Form It-Cr Uet - Georgia Underpayment Of Estimated Tax By Individuals Fiduciary Page 2
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Instructions for IT-CR UET Underpayment
To annualize your taxable income, follow these four steps:
a)
Figure the entity’s income from the first of its taxable year up to
of Estimated Tax by Composite Filers
and including the month prior to that in which an installment is due.
b)
Multiply the result of Step (a) by 12
c)
Divide the result of Step (b) by the number of months in your compu-
A.
Composite Filers may use this form to determine whether income tax was
tation period.
sufficiently paid throughout the year by withholding or by installment
d)
If option 2 was used on the IT-CR, subtract the total deductions and
payments. If sufficient tax was not paid you may owe a penalty of 9 percent a
exemptions apportioned to Georgia for all individuals included in
year on the unpaid amount. This form will help you determine whether you
option 2. The results is your annualized taxable income.
are subject to a penalty, or whether you are excepted from a penalty.
Example
B.
FILING AN ESTIMATE AND PAYING THE TAX, CALENDAR YEAR
TAXPAYERS. – If you file a return on a calendar year basis and are required to
1.
Entity Income during Jan., Feb., and March.................
8,750.00
file Form CR-ES, you are generally required to file estimated tax by April 15, and
2.
Annualized income (8,750.00 x 12 = 105,000 / 3) ....... . 35,000.00
to pay tax in four installments. The chart below shows the due date for estimated
3.
Option 2 apportioned deductions and exemptions......
5,400.00
tax, and maximum number of installments.
4.
Annualized taxable income .......................................... 29,600.00
5.
Total Income Tax (6%) .................................................
1,776.00
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If your withheld tax and estimated tax payment for the first installment
Requirements
of
of Installments
period of the current year was at least 311.00 (70% x 25% x $1,776.00)
First Met
Payment
Required
you do not owe a penalty for that period.
Between Jan. 1 and March 31
April 15
4
Between Apr. 1 and May 31
June 15
3
Between June 1 and August 31
Sept. 15
2
E.
OVERPAYMENT. – Apply as a credit against the next installment any
On or after September 1
Jan. 15
1
installment overpayment on Line 10 that is greater than all prior underpay-
ments.
If any date shown falls on a Saturday, Sunday, or legal holiday, substitute the
next regular workday.
F.
INSTALLMENT PAYMENTS. – If you made more than one payment
C.
FISCAL YEAR TAXPAYERS. - Fiscal year taxpayers should contact
for an installment attach a separate computation for each payment.
the Income Tax Division at (1-877-423-6711) for information on the penalty
for underpayment of estimated taxes.
D. EXCEPTIONS FROM THE PENALTY. – You will not be liable for a
penalty if your current year tax payments (amount shown on Line 13) equals or
exceeds any amount determined for the same period under the following
exception provisions. If none of the exceptions apply, complete Lines 16
through 20 to figure your penalty.
Exception 1, Detailed Computation: The taxpayer should compute each
quarterly exception for each partner, shareholder, or member individually.
The amount of tax due for each should then be combined and placed on Line
14. Individual and fiduciary partners should use the exceptions provided on
Form 500-UET. All other partners should use the exception provided on Form
600-UET. Since this can be very complex, the Department allows Exception 2
to be used which is much simpler.
Exception 2, Tax on Annualized Current Year’s Income: This exception applies if
your current year’s tax payments equal or exceed 70 percent of the tax on your
annualized taxable income for periods from the first of the year to the end of the
month preceding that in which an installment is due.
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