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RPD-41272 (2014)

New Mexico Taxation and Revenue Department

Rev. 12/31/2014

2014 Calculation of Estimated Personal Income Tax Underpayment Penalty

Section III: Calculate the amount and due date of estimated tax payments and penalties for Section IV, lines 12 and 13.

8. Line 12 for standard method. If you were required to make estimated tax payments on or before March 31, multiply

the required annual payment in line 7 by 0.25 (25%). Enter this amount in each column of line 12. If you want to calculate

estimated installment payments based on the actual dates on which all amounts of withholding tax were withheld for the

applicable year, go to instruction 11 to complete line 13.

9. Line 12 for income that varies during the year. If you did not have income sufficient to require a payment until after

March 31, read lines 9a, 9b, and 9c to complete line 12. Then go to instruction 11 to complete line 13.

9a. If you were required to make estimated tax payments after March 31 but before June 1, multiply the required annual payment,

in line 7 by 0.50 (50%) and enter this amount on line 12, column b. Multiply the required annual payment in line 7 by 0.25 (25%)

and enter that amount on line 12, columns c and d.

9b. If you were required to make estimated tax payments after May 31 but before September 1, multiply the required annual

payment in line 7 by 0.75 (75%) and enter that amount on line 12, column c. Multiply the required annual payment in line 7 by 0.25

(25%) and enter that amount on line 12, column d.

9c. If you were required to make estimated tax payments after August 31, enter 100% of the required annual payment in line 7 on

line 12, column d

10. Line 12 for farmers or ranchers. If you are a qualified farmer or rancher, enter 100% of the required annual payment on

line 12, column d and go to instruction 11 to complete line 13. NOTE: If a qualified farmer or rancher files and pays the

tax in full on or before March 1 of the year following the tax year of the return, no penalty is due. In this case, complete

Sections I through IV of this form and enter zero on page 3, line 34.

11. Line 13 for total withholding tax and estimated tax paid. Divide the tax withheld for the 2014 tax year by four. Add

this amount to the estimated tax you paid for each quarter. In column a, include amounts carried forward from the prior

year PIT-1 return. If you are computing your estimated tax due based on the actual dates when the withholding tax was

withheld, add the amount of tax withheld during the quarter to any amount of estimated tax payments made for the quarter

and any other tax withheld attributable to the quarter.

Section IV: Calculate the underpayment.

Complete lines 12 and 13 by following Section III instructions 8 to 11. Then continue with line 14. Complete lines 14 through

20 for each column before going on to the next column. Leave all shaded fields blank.

Installment due dates. For calendar year taxpayers, the

Installment Due Dates

due dates of the installments are entered for you. If you

are a fiscal year filer, strike through the dates and enter

the correct installment due dates. See WHEN DO YOU

4/15/14

6/16/14

9/15/14

1/15/15

NEED TO PAY ESTIMATED TAXES? on page 4.

12. Enter the required estimated payments for each column.

See Section III instructions 8 through 10.

13. Enter the estimated tax paid and tax withheld. See

Section III instruction 11.

14. Enter amount of overpayment, if any, from line 20 of

the previous column.

15. Add lines 13 and 14, then enter the sum.

16. Enter sum of lines 18 and 19 from the previous column.

17. For column a, enter the amount from line 13. For col-

umns b, c, and d, subtract line 16 from line 15. If the

difference is zero or less, enter zero.

18. If the amount on line 17 is zero, subtract line 15 from

line 16 and enter the amount. Otherwise, enter zero.

19. Underpayment. If line 12 is equal to or more than line

17, subtract line 17 from line 12, enter the amount, and

go to line 14 of the next column. Otherwise, go to line 20.

20. Overpayment. If line 17 is more than line 12, subtract

line 12 from line 17. Then go to line 14 of the next column.

Page 2 of 7

Form Rpd-41272 - New Mexico Calculation Of Estimated Personal Income Tax Underpayment Penalty - 2014 Page 2

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