this payment goes toward your
Line 5: Figure your 2011 tax from your 2011 return. On
$1,000 underpayment first. Interest is computed on $1,000
the MI-1040 form, subtract the sum of lines 24, 25, 26, 27,
from April 17 to June 10 (54 days). The remaining $1,000
28b, 29, and 30 from line 20. Enter that amount here or,
is applied to your second installment payment, creating a
if the AGI on your 2011 return is more than $150,000 if
second period underpayment of $1,000.
filing joint or single ($75,000 if married filing separately
Interest will continue to accrue on this $1,000 until another
for 2012), enter 110% of that amount. Fiduciaries, enter
payment is received.
the difference between lines 24 and 25 from your 2011
Interest rates are set by Treasury twice each year for six-
MI-1041.
month periods starting January 1 and July 1. The rate is
Line 6: Figure your 2012 tax. On the MI-1040 form,
1 percent above the prime rate in Michigan. For example,
subtract the total of lines 25, 26, 27b and 28 from line 21
if the Michigan prime rate is 5 percent, your interest rate
and enter here. Fiduciaries, enter the difference between
for completing the MI-2210 is 6 percent for that six-
line 25 and 26.
month period. For current interest rates, visit our Web
Line 10: If you did not receive your income evenly
site at for a copy of Revenue
throughout the year, you may annualize your income. See
Administrative Bulletin 2012-4.
the instructions and worksheet on this form.
Part 3: Figuring the Penalty
Line 11: Enter the estimated tax payments you made plus
Penalty is 25 percent of the tax due (minimum $25 per
any withholding. Note the following:
• One-fourth of your total withholding is considered paid
quarter) for failing to file estimated payments or 10 percent
(minimum $10 per quarter) for failing to pay enough with
on each due date unless you can document the dates the
tax was withheld.
your estimates or paying late.
• An overpayment from 2011 that has been credited
Line 24: The underpayment for the penalty charge is
forward to 2012 will be applied to the first installment.
figured the same way as the underpayment for interest.
• Do not enter extension payments on this form.
Exceptions:
In column A, enter the estimated tax payments made
• Payments are applied in the quarter they are received.
by April 17, 2012, that were for the 2012 tax year. In
column B, enter payments made after April 17 and through
• If an overpayment occurs in any quarter, the
June 15, 2012. In column C, enter payments made after
overpayment amount is carried forward to the next
June 15 and through September 17, 2012. In column D,
quarter and applied as a timely payment.
enter payments made after September 17, 2012, and through
• Payments are not carried back to offset underpayments
January 15, 2013. Extension payments or other payments
in previous quarters.
received after January 15 are not considered estimated tax
The amount on line 24 cannot be less than zero.
payments for tax year 2012.
Line 25: Enter 25 percent if estimated tax payments
Part 2: Figuring the Interest
were not made for 2012. Enter 10 percent if estimated tax
payments were made for 2012.
The MI-2210 computes interest to April 15, 2013, or the
date of payment, whichever is earlier. This part of the form
Example: In the example in Part 2, the $2,000 payment
received on June 10 is applied to the $2,000 required
breaks down underpayments to the payment period they
are due, then gives the interest rate for that period. Interest
payment in the second quarter. The penalty in the first
is figured for the number of days the installment remained
quarter is $100 (10 percent of the $1,000 underpayment in
unpaid. All payments are applied to any underpayment first,
the first quarter). The penalty in the second quarter would
regardless of when the payment is received. The balance (if
be zero.
any) is applied to the next period.
Note: Complete lines 11 through 22 for column A before
going to column B, etc. You need only complete each
column to the date the payment was made. If the total
underpayment for any payment period was not paid off
with one payment, you may need to do several calculations
in each column.
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