Form Rev-1630a As - Underpayment Of Estimated Tax By Individual Farmers - 2012 Page 3
Download a blank fillable Form Rev-1630a As - Underpayment Of Estimated Tax By Individual Farmers - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Rev-1630a As - Underpayment Of Estimated Tax By Individual Farmers - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4GO DIRECTLY TO FORM
their tax return on March 15, 2013, along with a payment of $429.
May 15, 2013, and an extension was filed timely with a payment of
Warren and Michelle are not subject to the estimated underpayment
$2,000. Warren and Michelle are subject to the estimated underpay-
penalty even though they filed their return and paid the balance due
ment interest penalty in this situation because they did not make all
after March 1, 2013, because they paid 100 percent of their 2011 tax
their estimated payments by Jan. 15, 2013, did not file their return by
liability by Jan. 15, 2013, and meet the EXCEPTION TO INTEREST in
March 1, 2013, and did not meet the EXCEPTION TO INTEREST in PART
PART II. Warren and Michelle paid $3,870 ($2,150 of withholding and
II. The penalty is calculated on an underpayment of $719 (tax liability
$1,720 in estimated payments) by Jan. 15, 2013.
of $4,299 times 90 percent, less tax withheld of $2,150, and timely
estimated payments made of $1,000) times the number of days late
Example 3. Same facts as Example 2 except an estimated tax pay-
(90) times the daily interest rate (0.000082), which gives an under-
ment of $1,000 was made late on Jan. 31, 2013, and the amount paid
payment of estimated tax interest penalty of $5.31. Even though
with their return filed on March 15, 2013, was $1,149. Warren and
Warren and Michelle have an overpayment of taxes and will receive a
Michelle are subject to the estimated underpayment interest penalty in
refund or carry-over credit of the overpaid taxes, they are still subject
this situation because they did not make all their estimated payments
to the estimated underpayment interest penalty for not making the full
by Jan. 15, 2013, and did not file their return by March 1, 2013. The
amount of their estimated tax payments by Jan. 15, 2013, filing and
penalty is calculated on the underpayment of $1,719 (as calculated on
paying the amount due with a return filed by March 1, 2013, or mak-
Line 5 of PART I: tax liability of $4,299 times 90 percent less tax with-
ing their total tax payments and credits for 2012 in at least the same
held of $2,150), times the number of days the liability was unpaid. In
amount of last years taxable income times this year’s tax rate.
this case, there were two payments of the liability; the late payment
of the estimated tax on Jan. 31, 2013, of $1,000 and the payment of
Example 6. Same facts as Example 5 except no payment was made
the liability with the return on March 15, 2013, of $1,149. Therefore,
with a timely filed extension. Warren and Michelle are subject to the
the underpayment of estimated tax interest penalty is two calcula-
estimated underpayment interest penalty in this situation because
tions and totals $4.80: $1,719 total underpayment times 16 days
they did not make all their estimated payments by Jan. 15, 2013, did
late, times daily rate of 0.000082 = $2.26; $719 remaining under-
not file their return by March 1, 2013, and did not meet the EXCEP-
payment (total underpayment of $1,719 less $1,000 late estimated
TION TO INTEREST in PART II. The penalty is calculated on an
payment) times 44 days remaining underpayment not paid times daily
underpayment of $719 (tax liability of $4,299 times 90 percent, less
interest rate of 0.000082 = $2.54; $2.26 plus $2.54 = $4.80
tax withheld of $2,150, and timely estimated payments made of
$1,000) times the number of days late (90), times the daily interest
Example 4. Same facts as Example 1 except the return was filed on
rate (0.000082), which gives an underpayment of estimated tax inter-
April 15, 2013. Warren and Michelle are subject to the estimated
est penalty of $5.31. Warren and Michelle will also be subject to a late
underpayment interest penalty in this situation because they did not
payment penalty of 5 percent on the amount of underpaid taxes
make all their estimated payments by Jan. 15, 2013, did not file their
($1,149), or $57.45. Interest also accrues on the late payment at a
return by March 1, 2013, and did not meet the EXCEPTION TO INTER-
rate of $0.09 per day for each day the taxes are unpaid in 2013.
EST in PART II. The penalty is calculated on an underpayment of $719
(tax liability of $4,299 times 90 percent less tax withheld of $2,150
Example 7. Same facts as Example 1 except Warren’s gross income
and timely estimated payments made of $1,000) times the number of
from farming was $325,000. Warren and Michelle do not qualify as
days late (90) times the daily interest rate (0.000082), which gives an
farmers and must complete Form REV-1630, Underpayment of
underpayment of estimated tax interest penalty of $5.31.
Estimated Tax by Individuals, to calculate their underpayment of esti-
Example 5. Same facts as Example 1 except the return was filed on
mated tax interest penalty.
(Form on Page 4.)
3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Ri-2210 Draft - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2012
Financial
Form Ri-2210 Draft - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2011
Financial
Related Categories
Parent category: Financial