State Form 46002 - Schedule It-2210 - Underpayment Of Estimated Tax By Individuals - 2013 Page 2
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4Indiana Department of Revenue
Schedule
IT-2210
Underpayment of Estimated Tax by Individuals
WHAT is the purpose of Schedule IT-
WHAT ELSE do I need to know
SECTION C - Required Annual
2210? This schedule is used for one
about this schedule?
Payments
of two reasons:
• If you are a farmer or fisherman,
Section C will determine if you should
you should review Section A below
have paid estimated taxes during the
1. To help you figure any penalty you
and Section D - Short Method
year and the minimum amount required.
owe for not paying enough income
instructions on page 2.
tax throughout the year; or
Line 1: 2013 Tax: Add together the
• All taxpayers need to know about
state adjusted gross income tax and
2. To show you paid enough tax
the short method of figuring the
county income tax from lines 8 and
throughout the year to be exempt
penalty in Section D.
9 of either Form IT-40 or Form IT-
from the penalty.
40PNR, plus any recapture of the
• If you received seasonal income
CollegeChoice 529 credit from line 3
WHY is a penalty charged? The
(i.e. you had fireworks sales,
of Indiana’s Schedule 4 or Schedule
Indiana income tax system is a “pay
you worked during a Christmas
E. Enter the total here.
as you go” system. Many taxpayers
season, etc.) that is not evenly
have enough taxes withheld from
received throughout the year, you
Line 2: 2013 Credits: Add together
their income throughout the year to
might want to complete Schedule
any credits from lines 4 through 8 of
cover their year-end total tax due.
IT-2210A, Annualized Income
Indiana’s Schedule 5 or Schedule F,
However, if you don’t have taxes with-
Schedule. Annualization could
plus any offset credits from line 7 of
held from your income, or if you don’t
possibly reduce your required
Indiana’s Schedule 6 or Schedule G.
have enough tax withheld from your
installment tax payments. You may
Enter the total here.
income, you may owe a penalty for
download Schedule IT-2210A from
underpaying estimated tax.
the following web address:
Line 4: To determine 90 percent of
your total expected tax, multiply line
WHO should use Schedule IT-2210?
3 by 90 percent (.90).
You should complete this schedule if :
SECTION A -
Farmers and Fishermen
Note: If at least 2/3 of your gross in-
• the amount you owe for tax year
If at least two-thirds of your gross
come is from farming or fishing, multi-
2013, after credits, is $1,000 or
income for 2012 or 2013 was from
ply line 3 by 66 2/3 percent (.667).
more for the year. The amount you
farming or fishing, you have only one
owe is from IT-40 and IT-40PNR,
payment due date for 2013 estimated
Line 5: 2013 Withholding: Add
line 15 minus line 14; or
tax - Jan. 15, 2014.
together any state and county
withholding amounts from lines 1
• you underpaid the minimum
To meet an exception to the under-
and 2 of Indiana’s Schedule 5 or
amount due for one or more of the
payment penalty for 2013, you may
Schedule F. Enter the total here.
installment periods.
use Option 1 or 2:
Note: Form IT-40P filers must see
Line 6: Subtract line 5 from line 3. If
Option 1 - Pay all your estimated tax
special instructions on page 3.
by Jan. 15, 2014, and file your Form
this amount is less than $1,000, you
do not owe a penalty. Stop here and
IT-40 by April 15, 2014, OR
HOW much is the penalty? The
attach a copy of this schedule to
penalty is 10% of the underpayment
Option 2 - File your Form IT-40 by
your individual income tax return.
for each installment period underpaid.
March 3, 2014, and pay all the tax
That is why Section E of this sched-
due. You are not required to make an
Line 7: Prior Year’s Tax Exception:
ule is set up by periods and should be
estimated tax payment if you choose
See if you are eligible for any of the
filled out one column at a time.
this second option. If you pay all the
following exceptions.
tax due, you will not be penalized for
WHAT DO I NEED to complete this
failure to pay estimated tax.
•
If you filed a 2012 IT-40, add the
form? You’ll need a copy of:
tax from lines 8 and 9; subtract
SECTION B - Early Filers
the total of the credits on line 13
• your completed 2013 IT-40 or IT-
If you file your individual income tax
plus any amounts on Schedule 5,
40PNR;
return and pay the tax due by Jan.
lines 4 through 7. Enter the result
• your 2012 IT-40 or IT-40PNR; and
31, 2014, you will not be required to
here. Note: See CAUTION box
• records of actual estimated tax
make a fourth installment estimated
on page 2.
payments you made for 2013.
tax payment. For additional informa-
tion see the instructions for line 16.
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