Form Dr 0204 - Computation Of Penalty Due Based On Underpayment Of Colorado Individual Estimated Tax - 2013 Page 2
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1
2*130204==29999*
Part 4 — Annualized Installment Method Schedule
20. Ending date of annualization period
March 31, 2013
May 31, 2013
August 31, 2013
Dec 31, 2013
21. Colorado taxable income computed
through the date on line 20 ................. $
$
$
$
4
2.4
1.5
1
22. Annualization factor .............................
23. Annualized taxable income
Line 21 times line 22 ........................... $
$
$
$
24. Annualized Colorado tax
Line 23 times 4.63% ........................... $
$
$
$
17.5%
35%
52.5%
70%
25. Applicable percentage .........................
26. Installment payment due.
Line 24 multiplied by line 25, minus
amounts entered on line 26 in earlier
quarters.Enter here and on line 7 ....... $
$
$
$
Instructions for DR 0204
Part 1 Generally you are subject to an estimated tax penalty
allocation on line 8. The amount entered on line 10 is the
if your 2013 estimated tax payments are not paid in a timely
net overpayment from the preceding period. On line 17, if
manner. The estimated tax penalty will not be assessed if
the payment was made prior to January 1, 2014, enter “0.” If
the tax return is filed and any tax due is paid by January 31,
either of the exceptions are met.
2014, no penalty will be computed in column four. Estimated
Part 2 The required annual amount to be paid is the lesser of:
tax payments from a farmer or fisherman are due in a single
1. 70% of actual 2013 net Colorado tax liability.
payment by January 15, 2014 and only column four is used to
2. 100% of preceding year’s net Colorado tax liability. (This
compute the penalty.
amount only applies if the preceding year was a 12-month
Part 4 Taxpayers who do not receive income evenly during
tax year, the individual filed a Colorado return and the
the year may elect to use the annualized income installment
federal adjusted gross income for the preceding year was
method to compute their estimated tax payments if they elect
$150,000 or less, $75,000 or less if married separate.)
annualized installments for the payment of their federal income
3. 110% of preceding year’s net Colorado tax liability.
tax. Complete the annualized installment method schedule to
(This amount only applies if the preceding year was a
compute the amounts to enter on line 7. See FYI Income 51
12-month tax year and the individual filed a Colorado
regarding this computation method.
return.)
Example: Taxpayer's net tax liability for 2013 is $10,000. He
Part 3 If neither exception applies to you, compute your
had $1,000 withholding and none of the exceptions apply.
penalty on lines 7 through 19 of form 204. Complete each
He paid $4,000 on June 12, 2013, and made no additional
column before going on to the next column. See FYI Income
estimated tax payments.
51, Estimated Income Tax, regarding estimated tax payment
April 15
June 17
September 16
January 15
Line 7
$1,750
$1,750
$1,750
$1,750
Line 8
$0
$4,000
$0
$0
Line 9
$250
$250
$250
$250
Line 10
—
—
$1,000**
—
Line 11
$250
$4,250
$1,250
$250
Line 12
$1,500
$(2,500)
$500
$1,500
Line 13
6/12/12
6/12/12
12/31/12
—
Line 14
57
—
105
—
Line 15
$13.81
—
$8.79
—
Line 16
6/12/12
6/12/12
4/15/13
4/15/13
Line 17
0
0
108
91
Line 18
0
0
$8.85
$22.38
Line 19
$53.83
** June 12 Payment
$4,000
April withholding
250
June withholding
250
$4,500
April installment
$1,750
June installment
1,750
3,500
Overpayment to September
$1,000
For additional information regarding the estimated tax penalty see FYI Income 51, which is available at
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