Form Mi-2210 - Michigan Underpayment Of Estimated Income Tax - 2013 Page 4
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42013 MI-2210, Page 4
Part 1: Estimated Tax Required for the Year
Example: Your tax due each period is $2,000. You
have an underpayment of $1,000 for the first period (due
Line 5: Figure your 2012 tax from your 2012 return. On
April 15). On June 10 you send $2,000 to pay the second
the MI-1040 form, subtract the sum of lines 25, 26, 27b,
installment. But, $1,000 of this payment goes toward your
and 28 from line 21. Enter that amount here or, if the AGI
$1,000 underpayment first. Interest is computed on $1,000
on your 2012 return is more than $150,000 if filing joint
from April 15 to June 10 (56 days). The remaining $1,000
or single ($75,000 if married filing separately for 2012),
is applied to your second installment payment, creating a
enter 110% of that amount. Fiduciaries, enter the difference
second period underpayment of $1,000.
between lines 18 and 19 from your 2012 MI-1041.
Interest will continue to accrue on this $1,000 until another
Line 6: Figure your 2013 tax. On the MI-1040 form,
subtract the total of lines 25, 26, 27b, and 28 from line 21
payment is received.
and enter here. Fiduciaries, enter the difference between
Interest rates are set by Treasury twice each year for six-
line 18 and 19.
month periods starting January 1 and July 1. The rate is
1 percent above the prime rate in Michigan. For example,
Line 10: If you did not receive your income evenly
throughout the year, you may annualize your income. See
if the Michigan prime rate is 5 percent, your interest rate
for completing the MI-2210 is 6 percent for that six-
the instructions and Worksheet on this form.
month period. For current interest rates, visit our Web
Line 11: Enter the estimated tax payments you made plus
site at for a copy of Revenue
any withholding. Note the following:
Administrative Bulletin 2013-15.
• One-fourth of your total withholding is considered paid
Part 3: Figuring the Penalty
on each due date unless you can document the dates the
tax was withheld.
Penalty is 25 percent of the tax due (minimum $25 per
• An overpayment from 2012 that has been credited
quarter) for failing to file estimated payments or 10 percent
forward to 2013 will be applied to the first installment.
(minimum $10 per quarter) for failing to pay enough with
• Do not enter extension payments on this form.
your estimates or paying late.
In column A, enter the estimated tax payments made
Line 24: The underpayment for the penalty charge is
by April 15, 2013, that were for the 2013 tax year. In
figured the same way as the underpayment for interest.
column B, enter payments made after April 15 and through
June 17, 2013. In column C, enter payments made after
Exceptions:
June 17 and through September 16, 2013. In column D,
• Payments are applied in the quarter they are received.
enter payments made after September 16, 2013, and through
• If an overpayment occurs in any quarter, the
January 15, 2014. Extension payments or other payments
received after January 15 are not considered estimated tax
overpayment amount is carried forward to the next
payments for tax year 2013.
quarter and applied as a timely payment.
• Payments are not carried back to offset underpayments
Part 2: Figuring the Interest
in previous quarters.
The MI-2210 computes interest to April 15, 2014, or the
The amount on line 24 cannot be less than zero.
date of payment, whichever is earlier. This part of the form
Line 25: Enter 25 percent if estimated tax payments
breaks down underpayments to the payment period they
were not made for 2013. Enter 10 percent if estimated tax
are due, then gives the interest rate for that period. Interest
payments were made for 2013.
is figured for the number of days the installment remained
Example: In the example in Part 2, the $2,000 payment
unpaid. All payments are applied to any underpayment first,
received on June 10 is applied to the $2,000 required
regardless of when the payment is received. The balance (if
payment in the second quarter. The penalty in the first
any) is applied to the next period.
quarter is $100 (10 percent of the $1,000 underpayment in
Note: Complete lines 11 through 22 for column A before
the first quarter). The penalty in the second quarter would
going to column B, etc. You need only complete each
be zero.
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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