Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh (Page 3 of 4) in pdf

740NP-WH-P

Page 3

INSTRUCTIONS—Form 740NP-WH-P

40A201-WHP (10-14)

Purpose of Form—This form is to be used by a pass-

Line 1—Enter from Form 740NP-WH, Line 9 the total tax

through entity required to make a declaration and

liability of individual partners, members or shareholders

payment of estimated tax for the taxable year as provided

whose liability exceeds $500. “Individual” means an

by KRS 141.206(6) and KRS 141.207 to: (i) compute the

individual, estate or trust.

underpayment penalty as provided by KRS 141.990;

and (ii) compute the interest on any late payment or

Line 2—Enter from Form 740NP-WH, Line 9 the total tax

underpayment of an estimated tax installment as provided

liability of corporate partners or members whose liability

by KRS 141.985.

exceeds $5,000.

PART I—FIGURING THE UNDERPAYMENT AND PENALTY

Line 3—Multiply the number of corporate partners or

members included on Part II, Line (2) by $5,000.

KRS 141.207(4) provides that a pass-through entity

required to make a declaration and payment of estimated

Line 4—Enter Line 2 less Line 3.

tax shall be subject to the penalty provisions of KRS

131.180 and 141.990.

Line 5—Enter 25% of the amount on Line 1 in Columns A,

B, C and E.

Line 1—Enter the number of individual partners, members

or shareholders whose tax liability on Form 740NP-WH,

Line 6—Enter 50% of the amount on Line 4 in Column B,

Line 9 exceeds $500. “Individual” means an individual,

and 25% of the amount on Line 4 in Columns C and D.

estate or trust.

Line 7—Enter the total of Lines 5 and 6 in each column.

Line 2—Enter the number of corporate partners or

members whose tax liability on Form 740NP-WH, Line 9

Line 8—Enter the total estimated tax paid for each

exceeds $5,000.

installment period included on Form 740NP-WH, Lines 10

and 12.

Line 3—Enter from Form 740NP-WH, Line 9 the total tax

liability of individual partners, members or shareholders

For a calendar year taxpayer, enter estimated tax payments

whose liability exceeds $500, and corporate partners or

as follows: (i) if the declaration payment was made on or

members whose liability exceeds $5,000.

before April 15 of the taxable year, enter the payment in

Column A; (ii) if the declaration payment was made after

Line 5—Multiply Line 3 by the percentage on Line 4.

April 15 but on or before June 15 of the taxable year, enter

the payment in Column B; (iii) if the declaration payment

Line 6—Multiply $5,000 by the number of corporate

was made after June 15 but on or before September 15

partners or members on Line 2.

of the taxable year, enter the payment in Column C; (iv)

if the declaration payment was made after September 15

Line 7—Enter the total estimated tax payments from Form

but on or before December 15 of the taxable year, enter

740NP-WH, Lines 10 and 12.

the payment in Column D; (v) if the declaration payment

was made after December 15 but on or before January

Line 8—Enter the amount from Line 5 less the amounts

15 of the succeeding taxable year, enter the payment in

on Lines 6 and 7.

Column E; or (vi) if the declaration payment was made

after January 15 of the succeeding taxable year, do not

Line 10—Multiply the amount on Line 8 by the percentage

enter the payment on Line 8. Note: If a payment date falls

on Line 9. Enter the amount on this line and on Form

on a holiday or weekend, the applicable payment date is

740NP-WH. If there is an income tax overpayment on Line

the next business day.

14 of Form 740NP-WH, enter this amount on Form 740NP-

WH, Line 16. If there is an income tax due on Line 13 of

Fiscal Year: If Form 740NP-WH is for a fiscal year, enter the

Form 740NP-WH, enter this amount on the Tax Payment

estimated tax payments as follows: (i) if the declaration

Summary, Line 3.

payment was made on or before the 15th day of 4th month,

enter the payment in Column A; (ii) if the declaration

payment was made after the 15th day of the 4th month

PART II—LATE PAYMENT INTEREST

but on or before the 15th day of 6th month, enter the

KRS 141.985 provides that if the tax imposed by this

payment in Column B; (iii) if the declaration payment was

chapter on any installment or portion of the tax is not paid

made after the 15th day of the 6th month but on or before

on or before the date prescribed for its payment, there

the 15th day of 9th month, enter the payment in Column

shall be collected, as part of the tax, interest upon the

C; (iv) if the declaration payment was made after the 15th

unpaid amount at the tax interest rate as defined in KRS

day of the 9th month but on or before the 15th day of

131.010(6) from the date prescribed for its payment until

12th month, enter the payment in Column D; (v) if the

payment is actually made to the department.

declaration payment was made after the 15th day of the

Form 740np-Wh-P - Underpayment And Late Payment Of Estimated Tax On Form 740np-Wh Page 3

Related Articles

Related forms

Related Categories