Form Ri-2210pt - Underpayment Of Estimated Tax By Pass-Through Filers - 2014 Page 3
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3State of Rhode Island and Providence Plantations
2014 Form RI-2210PT
Underpayment of Estimated Tax by Pass-through Filers
PURPOSE OF THIS FORM
If you filed your return on or before February 15, 2015 and paid the tax
Entities should use this form to determine if their income tax was suffi-
balance in full, then enter that amount in column D. This only applies to
ciently prepaid throughout the year by having Rhode Island tax withheld or
those taxpayers who either were not required to make a Rhode Island es-
by paying Rhode Island estimated tax. If not, a charge may be imposed
timated tax payment prior to the January 15, 2015 installment date or in-
on the underpayment of the taxes. Complete Part 1 of this form to deter-
cluded their January 15, 2015 installment payment with the tax balance
mine if the payment of the charge may be avoided.
paid on or before February 15, 2015.
Line 17 - Subtract line 16 from line 15 for any underpayments. Subtract
PART 1 - REQUIRED ANNUAL PAYMENT
line 15 from line 16 for any overpayments. Any overpayments on line 17
Line 1 - Enter your 2014 Rhode Island tax from RI-1096PT, line 4.
should be used to increase the amount entered on line 16 for the next in-
Line 2 - Enter 80% of the amount shown on line 1.
stallment period. Any underpayment on line 17 should be used to de-
Line 3 - Enter the amount of withholding paid on behalf of reporting entity
crease the amount on line 16 for the next installment period. However, if
for 2014 from RI-1096PT, lines 8a and 8b.
you entered amounts on line 14, annualized income installments, and the
Line 4 - Subtract line 3 from line 1. If the result is $250.00 or less you do
amounts on line 17 are zero ($0) or less for all installment periods, then
not owe any amount and need not complete the rest of this form.
enter zero ($0) on line 22 and file this form with your return.
Line 5 - Enter your 2013 Rhode Island tax from RI-1096PT, line 4. If you
had no Rhode Island source income of nonresident members for 2013,
PART 4 - HOW TO FIGURE THE CHARGE
enter zero (0).
Line 18 - Column A: Enter the date you paid the tax balance due for the
Line 6 - Enter the smaller of line 2 or line 5 (including zero). If line 6 is
current installment or 6/15/2014, whichever is earlier. Column B: Enter
zero, you do not owe any amount and need not complete the rest of this
the date you paid the tax balance due for the current installment or
form. However, you must attach this form to your Rhode Island
9/15/2014, whichever is earlier. Column C: Enter the date you paid the
return.
tax balance due for the current installment or 12/31/2014, whichever is
earlier. Column D: Enter the date you paid the tax balance due for the
PART 2 - SHORTCUT METHOD
current installment or 4/15/2015, whichever is earlier.
Line 7 - Enter the amount from line 6.
Line 19a - Column A & Column B: Enter the number of days from the in-
Line 8 - Enter the amount of estimated payments and withholding received
stallment due date to the date of payment or the due date of the next in-
from pass-through entities for 2014 from RI-1096PT lines 5, 7, 8a and 8b.
stallment, whichever is earlier. Column C: Enter the number of days from
Line 9 - Subtract line 8 from line 7.
the installment due date to the date of payment or January 1, 2015,
Line 10 - Multiply line 9 by 12.0205% (0.120205).
whichever is earlier.
Line 11 - If you paid the tax balance due before 4/15/2015, multiply the
Line 19b - Compute the charge using the applicable interest rates and
number of days paid before 4/15/2015 by the amount on line 9 and by
number of days times underpayment entered on line 17 for each install-
.00033 and enter the result on line 11.
ment period. Divide the number of days from line 19a by the total number
Line 12 - Subtract line 11 from line 10. Enter here and in the space pro-
of days in the year times the applicable interest rate times the amount of
vided on RI-1096PT, line 10.
the underpayment on line 17 for each installment.
Line 20a - Enter the number of days from January 1, 2015 to the date of
PART 3 - FIGURE YOUR UNDERPAYMENT
payment or January 15, 2015, whichever is earlier.
Line 13 - Divide the amount shown on line 6 by four (4) and enter the re-
Line 20b - Compute the charge using the applicable interest rates and
sult in each column.
number of days times underpayment entered on line 17 for each install-
Line 14 - If your income varies during the year, you may complete the an-
ment period. Divide the number of days from line 20a by the total number
nualized income installment worksheet. However, if you complete and use
of days in the year times the applicable interest rate times the amount of
line 14 for any installment you must complete it and use it for all install-
the underpayment on line 17.
ments.
Line 21a - Enter the number of days from January 15, 2015 to the date of
NOTE: COMPLETE LINES 15-17 FOR ONE COLUMN BEFORE
payment or April 15, 2015, whichever is earlier.
COMPLETING THE NEXT COLUMN.
Line 21b - Compute the charge using the applicable interest rates and
Line 15 - Enter the amount from line 13 (or from line 14, if line 14 was
number of days times underpayment entered on line 17 for each install-
completed).
ment period. Divide the number of days from line 21a by the total number
Line 16 - You are considered to have paid Rhode Island withholding tax
of days in the year times the applicable interest rate times the amount of
evenly during the year unless you can show otherwise. Therefore, you
the underpayment on line 17.
are considered to have paid one-fourth of your Rhode Island withholding
The interest rate to be used is 18% per annum.
on each installment due date. Divide the total amount withheld by 4 and
Line 22 - Add the amounts from all columns on lines 19b, 20b and 21b
enter the results in each column. Enter the estimated taxes paid that were
and enter the total here. Include this amount with your tax balance pay-
for 2014 tax year plus any portion of your overpayment from 2013, which
ment and attach this form to your return. If your Rhode Island tax return
you elected to be applied to 2014. Enter in column A those payments
has previously been filed, then attach your check to this form and mail it to
made on or before April 15, 2014, in column B those payments made be-
the RI Division of Taxation, One Capitol Hill, Providence, RI 02908-5806.
tween April 16, 2014 and June 15, 2014, in column C those payments
made between June 16, 2014 and September 15, 2014, and in column D
those payments made between September 16, 2014 and January 15,
2015.
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