Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet - 2014 Page 4
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42220-K
Page 4
41A720-S6 (10-14)
INSTRUCTIONS FOR FORM 2220-K, continued
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
(estimated tax due equals Line 3, Column (c)) for the
tax is applied against unpaid required installments in
taxable year as follows: Enter 50% of the estimated tax
the order in which the installments are required to be
due under Column (a), 25% under Column (b) and 25%
paid, regardless of the installment to which the payment
under Column (c).
pertains.
Line 7—Enter the estimated tax paid for each installment
Line 16—Enter the interest due on the tax underpayment
period. Also, for the first installment, enter this amount on
on Line 13. If the corporation or limited liability pass-
Line 11. Estimated tax includes the credit from the prior
through entity has more than one payment for the
year, withholding tax, certified rehabilitation tax credit
underpayment, attach a separate computation for each
and film industry tax credit. The withholding tax, certified
payment. The interest rate is 6 percent for calendar year
rehabilitation tax credit and film industry tax credit are
2014. The tax interest rate for 2015 is available online at
considered to have been paid based on the percentages
, or you may contact the Department
due on the estimated tax due dates as provided by the
of Revenue at (502) 564-8139.
instructions on Line 6, unless you can show otherwise.
Worksheet for Interest Calculation
Enter estimated tax payments as follows: (i) if the payment
was made on or before the 15th day of the sixth month,
Complete a separate worksheet for each underpayment
enter the payment under Column (a); (ii) if the payment
period.
was made after the 15th day of the sixth month but on or
before the 15th day of the ninth month, enter the payment
1.
Interest calculation
under Column (b); (iii) if the payment was made after the
payment date ............................ ______/______/______
15th day of the ninth month but on or before the 15th day
of the twelfth month, enter the payment under Column (c);
2.
Number of days from
or (iv) if the payment was made after the 15th day of the
the payment due date
twelfth month, do not enter the payment on Line 7.
shown on Part III, Line 5
to the date the amount
Line 8—Enter the amount from Line 14 of the preceding
on Line 13 was paid, or
column. This line does not apply to the first installment.
the date shown for that
column on Part III, Line
Line 9—Enter the total of Lines 7 and 8. This line does not
15, whichever is earlier .............
__________________
apply to the first installment.
.06
3.
Annual Percentage Rate (APR)
__________________
Line 10—Enter the total of Lines 12 and 13 of the preceding
column. This line does not apply to the first installment.
4.
Underpayment
Number of
APR on
Line 11—Enter the amount of Line 9 less Line 10. If zero
from Part III,
days from Line 2
Line 3
=
X
X
Line 13
of this worksheet
of this
or less, enter zero (-0-). For the first installment, enter
365
worksheet
the amount from Line 7.
PART IV—TOTAL INTEREST
Line 12—If the amount on Line 11 is zero, enter the amount
of Line 10 less Line 9; otherwise, enter zero (-0-). This
Line 1—Add the amounts in Part III, Line 16 (all columns)
line does not apply to the first installment.
and multiply the total by the percentages on Part III, Line
4, and enter the respective amounts on Line 1, Columns
Line 13—If Line 11 is less than or equal to Line 6, enter
(a), (b) and (c). Also, enter the interest amounts in Columns
the amount of Line 6 less Line 11.
(a) and (b) on the Tax Payment Summary under the LLET
summary and Income summary, respectively.
Line 14—If Line 6 is less than Line 11, enter the amount
of Line 11 less Line 6.
Line 15—Enter the date the underpayment on Line 13 was
paid or the 15th day of the fourth month after the close of
the tax year, whichever is earlier. A payment of estimated
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