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New Mexico Taxation and Revenue Department

RPD-41287 (2013)

Rev. 12/13/2013

2013 Calculation of Estimated Corporate Income Tax

Penalty and Interest on Underpayment

Instructions

(page 3 of 3)

Line 30. Enter the sum of line 29, columns (a) through (d). This is the total interest on underpayment of estimated income tax.

Section IV: Compute the penalty on underpayment of estimated installment payments. Do not complete this section if

you wish the Department to compute the penalty and interest on underpayment of estimated corporate income tax. Please

check the indicator box at the bottom of page 1 of this form (RPD-41287) and submit page 1 only.

Line 31. Multiply the underpayment from the corresponding column, line 9 by the number of months or partial months* within

the calculation period that the underpayment was unpaid by 0.02. The calculation period for computing penalty is the period

between lines 10 and 11, on page 2 of Form RPD-41287. The formula for computing penalty is:

Underpayment x number of full/partial months x 0.02 =

*Compute the number of full/partial months within the calculation period that the underpayment on line 9 remains unpaid. To

calculate months or partial months, begin counting on the day after the due date of the estimated installment tax payment.

Payments received the day after the due date of the installment tax payment, are paid one partial month late. Add one month

for each 15th of the month that passes before the payment is made.

NOTE: If a required quarterly estimated tax liability is paid with more than one estimated tax payment after the due date of

the installment tax payment, additional computations will be necessary. For computing the underpayment interest on a partial

payment within a calculation period, on a separate sheet of paper calculate each underpayment amount and the number of

days within each calculation period that the underpayment amount remained outstanding. Compute the penalty and interest

on each underpayment due using the instructions for computing interest and penalty. Add the total penalty and interest for

the calculation period and record the totals in the correct column for the applicable quarter. Attach the worksheet.

Line 32. Enter the sum of line 31, columns (a) through (c). This is the total penalty on underpayment of estimated income tax.

Section V: Compute the penalty and interest on underpayment of estimated installment payments. Do not complete

this section if you wish the Department to compute the penalty and interest on underpayment of estimated corporate income

tax. Please check the indicator box at the bottom of page 1 of this form (RPD-41287) and submit page 1 only.

Line 33. Enter the sum of lines 30 and 32 on line 33. This is the total interest and penalty due on underpayment of estimated

corporate income tax.

HOW TO PAY AN ESTIMATED INSTALLMENT PAYMENT

You may pay through the Department’s web site at Click on “Online Services”. You may pay by

electronic check at no charge. An electronic check authorizes the Department to debit your checking account in the amount

you specify. You may also make tax payments via credit card. A convenience fee of 2.40% is required to use this service.

The fee reimburses the state for fees charged by the credit card company.

To make an estimated installment payment by check, obtain the CIT-ES Form from the Department’s web site at

newmexico.gov, one of the Department’s district offices, or from your tax return preparation software. Ensure that your form

indicates the correct tax on the CIT-ES. To ensure your payment is applied to correctly, the form must indicate the correct

tax year which you wish to make an estimated payment. For example, if you are making an estimated payment for your 2013

tax return due in 2014, make certain that your CIT-ES form indicates the 2013 tax year. Write your FEIN or CRS number

and the tax year of the return to which the payment applies on the check or money order. Make the payment payable to New

Mexico Taxation and Revenue Department and mail with Form CIT-ES to:

New Mexico Taxation and Revenue Department

P.O. Box 25127

Santa Fe, NM 87504-5127

Form Rpd-41287 - Calculation Of Estimated Corporate Income Tax Penalty And Interest On Underpayment - 2013 Page 6

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