Form Ri-2210 Draft - Underpayment Of Estimated Tax By Individuals, Estates And Trusts - 2008 Page 2
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1
2PURPOSE OF THIS FORM
one-fourth of your Rhode Island withholding on each installment due date. Divide the
Individuals (except qualified farmers and fishermen) should use this form to determine
total amount withheld by 4 and enter the results in each column. Enter the estimated
if their income tax was sufficiently prepaid throughout the year by having Rhode Island tax
taxes paid that were for 2008 tax year plus any portion of your overpayment from
withheld or by paying Rhode Island estimated tax; if not, a charge may be imposed on the
2007, which you elected to be applied to 2008. Enter in column A those payments
underpayment of the taxes. Complete Part 1 of this form to determine if the payment of
made on or before April 15, 2008, in column B those payments made between April
the charge may be avoided.
16, 2008 and June 15, 2008, in column C those payments made between June 16,
2008 and September 15, 2008, and in column D those payments made between
FARMER AND FISHERMAN
September 16, 2008 and January 15, 2009.
If you meet both of the following tests, you may be exempt from the charge for under-
If you filed your return on or before February 15, 2009 and paid the tax bal-
1 Gross income from farming or fishing is at least two thirds
payment of estimated tax:
ance in full, then enter that amount in column D. This only applies to those taxpayers
of your annual gross income; and, 2 Filed form RI-1040 or RI-1040NR and paid the tax
who either were not required to make a Rhode Island estimated tax payment prior to
due on or before March 1, 2009. If you meet both of the tests, write on line 1 "EXEMPT,
the January 15, 2009 installment date or included their January 15, 2009 installment
FARMER/FISHERMAN" and do not complete the rest of this form. Attach this form to
payment with the tax balance paid on or before February 15, 2009.
your return or mail to RI Division of Taxation if the return has been previously filed.
Line 17 - Subtract line 16 from line 15 for any underpayments. Subtract line 15 from line
16 for any overpayments. Any overpayments on line 17 should be used to increase
the amount entered on line 16 for the next installment period. Any underpayment on
PART 1 - REQUIRED ANNUAL PAYMENT
Line 1 - Enter your 2008 RI tax from RI-1040, line 15 less lines 18D and 18E, RI-1040NR,
line 17 should be used to decrease the amount on line 16 for the next installment peri-
line 15C less line 18E, RI-1040S, line 6 less line 10D or RI-1041, line 19C.
od. However, if you entered amounts on line 14, annualized income installments, and
the amounts on line 17 are zero ($0) or less for all installment periods, then enter zero
Line 2 - Enter 80% of the amount shown on line 1.
Line 3 - Enter your 2008 RI taxes withheld from RI-1040, line 18A , RI-1040NR, lines 18A,
($0) on line 22 and file this form with your return.
18C and 18D, RI-1040S, line 10A or RI-1041, lines 20A, 20C and 20D.
Line 4 - Subtract line 3 from line 1. If the result is $250.00 or less you do not owe any
PART 4 - HOW TO FIGURE THE CHARGE
amount and need not complete the rest of this form.
Line 18 - Column A: Enter the date you paid the tax balance due for the current install-
Line 5 - Enter your 2007 RI tax - RI-1040, line 15 less lines 18D and 18E, RI-1040NR,
ment or 6/15/2008, whichever is earlier. Column B: Enter the date you paid the tax
line 15C less line 18E, RI-1040EZ, line 6 less line 10D or RI-1041, line 19C. If you
balance due for the current installment or 9/15/2008, whichever is earlier. Column C:
had no federal tax liability for 2007 and you were a Rhode Island resident during all of
Enter the date you paid the tax balance due for the current installment or 12/31/2008,
2007, and your 2007 federal tax return was (or would have been had you been
whichever is earlier. Column D: Enter the date you paid the tax balance due for the
required to file) for a full 12 months, then enter zero (0).
current installment or 4/15/2009, whichever is earlier.
Line 6 - Enter the smaller of line 2 or line 5 (including zero). If line 6 is zero, you do not
Line 19A - Column A & Column B: Enter the number of days from the installment due
owe any amount and need not complete the rest of this form. However, you must
date to the date of payment or the due date of the next installment, whichever is earli-
attach this form to your RI return.
er. Column C: Enter the number of days from the installment due date to the date of
payment or January 1, 2009, whichever is earlier.
PART 2 - SHORTCUT METHOD
Line 19B - Compute the charge using the applicable interest rates and number of days
Line 7 - Enter the amount from line 6.
times underpayment entered on line 17 for each installment period. Divide the num-
ber of days from line 19A by the total number of days in the year times the applicable
Line 8 - Enter the total amount of estimated tax and withholding tax you paid for 2008 (RI-
1040, lines 18A and 18B, RI-1040NR, lines 18A, 18B, 18C and 18D, RI-1040S, lines
interest rate times the amount of the underpayment on line 17 for each installment.
10A and 10B or RI-1041, lines 20A, 20B, 20C and 20D).
Line 20A - Enter the number of days from January 1, 2009 to the date of payment or
Line 9 - Subtract line 8 from line 7.
January 15, 2009, whichever is earlier.
Line 10 - Multiply line 9 by 12.0205% (.120205)
Line 20B - Compute the charge using the applicable interest rates and number of days
Line 11 - If you paid the tax balance after 4/15/09, enter zero (0). If you paid the tax bal-
times underpayment entered on line 17 for each installment period. Divide the num-
ance due before 4/15/09, multiply the number of days paid before 4/15/09 by the
ber of days from line 20A by the total number of days in the year times the applicable
amount on line 9 and by .00033 and enter the result on line 11.
interest rate times the amount of the underpayment on line 17.
Line 12 - Subtract line 11 from line 10 - enter here and in the space provided on RI-1040
Line 21A - Enter the number of days from January 15, 2009 to the date of payment or
or RI-1040NR, line 19, RI-1041, line 21 or add to the amount due on RI-1040S.
April 15, 2009, whichever is earlier.
Line 21B - Compute the charge using the applicable interest rates and number of days
PART 3 - FIGURE YOUR UNDERPAYMENT
times underpayment entered on line 17 for each installment period. Divide the num-
Line 13 - Divide the amount shown on line 6 by four (4) and enter the result in each col-
ber of days from line 21A by the total number of days in the year times the applicable
interest rate times the amount of the underpayment on line 17.
umn.
Line 14 - If your income varies during the year, you may complete the annualized income
The interest rate to be used is 18% per annum from January 1, 2009 to
installment worksheet. However, if you complete and use line 14 for any installment
December 31, 2009.
you must complete it and use it for all installments.
NOTE: COMPLETE LINES 15-17
Line 22 - Add the amounts from all columns on lines 19B, 20B and 21B and enter the
FOR ONE COLUMN BEFORE COMPLETING THE NEXT COLUMN.
total here. Include this amount with your tax balance payment and attach this form to
Line 15 - Enter the amount from line 13 (or from line 14, if line 14 was completed).
your return. If your RI tax return has previously been filed, then attach your check to
Line 16 - You are considered to have paid Rhode Island withholding tax evenly during the
this form and mail it to the RI Division of Taxation, One Capitol Hill, Providence, RI
year unless you can show otherwise. Therefore, you are considered to have paid
02908-5806.
PART 5
ANNUALIZED INCOME INSTALLMENT WORKSHEET
01/01/08
01/01/08
01/01/08
01/01/08
IMPORTANT: Complete one column lines 23-33 before completing the next
column.
03/31/08
05/31/08
08/31/08
12/31/08
23.
Figure your actual taxable income.....................................................................
4
2.4
1.5
1
24.
Annualization amounts.......................................................................................
25.
Multiply the amount on line 23 by the indicator on line 24................................
26.
Figure your Rhode Island tax on the amount on line 25....................................
20%
40%
60%
80%
27.
Applicable percentage........................................................................................
28.
Multiply the amount on line 26 by the applicable percentages on line 27.........
29.
Enter the combined amount from line 33 for all preceding periods...................
30.
Subtract line 29 from line 28 (not less than zero)..............................................
Enter the amount from RI-2210, page 1, line 13 for the period plus the
31.
amount from line 32 of this worksheet for the preceding period........................
If line 31 is more than line 30, SUBTRACT line 30 from line 31,
32.
OTHERWISE enter zero....................................................................................
33.
Enter the smaller of line 30 or line 31 here and on page 1, line 14..................
Page 2
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