Form Dr 0206 - Computation Of Penalty Due Based On Underpayment Of Colorado Severance Estimated Tax

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DR 0206 Web (07/24/12)

DR 0206 (07/24/12)

Computation of Penalty Due Based on

Underpayment of Colorado Severance Estimated Tax

Taxpayer’s Name

Colorado Account Number

Part 1 Exception

1. Enter the current tax year's liability. Include any credit recapture after reduction for all credits other than estimated tax and withholding tax payments and credits ...

5,000.00

2. Statutory exemption ..............................................................................................................................................................................................................................

-5000

3. Line 1 minus line 2. If 2 is larger, enter zero and no penalty is due ......................................................................................................................................................

Part 2 Required Annual Payment

4. Enter the current tax year's liability .......................................................................................................................................................................................................

5. Enter 70% of the amount on line 4 .........................................................................................................................................................................................................

6. Enter the proceeding tax year's liability. ................................................................................................................................................................................................

7. Required payment. Enter the smaller of lines 5 or 6 ..............................................................................................................................................................................

8. Does the taxpayer qualify as a large corporation under section 6655 of the federal IRS code?

Yes

If yes, go to line 9. If no, skip to line 10.

9. (a) Enter 8.333% of line 5.......................................................................................................................................................................................................................

(b) Enter 8.333% of line 6 ......................................................................................................................................................................................................................

(c) line 9(a) minus line 9(b). If line 9(b) is larger, enter 0........................................................................................................................................................................

Enter the smaller of lines 9(a) or 9(b) on line 11 in column 1.

Enter the total of lines 9(a) and 9(c) on line 11 in column 2.

Enter the amount from line 9(a) on line 11 in columns 3–12.

Part 3 Penalty Computation

10. Enter payment due dates ...............................

11. Divide the amount on line 7 by twelve or

enter the payments due from line 9 or 29 ......

12. Amounts paid in estimated or

withholding tax ...............................................

13. Overpayment (on line 15) from

preceding period ............................................

14. Total of lines 12 and 13 ..................................

15. Underpayment (line 11 minus line 14) or

<overpayment> (line 14 minus line 11) ..........

16. Date of payment or final day of tax period,

whichever is earlier ........................................

17. Number of days from due date of payment

to date on line 16 ...........................................

18. Underpayment on line 15 times 8% times

number of days on line 17 divided by 365 .....

19. Date of payment or due date of return,

whichever is earlier ........................................

20. Number of days from final day of tax period

or due date of payment, whichever is later,

to date on line 19. ..........................................

21. Underpayment on line 15 times 6% times

number of days on line 20 divided by 365 .....

22. Total penalty. Add all amounts on lines 18 and 21. Include this amount as estimated tax penalty on line 13, Form DR 0021 ................................................................................................