Form Rpd-41272 - New Mexico Calculation Of Estimated Personal Income Tax Underpayment Penalty - 2014 Page 4

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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 VI: Calculate the penalty you owe on underpayment of estimated installment payments. Continued from Section
V. At the top of the column 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 payment for a quarter in a separate column. When completing line 21 for subsequent columns in one
quarter, subtract the previous late payments for the quarter from the underpayment of estimated tax for the quarter (line 19,
Section IV).
___ Quarter
___ Quarter
___ Quarter
___ Quarter
f
g
h
e
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 on line 34,
of Section V. This is your total penalty on underpayment of estimated income tax.
Page 4 of 7

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