State Form 46002 - Schedule It-2210 - Underpayment Of Estimated Tax By Individuals - 2013 Page 3
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If you filed a 2012 IT-40PNR as
If you filed a 2012
Example for when 2012 IT-40PNR was filed as a part-year resident:
IT-40PNR as a part-year resident of Indiana, you must figure the tax for that year
a full-year nonresident, add the
tax from lines 8 and 9; subtract
on an annualized basis. You can accomplish this by multiplying the IT-40PNR line 1
the total of the credits on line 13
income by 12 and dividing the result by the number of months you were an Indiana
plus any amounts on Schedule F,
resident. Then figure the state tax and county tax, if applicable, by 1) subtracting
your 2013 exemptions from the result and 2) multiplying that total by the combined
lines 4 through 7. Enter the result
here. Note: See CAUTION box
state and applicable county tax rate(s) from your 2013 Indiana individual income
below.
tax return. See the example below. Note: See CAUTION box below.
•
If you filed a 2012 IT-40PNR as
Example:
a part-year resident of Indiana,
• Jane moved to Indiana on Sept. 15, 2012, so she was a resident for 3.5 months.
you must figure the tax for that
• Her 2012 IT-40PNR line 1 income is $10,000.
year on an annualized basis. See
• Her 2013 total exemptions are $3,500.
the instruc tion and Example for
• The 2013 adjusted gross income tax rate is 3.4% (.034). Her 2013 county tax rate is
when 2012 IT-40PNR was filed
1% (for a 4.4% [.044] combined state and county tax rate.)
as a part-year resident in the
right-hand column.
Use Steps 1 - 4 below to figure her prior year’s tax exception for line 7 of the IT-2210.
Line 8: Minimum required annual
Step 1 $ 10,000
2012 Indiana income
payment: Enter the lesser of line 4 or
x
12
months
line 7. If the line 7 entry is N/A, enter
$ 120,000
annualized income
the amount from line 4 on this line.
Continue to Section D or Section E,
whichever applies.
Step 2 $ 120,000
annualized income
÷
3.5
months of 2012 residency
SECTION D - Short Method
34,286
You can use the short method only if:
• you made no estimated tax
Step 3 $ 34,286
payments, or
-
3,500
2013 exemptions
30,786
• you paid estimated tax in four
equal amounts by the due dates,
or
Step 4 $ 30,786
x
4.4%
2013 combined state and county tax rate
• at least two-thirds of your gross
$
1,355*
income from 2012 or 2013 was
from farming or fishing and an
* The $1,355 Step 4 amount should be entered as an exception on line 7 of
estimated tax payment (if any) was
Jane’s Schedule IT-2210.
made by Jan. 15, 2014.
You can’t use the short method if
either of the following applies:
CAUTION: If your 2012 state taxable income (line 7 of Form IT-40 or Form IT-40PNR)
• you made any estimated tax pay-
is more than $150,000 ($75,000 if your 2013 filing status is married filing separately),
ments late, or
you must enter 110% of last year’s tax (instead of 100%) on line 7.
• you made estimated payments in
Example: Chris and Kate’s 2012 state taxable income from line 7 of Form IT-40 is $158,000.
unequal amounts.
They must take the following steps to arrive at the exception amount for line 7:
SECTION E - Regular Method
a) 2012 IT-40 total income tax (line 8 plus line 9) ...........................$ 6,952
Use the regular method if you aren’t
b) 2012 IT-40 credits (line 13 plus Schedule 5, lines 4 through 7) - 1,952
eligible to use the short method.
c) Subtotal ......................................................................................$ 5,000
d) Exception to the penalty percentage ..........................................x 110%
If you are a fiscal year taxpayer, you
e) Amount for line 7 of Schedule IT-2210 .......................................$ 5,500
must change the dates in Columns
A through D to correspond with your
Note: If Chris and Kate’s 2012 state taxable income is less than $150,000, they would
fiscal year.
enter $5,000 instead of $5,500 on line 7.
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