Colorado Fiduciary Tax Booklet - 2013 (Page 5 of 20) in pdf

Page 5

This authorization applies only to the individual whose

Line 16 Estimated Tax Payments and Credits

name appears in the “Person or Firm Preparing Return”

Enter any amount paid on behalf of the estate or trust with

area of the fiduciary’s return. It does not apply to the firm, if

the extension of time for filing payment voucher. Include

any, shown in that section.

amounts paid, if any, as estimated tax payments or as

If the “Yes” box is marked, the fiduciary is authorizing

withholding on nonresident real estate sales.

the Colorado Department of Revenue to call the paid

preparer to answer any questions that may arise during the

Line 17 Colorado Income Tax Withheld

processing of the estate’s or trust’s return. The fiduciary is

Enter any amount of Colorado income tax withholding on

also authorizing the paid preparer to:

wages reported as taxable income by the estate.

• Give the Colorado Department of Revenue any

information that is missing from the estate’s or trust’s

Line 18

Enter the amount of any Colorado W-2G lottery/gaming

return; and/or

withholding.

• Call the Colorado Department of Revenue for

information about the processing of the estate’s or

trust’s return or the status of its refund or payment(s);

Line 19 Refundable Innovative Motor Vehicle

Credit

and/or

Enter the credit, if any, From line 36, Form DR 0617.

• Respond to Colorado Department of Revenue notices

that the fiduciary has shared with the preparer about

Line 20 Authorized Instream Flow Incentive

math errors, offsets, and return preparation. The

Credit

notices will not be sent to the preparer.

Enter the amount of any instream flow incentive tax credit

authorized by the Colorado Water Conservation Board.

The fiduciary is not authorizing the paid preparer to receive

The credit shall not be available for a water right that is

any refund check, bind the estate or trust to anything

decreed for irrigation on land for which a conservation

(including any additional tax liability), or otherwise represent

easement tax credit is claimed unless it is specifically

the estate or trust before the Colorado Department of

excluded from the terms of the conservation easement.

Revenue. If the fiduciary wants to expand the paid preparer

authorization, complete form DR 0145 Power of Attorney for

Line 21

Department – Administered Tax Matters.

Enter the sum of lines 16 through 20.

The authorization will automatically end no later than

Line 22 through Line 24

the due date (without regard to extensions) for filing the

Line 24 is the balance of tax due, line 15 minus line 21.

estate’s or trust’s 2014 tax return. If the fiduciary wants

Include penalty and/or interest on lines 22 and 23 if paid

to revoke the authorization before it ends, send a written

after the original due date of the return.

statement of revocation to the Colorado Department of

Revenue, Denver, CO 80261-0006. The statement of

If 90% or more of the net tax was paid by the original due

revocation must indicate that the authorization is revoked,

date of the return (April 15th for calendar year returns) and

list the tax return, and must be signed and dated by the

the balance is paid when the return is filed by the last day

fiduciary or the paid preparer.

of the extension period then only interest will be due. If less

than 90% of the net tax was paid by the original due date of

the return, penalty and interest will be due.

Schedule A

Enter the names and addresses of the beneficiaries. Use

The penalty is 5% of the balance of tax due for the first

lines (a) through (f) for resident beneficiaries and lines (g)

month or fraction of a month of delinquency plus 1/2%

through (k) for nonresident beneficiaries.

for each additional month or fraction of a month of

delinquency, not to exceed 12% in the aggregate.

Schedule B

Interest is computed at the rate of 3% on any tax unpaid as

Schedule B is used to compute the fiduciary’s percentage

of the due date of the return from the due date to the date

share and each beneficiary’s percentage share of the

of payment. (Interest on any tax due more than 30 days

federal distributable net income. These percentages are to

after billing will be assessed at 6%.)

be used in the division of the Colorado fiduciary adjustment

in Schedule D.

Paid Preparer Authorization

If the fiduciary wants to allow the Colorado Department of

Schedule C

Revenue to discuss the estate’s or trust’s 2013 tax return

Schedule C is used to determine what part of the

with the paid preparer who signed it, mark the “Yes” box.

nonresident beneficiaries’ federal distributable net income

Colorado Fiduciary Tax Booklet - 2013 Page 5

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