Form D-422 - Underpayment Of Estimated Tax By Individuals - 2012

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2012
D-422
Underpayment of Estimated
Web
Tax by Individuals
12-12
North Carolina Department of Revenue
Do not file this form with your return. Keep it for your records.
Name(s) shown on tax return
Social Security Number
Instructions
Purpose of Form. - Use this form to see if you
small. Do Not use the short method if you made
Line 17 - Complete line 17 as follows:
owe interest for underpaying your estimated
any of your payments late. Important: A farmer
or fisherman cannot use the short method to
tax. Complete Part I to determine the required
You are considered to have paid any
annual payment. Complete either Part II or Part
determine the amount owed since the amount of
withheld State income tax evenly over the
interest for a farmer or fisherman is determined
III to determine the interest that you owe. If you
period you worked during the year unless
were not required to file a 2011 North Carolina
in the last quarter only.
you can show otherwise. If you worked all
income tax return, STOP HERE. You do not
year, divide the total amount withheld by 4,
owe interest and you do not have to complete
and enter the result in each column.
Regular Method
this form.
Use the regular method to figure the interest if
Include your estimated tax paid for each
Farmers and Fishermen: If you are a farmer
payment period. Also include any 2011
you are not eligible to use the short method. To
or a fisherman and pay the tax due by March
overpayment of tax which you elected to
use the regular method, complete Part I below
apply to your 2012 estimated tax. If you file
1, 2013, you do not owe interest. Enter the
and Part III on the back.
letter F in the exception box next to line 27d of
your return and pay the tax due by January
Form D-400.
31, 2013, include on line 17, column (d), the
Line-By-Line Instructions
amount of tax you pay with your return.
Short Method
Line 6 - If this line is less than $1,000, you do
Line 23 - If line 23 is zero for all payment
not owe interest.
You may use the short method only if:
periods, you do not owe interest.
Line 7 - Figure your 2011 tax by subtracting
You made no estimated tax payments (or
Line 25 - Figure the number of days after the
the tax credits on lines 15, 21, and 22 from the
your only payments were withheld North
due date of an installment through the date the
tax on line 14 of your 2011 return. If you were
Carolina income tax); or
estimated tax was paid, or through April 15,
required to file a return for 2011 but have not
2013, whichever is earlier, regardless of which
filed, do not complete this line. Instead, enter
You paid estimated tax in four equal amounts
installment the payment was for. For example, if
the amount from line 4 on line 8.
on the due dates.
line 23, column (a) shows an underpayment, any
later payment of estimated tax is considered the
Line 16 - If your income varies during the year,
NOTE: If you made estimated tax payments, the
date line 23, column (a) was paid to the extent of
for example you receive unexpected or seasonal
short method will give the precise amount only
the underpayment. If April 15, 2013 is earlier, enter
income not subject to withholding in April or later,
if your payments were made exactly on the due
365, 304, 212, and 90 respectively in columns (a),
you may be able to lower the amount you owe by
dates. If any payment was made earlier than
(b), (c), and (d).
completing Form D-422A, Annualized Income
the due date, you may use the short method,
Installment Worksheet. If you annualize
but using it may cause you to pay more interest
your income for any payment period, you must
than the regular method. If the payment is only
annualize it for all periods.
a few days early, the difference will generally be
Part I. Required Annual Payment - All filers must complete this part.
1.
1. 2012 tax from Form D-400, line 18 . ...................................................................................................................................
2.
2. Tax credits from 2012 Form D-400, lines 19 and 25 ........................................................................................................
3.
3. Line 1 minus line 2 ............................................................................................................................................................
4.
Multiply line 3 by 90% (.90) or 66 2/3% (.6667) for farmers and commercial fishermen . ....
4.
5.
5. Withholding taxes from 2012, Form D-400, line 23a plus line 23b . ...................................................................................
6.
6. Line 3 minus line 5. If less than $1,000, stop here; do not complete this form. You do not owe interest ..........................
7.
7. Enter your 2011 tax (amount from line 14 less tax credit(s) claimed on lines 15, 21, and 22) ..........................................
8.
8. Required annual payment. Enter the smaller of line 4 or line 7 . .......................................................................................
Note: If line 5 is equal to or more than line 8, stop here. You do not owe interest.
Part II. Short Method - Read the instructions for the Short Method before you complete this part.
It cannot be used in all circumstances.
9.
9.
Enter the amount, if any, from line 5 above . ........................................................................
1 0.
1 0.
Enter the total amount, if any, of estimated tax payments you made . .................................
1 1.
Add lines 9 and 10 . ............................................................................................................................................................
1 1.
1 2.
Total underpayment for year. Line 8 minus line 11.
1 2.
(If zero or less, stop here; you do not owe interest) ..........................................................................................................
13.
1 3.
Multiply line 12 by .03325 and enter the result . .................................................................................................................
1 4.
If the amount on line 12 was paid on or after 4/15/13, enter -0-.
If paid before 4/15/13, make the following computation to find the amount to enter on line 14.
Number of days paid before
Amount
1 4.
X
X
.00014 ....................................
on line 12
4/15/13
1 5.
Interest on the underpayment. Line 13 minus line 14. Enter the result here and on Form D-400, line 27d ................
1 5.

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