Fillable Form 104ep - Estimated Tax-Individuals Worksheet

Individual Estimated Income Tax

Instructions

Estimated tax is the method used to pay tax on income that is

Calculating the Payment

not subject to withholding. Wages typically have withholding,

Use the provided Worksheet to calculate the amount of

but earnings from self-employment, interest, dividends, rents,

estimated tax owed. Reference the previous year Colorado

etc. would be subject to estimated tax. You might also pay

Income Tax Return form and instructions for help determining

taxable income. Those who file joint returns must make the

estimated tax if your withholdings are not enough to be excluded

from the General Rule below. If you file form 1040-ES with the

payment under the taxpayer name and ID number that will be

listed first on the income tax return. Remit payments according

IRS, typically you would pay estimated tax to the Colorado

Department of Revenue. See publication FYI Income 51 for more

to the due date table provided in the worksheet.

information, which is available at

Penalties

General Rule

Failure to timely remit estimated tax as necessary will result in

In most cases, you will pay estimated tax if you expect to

an estimated tax penalty. Exceptions will be given to farmers or

fishermen who file and remit full payment by March 1. Otherwise,

owe more than $1,000 in tax for 2013, after subtracting any

withholding or refundable credits you might have.

penalty will be calculated for each missed or late payment. For

calculation specifics, or to remit this penalty before being billed,

Required Payments

see Form 204, Underpayment of Individual Estimated Tax.

The required annual amount to be paid is the smaller of:

Refunds

a. 70% of the actual net Colorado tax liability.

Estimated tax payments can only be claimed as prepayment

b. 100% of the preceding year’s net Colorado tax liability. This

credit on the 2013 Colorado income tax return. Therefore,

rule only applies if the preceding year was a 12-month tax

estimated payments cannot be refunded in any manner until

year, the individual filed a Colorado return, and the federal

such time that the Colorado income tax return is filed.

adjusted gross income on that return was $150,000 or less

(or, if married filing separately, $75,000 or less).

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c. 110% of the preceding year’s net Colorado tax liability. This

allows taxpayers to file taxes,

amount applies only if the preceding year was a 12-month

remit payments and monitor their tax accounts. Form 104EP is

year, and the individual filed a Colorado return.

not required if electronic payment is remitted through this site.

Please be advised that a nominal processing fee may apply to

Annualized Installment Method

electronic payments.

Those who do not receive income evenly throughout the year

may elect to file using this method. Specific instructions for the

Pay by Electronic Funds Transfer

annualized installment method are available in publication FYI

EFT payments can be made safely and for free, and can be

Income 51.

scheduled up to 12 months ahead of time to avoid forgetting to

make a quarterly payment. This requires pre-registration before

Carryforward of Estimated Overpayment

payments can be made. Visit for

Any overpayment designated for carryforward on your Colorado

registration information.

income tax return from the previous year must be applied to the

first estimated tax payment due for this tax period.

Additional information, FYI publications, and forms are

available at or you can call 303-238-

SERV (7378) for assistance.

Form 104ep - Estimated Tax-Individuals Worksheet - 2013 Page 2

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