Form Mo-2210 - Underpayment Of Estimated Tax By Individuals - 2014 Page 3
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4Form MO-2210
PART III INSTRUCTIONS — REGULAR METHOD
Page 3
A. Purpose of the Form — Use this form to determine whether your
÷
4. Annualized income ($10,000
3 x 12) . . . . . . . . . . . . . . . . . .$40,000
income tax was sufficiently paid throughout the year by withholding or
5. Less:
(a) Standard deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$12,400
by estimated tax payments. If it is not, you may owe a penalty on the
(b) Exemptions (2 x $2,100) + (1 x $1,200) . . . . . . . . . . . . . . . .$5,400
underpaid amount.
(c) Federal tax (joint return) . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,500
B. Filing an Estimated Tax Payment and Paying the Tax for
6. Annualized taxable income . . . . . . . . . . . . . . . . . . . . . . . . . . .$20,700
Calendar Year Taxpayers — If you file returns on a calendar year basis
and are required to file Form MO-1040ES, you are generally required
7. Income Tax (from Missouri tax chart) . . . . . . . . . . . . . . . . . . . . .$1,017
to file an estimated tax payment by April 15, and to pay the tax in four
If your tax withheld and estimated tax payment for the first installment
installments. (If you are not required to file an estimated tax payment
period of 2014 were at least $229 (22.5 percent of $1,017) you do not
until later in the year because of a change in your income or exemptions,
owe a penalty for that period.
you may be required to pay fewer installments.) The chart below shows
Exception 4 — Tax on 2014 Income Over Periods of 3, 5, and 8 months
the due date for estimated tax payments and the maximum number of
– This exception applies if your 2014 tax payments equal or exceed 90
installments required for each.
percent of the tax on your taxable income for periods starting from the
Period
Due Date
Maximum Number
first of the year to the end of the month preceding that in which an install-
Requirements
of Estimated
of Installments
ment is due. This exception does not apply to the fourth quarter. To
First Met
Tax Payments
Required
determine if this exception applies for the first three quarters, figure your
Between January 1 and April 1
April 15
4
taxable income from January 1, 2014 to the end of the month preceding
Between April 2 and June 1
June 15
3
that in which an installment is due. Then compute your tax on that
Between June 2 and Sept.1
Sept. 15
2
amount as though it represented your taxable income for 2014.
After Sept. 1
Jan. 15
1
Example II
When the due date falls on a Saturday, Sunday, or legal holiday, the
(combined return with one dependent, using standard deduction)
estimated tax payment will be considered timely if filed on the next
(1)
(2)
(3)
(4)
(5)
business day.
Computation
90 percent
Tax
Income
Tax
Period
of Tax
Withheld
C. Fiscal Year Taxpayers — Fiscal year taxpayers should substitute
Jan. 1 to Mar. 31
$15,000
$0
$0
$275
for the due dates above, the 15th day of the first and last months of the
Jan. 1 to May 31
$21,665
$86
$77
$458
second quarter of your fiscal year; the 15th day of the last month of the
Jan. 1 to Aug. 31
$31,665
$607
$546
$733
third quarter; and the 15th day of the first month of your next fiscal year.
Since the amounts in column (5) are greater than those in column (4) for
D. Exception to the Penalty — You will not be liable for a penalty if your
each of the first three computation periods, there is no penalty for the
2014 tax payments (amounts shown on Line 20) equal or exceed any
first three installment periods.
amount determined for the same period under the following exception
E. Figure the Addition to Tax — For Line 27a, enter the number of
provisions. You may apply a different exception to each underpayment.
days from the due date of the installment to the date of payment or
Please enclose a separate computation page for each payment. If none
December 31, 2014, whichever is earlier. If the payment date on Line
of the exceptions apply, complete Lines 15 through Line 29.
26 is December 31, 2014, or later and the due date of the installment is
The percentages shown on Lines 21, 22, and 23, for the April 15, June
April 15, 2014, then enter 260 days; for June 15, 2014, 199 days; and for
15, and Sept. 15 installment dates, are for calendar year taxpayers
September 15, 2014, 107 days.
required to pay installments on four dates.
For Line 27b, enter the number of days from January 1, 2015, or the 2015
Exception 1 — Prior Year’s Tax. — This exception applies if your 2014
installment due date to date of payment or appropriate due date of return,
tax payments equal or exceed the tax shown on your 2013 tax return. The
whichever is earlier. If the payment date is April 15, 2015, enter 105 days
2013 return must cover a period of 12 months and show a tax liability.
for the first, second, and third quarters and 90 days for the fourth quarter.
Exception 2 — Tax on Prior Year’s Income using 2014 Rates and
F. Tax Withheld — You may consider an equal part of the income tax
Exemptions — This exception applies if your 2014 tax withheld and
withheld during the year as paid on each required installment date, unless
estimated tax payments equal or exceed the tax that would have been due
you establish the dates on which the withholding occurred and consider it
on your 2013 income if you had computed it at 2014 rates. To determine
paid on those dates.
if you qualify for this exception, use the personal exemptions allowed for
2014, but use the other facts and law applicable to your 2013 return.
G. Overpayment — Apply as credit against the next installment any install-
ment overpayment shown on Line 19a that is greater than all prior under-
Exception 3 — Tax on Annualized 2014 Income — This exception
payments.
applies if your 2014 tax payments equal or exceed 90 percent of the tax
on your annualized taxable income for periods from the first of the year
H. Installment Payments – If you made more than one payment for any
to the end of the month preceding that in which an installment is due. To
installment, enclose a separate computation for each payment. If you filed
annualize your taxable income, follow these four steps.
your return and paid the balance of tax due on or before January 31, 2015,
consider the balance paid as of January 15, 2015.
(a) Figure your adjusted gross income less itemized deductions
from the first of your tax year up to and including the month prior
I. Exception from the Addition to Tax for Service in a Combat Zone —
to that in which an installment is due; or, if you use the standard
You may be exempt from a penalty for underpayment of estimated tax
if you served in the U.S. Armed Forces in an area designated by the
deduction, figure your adjusted gross income for that period.
President as a combat zone under conditions which qualified you for hostile
(b) Divide the result of step (a) by the number of months in your
fire pay. If you are exempt for this reason, write on Line 19, for the appli-
computation period.
cable installment dates, “Exempt, combat zone.”
(c) Multiply the result of step (b) by 12.
J. Farmers — If (1) your Missouri gross income from farming is at least
(d) Subtract the deduction for personal exemptions, federal tax and, if
two-thirds of your total Missouri gross income and (2) you filed a Mis souri
you did not itemize, subtract the standard deduction. The result is
Individual Income Tax Return and paid tax on or before March 1, 2015, you
your annualized taxable income.
are exempt from charges for underpayment of estimated tax. If so, write on
Exception 3 may not be used for the fourth installment period.
Line 1, “Exempt, farmer”.
Example I (combined return with one dependent)
If you meet this gross income test but did not file a return or pay the
1. Wages, received during Jan., Feb., and Mar . . . . . . . . . . . . . . .$6,000
tax when due, complete this form with respect to the last quarter only.
2. Self-employment income during Jan., Feb., and Mar. . . . . . . . .$4,000
Qualified farmers would enter all of Line 14 in the fourth quarter and
3. Adjusted gross income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$10,000
calculate the appropriate underpayment.
Form MO-2210 (Revised 12-2014)
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