Form Rpd-41272 - Calculation Of Estimated Personal Income Tax Underpayment Penalty - 2013 Page 3

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RPD-41272 (2013)
Rev. 12/13/2013
New Mexico Taxation and Revenue Department
2013 Calculation of Estimated Personal Income Tax Underpayment Penalty
Mark this box if you want the Taxation and Revenue Department to calculate the penalty on underpayment of estimated
personal income tax that you owe. If you mark this box, you do not need to complete Section V. However, you must
complete Sections I through IV or the Department cannot calculate your penalty using an exception method to calculate
estimated tax and you may be assessed a penalty based only on the standard method. If you want to calculate the
penalty yourself, continue with Section V.
Section V: Calculate the penalty you owe on underpayment of
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
estimated installment payments. If you made more than one
b
c
d
a
payment during a quarter, add one or more columns. The dotted
line in column a shows how to divide the column for two payments.
21.
Enter the underpayment of estimated tax for the quarter from
21
line 19, Section IV.
22
22.
Enter the due date of the installment from the table in Section IV.
23.
Enter the date the underpayment on line 21 was paid or the
15th day of the fourth month after the close of the tax year,
whichever is earlier. For details, see HOW INSTALLMENT
23
PAYMENTS ARE APPLIED on page 5.
24.
Enter the number of days from the installment due date (line
24
22) to the date on line 23.
25
25.
Number of days on line 24 after 4/15/2013 and before 7/1/2013.
Underpayment on line 21 X number of days on line 25 X ___% =
26.
3
26
365
27
27.
Number of days on line 24 after 6/30/2013 and before 10/1/2013.
Underpayment on line 21 X number of days on line 27 X ___% =
3
28.
28
365
29
29.
Number of days on line 24 after 9/30/2013 and before 1/1/2014.
Underpayment on line 21 X number of days on line 29 X ___% =
3
30.
30
365
31
31.
Number of days on line 24 after 12/31/2013 and before 4/15/2014.
Underpayment on line 21 X number of days on line 31 X ___% =
3
32.
32
365
33.
For each column, add lines 26, 28, 30, and 32 then enter the
33
sum.
34.
Add columns a through d of line 33 and enter the total.This is your
34
total penalty on underpayment of estimated income tax.
If you have multiple payments in one quarter, add extra columns for the quarter. For example, if you made two payments in
the first quarter use two columns as shown in column a. Calculate each payment for a quarter in a separate column. You
can attach a spreadsheet in the same format as Section V. When completing line 21 for subsequent columns in one quarter,
subtract the previous payment for the quarter from the underpayment of estimated tax for the quarter (line 19, Section IV).
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