Form Rpd-41272 - New Mexico Calculation Of Estimated Personal Income Tax Underpayment Penalty - 2014 Page 3

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RPD-41272 (2014)
Rev. 12/31/2014
New Mexico Taxation and Revenue Department
2014 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 or VI. 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, and VI as necessary.
Section V: Calculate the penalty you owe on underpayment of estimated installment payments. At the top of the col-
umn indicate the Quarter (1, 2, 3 or 4) in which an underpayment occurred from line 19, Section IV. If you have multiple late
payments in one quarter, add extra columns for the quarter. For example, if you made two payments after the first quarter
was due, use the first two columns a and b, and enter 1 next to “Quarter” at the top of each column. Calculate each late pay-
ment for a quarter in a separate column. For additional columns, use Section VI. 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).
___ Quarter
___ Quarter
___ Quarter
___ Quarter
b
c
d
a
21.
Enter the underpayment of estimated tax for the quarter from
line 19, Section IV. If more than one payment is made for a
quarter, reduce this line by the payment made in the other
column for that quarter.
21
22.
Enter the due date of the installment from the table in Section IV.
22
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
PAYMENTS ARE APPLIED on page 5.
23
24.
Enter the number of days from the installment due date (line
22) to the date on line 23.
24
25.
Number of days on line 24 after 4/15/2014 and before 7/1/2014.
25
Underpayment on line 21 X number of days on line 25 X ___% =
3
26.
365
26
27.
Number of days on line 24 after 6/30/2014 and before 10/1/2014.
27
Underpayment on line 21 X number of days on line 27 X ___% =
3
28.
28
365
29.
Number of days on line 24 after 9/30/2014 and before 1/1/2015.
29
Underpayment on line 21 X number of days on line 29 X ___% =
3
30.
365
30
31.
Number of days on line 24 after 12/31/2014 and before 4/15/2015.
31
Underpayment on line 21 X number of days on line 31 X ___% =
3
32.
365
32
33.
For each column, add lines 26, 28, 30, and 32 then enter the
sum.
33
Add columns a through h of line 33 in Sections V and VI, and enter the total.This is
34.
your total penalty on underpayment of estimated income tax.
34
Page 3 of 7

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