Form Rev-1630a As - Underpayment Of Estimated Tax By Individual Farmers - 2012 Page 2
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Line B. Multiply Line A by 0.6667.
ers who were full year residents of Pennsylvania the previous tax year
are also eligible for another exception to the underpayment of esti-
Line C. Gross income from farming is income from cultivating the soil
mated tax penalty. If the farmer has tax withholding, tax credits and
or raising agricultural commodities. It includes income from operating
estimated taxes paid by Jan. 15, 2013, equal to at least all of the tax
a stock, dairy, poultry, bee, fruit or truck farm; income from a planta-
due on 2011’s taxable income at 2012’s tax rate, he/she will be exempt
tion, ranch, nursery, range, orchard or oyster bed; crop shares for the
from the underpayment of estimated tax interest penalty. Complete
use of your land; and gains from sales of draft, breeding, dairy or
Lines 8 through 12 of REV-1630A to determine if you qualify for the
sporting livestock not reported on PA Schedule D. Gross income from
exception.
farming includes:
IMPORTANT: You will not be exempt from the underpayment of inter-
Gross income from farming includes income reported on the following:
est penalty if you qualified for Tax Forgiveness on Line 22 of your 2011
• Line 12 of PA Schedule F;
PA-40, do not qualify for Tax Forgiveness in 2012 and do not have total
• federal form 1065 K-1, Box 14, Code B (gross farming income);
tax payments and credits equal to the amount of the 2011’s taxable
income times the 2012 tax rate of 0.0307.
• federal form 1120S K-1, Box 17, Code U (when entry is related
Line 6. Enter the taxes withheld and tax credits from PART I, Line 2,
to gross farming income); and/or
above.
• federal form 4835, Line 7 reported on PA Schedule E.
Line 7. Enter estimated taxes paid by Jan. 15, 2013, from PART I,
Income from the sale or disposition of farm land, farming equipment
Line 4, above.
or livestock reported on Schedule D is not farming income. Gross
Line 8. Add Lines 6 and 7.
income from farming also does not include wages you receive as a
farm employee or income you receive from contract grain harvesting
Line 9. Enter your 2011 Taxable Income from Line 11 of your PA-40.
and hauling with workers and machines you furnish.
You must have been a full year resident in 2011 to qualify for this
exception.
IMPORTANT: If Line B is more than Line C, you do not qualify for the
farming exception. You must file REV-1630, Underpayment of
Line 10. Multiply Line 9 by the 2012 tax rate of 0.0307 and enter the
Estimated Tax by Individuals, to determine the amount of estimated
result.
underpayment penalty/interest.
Compare Lines 8 and 10. If Line 8 is greater than or equal to Line 10,
no underpayment of estimated tax penalty is due and you may stop
PART B
here. However, you must include a copy of this form with your return.
Line D. Enter the date you filed your 2012 PA-40. If this date is after
If Line 10 is greater than Line 8, complete PART III.
March 1, 2013, skip Lines E through I and continue by completing
PARTS I, II and/or III to determine your underpayment and whether
PART III. CALCULATING THE INTEREST PENALTY
you have an estimated underpayment interest penalty.
Line 11. Enter the number of days after Jan. 15, 2013, to and includ-
Line E. Enter the amount of your 2012 Tax Liability from Line 12 of
ing the date of the payment with your tax return not filed on or by
your PA-40.
March 1, 2013 or April 15, 2013, whichever is earlier. If April 15 is ear-
lier, enter 90.
Line F. Add the amounts on reported Lines 13, 17, 21, 22 and 23 of
your 2012 PA-40.
Line 12. Number of days on Line 11 times 0.000082, times the under-
payment on Line 5. This is your estimated underpayment interest
Line G. Subtract Line F from Line E. If the result is zero or less, stop
penalty. Include this amount along with any other interest and penal-
here.
ties on Line 27 of your 2012 PA-40. Fill in the oval on Line 27 and
Line H. Add the amounts on Lines 14, 15 and 26 of your 2012 PA-40
include a copy of this form with your return. See the examples below
and subtract the amount from Line 25 of your 2012 PA-40 and enter
for additional information.
the result on Line H. If the amounts appearing on Lines 15 and 26 less
NOTE: If the payment made with a return on or before March 1, 2013,
Line 25 were not paid on or before March 1, 2013, or you did not file
is not a full payment of the taxes due, additional calculations (repeat-
your return on or before March 1, 2013, the estimated underpayment
ing Lines 11 and 12 for each payment date) of the estimated
penalty may apply.
underpayment penalty interest will be required. Calculate the interest
Line I. Subtract Line H from Line G. If the result is zero or less, stop
penalty first using the amount on Line 5 times 0.000082, times the
here. You are not subject to the estimated underpayment interest
number of days after Jan. 15, 2013, to and including the payment
penalty. Otherwise, complete PARTS I, II and III to determine your
date. For each additional payment, subtract the payment amount
underpayment and the amount of your estimated underpayment inter-
made from the underpayment calculated on Line 5, multiply the
est penalty.
resulting amount times 0.000082 times the number of days after the
date of the additional payment to and including the earlier of the date
PART I. CALCULATING YOUR UNDERPAYMENT
of the additional payment or April 15, 2013. Include a worksheet
Line 1a. Enter the tax liability figure from Line 12 of your 2012 PA-40
showing any additional calculations. See the following examples for
tax return.
additional information.
Line 1b. Calculate 90 percent of Line 1a by multiplying Line 1a by 0.90.
EXAMPLES
Line 2. The credits allowed to reduce the tax due are also used to
Example 1. Warren has total gross income from all sources of
reduce your tax liability for this calculation. Add together the following
$500,000, and gross income from farming is $400,000 in 2012.
lines from Form PA-40: Line 13 (Total PA Tax Withheld), Line 17
Warren’s wife, Michelle, has wages subject to withholding of $70,033,
(Nonresident Tax Withheld), Line 21 (Tax Forgiveness Credit), Line 22
from which $2,150 of Pennsylvania income tax was withheld. They
(Resident Credit) and Line 23 (Total Other Credits). If Line 2 is more
have joint interest and dividend income of $30,000 in addition to
than Line 1, you do not owe a penalty and do not need to complete this
Warren’s net income from farming of $40,000. Warren and Michelle
form.
made one estimated payment of $1,000 on Jan. 15, 2013, and file
Line 3. Subtract Line 2 from Line 1b. If the amount is $246 or more,
their tax return on March 1, 2013, and include a payment of $1,149
complete Lines 4 through 8. If less than $246, you did not owe esti-
with that return. Warren and Michelle had Line 11 Taxable Income of
mated income tax and do not have to complete this form.
$126,059 from their 2011 PA-40. The 2011 taxable income times the
Line 4. Enter the amount of estimated taxes you paid by Jan. 15,
2012 tax rate was $3,870. In 2011, Michelle had the same wages and
2013, including any carryover credit applied from the previous tax
withholding as she has in 2012. Therefore, their estimated tax pay-
year’s return. Do not include any credits from Line 2.
ments due for 2012 are at least $1,720. Warren and Michelle will not
be subject to the estimated underpayment interest penalty since they
Line 5. Subtract Line 4 from Line 3. If zero or less, stop here. No
qualify as a farmer with more than two-thirds of gross income coming
penalty is due. If more than zero, use this amount to calculate your
from farming. They also either made estimated tax payments equaling
underpayment interest penalty in PART III.
their tax liability or paid the remaining tax due with their return filed on
PART II. EXCEPTION TO INTEREST
or before March 1.
Example 2. Same facts as Example 1 except the estimated payment
In addition to the exception for paying your total estimated tax due by
Jan. 15, 2013, or the tax due with the return by March 1, 2013, farm-
made on Jan. 15, 2013, was $1,720 and that Warren and Michelle filed
(Instructions continued on Page 3.)
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