Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 66
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76Instructions for Form 2210-K
Purpose of Form—Use this form to determine if you owe an
required to make installment payments during the remainder
underpayment of estimated tax penalty for failing to prepay
of the year. Refer to the payment due dates at the top of
70% of your tax liability and/or interest for failing to make
columns A – D to determine how many installments you are
four equal estimated tax installments timely. You may be
required to make based on when your income changed or
subject to one or both even if you are due a refund when
was received.
you file your tax return.
If you are required to make 3 installments, multiply line 7 by
Underpayment of Estimated Tax Penalty—You may be
33.3 percent (.333) and enter in columns B through D.
charged an underpayment of estimated tax penalty if you
did not prepay 70% of your tax liability and you did not meet
If you are required to make 2 installments, multiply line 7 by
one of the exceptions listed in Part I.
50 percent (.50) and enter in columns C and D.
Estimated Tax Interest—You may also be charged interest if
If you are required to only make 1 installment, multiply line
you failed to make four equal installments timely pursuant
7 by 100 percent (1.00) and enter in column D.
to KRS 141.305. These payments are due by April 15, June
15, September 15 of the taxable year, and on January 15 of
Line 9—Enter the sum of estimated tax payments made and
the succeeding taxable year. Failure to make these equal
Kentucky withholding for each quarter. If you have Kentucky
installments timely may result in interest due pursuant to
income tax withheld, multiply the total by 25 percent (.25)
KRS 141.985. The interest is computed separately for each
and enter in columns A through D. If you had a credit forward
due date.
from a prior year return, enter the total amount in Column
A only.
Part I—Exceptions and Exclusions—The underpayment of
Note: Complete lines 10 through 17 for Column A before
estimated tax penalty may not apply if one of the exceptions
going to Column B, etc.
listed in Part I is met. If you meet one or more of the
exceptions, check the appropriate box(es), complete the lines
Line 10—Enter amount from line 17 of the previous column.
associated with the exception and check the “Form 2210-K
This amount should be the overpayment if any from the
attached” box on Form 740, line 41a (Form 740-NP, line 41a).
previous column.
If none of the exceptions apply, go to Part II.
Line 12—Enter amount from line 16 of the previous column.
Part II—Figuring the Underpayment and Penalty—Only
This amount should be the underpayment amount from the
complete this section if the additional tax due exceeds $500
previous column that will be carried over to each column
and you do not meet one of the exceptions listed in Part I.
until the payment is made.
Do not include amounts that were prepaid with extension or
payments made after the due date of the fourth declaration
Line 16—This is the underpayment amount for that column
installment. To avoid this penalty in the future, obtain and
and any underpayment from the previous columns. The
file Form 740-ES.
underpayment will continue to carryover to the next column
until the payment is made or the due date, whichever is
Part III—Required Annual Payment and Interest Calculation—
earlier.
This section is used to calculate your required annual
payment. The required annual payment is used to calculate
Figuring the Interest—Interest will be calculated on each
the amount of payment that you should have made each
underpayment in each column from the payment due date
quarter. If you do not pay the required amount in each quarter,
written above line 8 to the date on line 18 or the date the
you will be subject to interest until that payment is made.
payment was made, whichever is earlier. The underpayments
You may not be required to pay estimated tax payments if
will carryover to the next column and be added to that columns
you meet one of the following exceptions:
underpayment to calculate interest on that balance.
•
Taxpayer died during the taxable year
Line 18—Use this date to calculate the number of days that
•
Declaration was not required until after September 1,
the current interest amount will be based upon, unless the
2012, and the taxpayer files a return and pays the full
underpayment was paid prior to this date.
amount of the tax computed on the return on or before
February 1, 2013.
Line 19—This is the number of days from the payment due
•
Two–thirds (2/3) or more of the gross income was from
date shown above line 8 to the date the amount on line 16
farming; this return is being filed on or before March 1,
was paid or the date shown on line 18 for the column in which
2013; and the total tax due is being paid in full.
you are calculating interest.
•
Prepaid your last years tax liability with timely
For example, if your underpayment on line 16 for column A
payments.
is $1,000, you would calculate the interest from 4–15–12 to
Lines 1–7—Calculates your required annual payment which
6–15–12 and enter 61 days on line 19. If this $1,000 remains
is the lesser of your current years income tax liability or your
unpaid, it will be added to any underpayment in column B
previous years tax liability. If you have paid withholding that
and you would calculate interest from 6–15–12 until 9–15–12
exceeds the lesser of the two, you do not owe interest and
which would be 92 days for that period, etc.
you do not need to complete the rest of the form.
Line 20—The annual interest rate is established by the
Line 8—Multiply line 7, page 2, by 25 percent (.25) and enter
Department of Revenue for each calendar year. The interest
amount in columns A through D. However, if your source(s)
rate for calendar years 2012 and 2013 is 6 percent. The interest
of income changed unexpectedly throughout the year or your
calculation for the required third installment payment may
income was received later in the year, the required number
be calculated using two different interest rates.
of installments may be fewer.
A taxpayer who is not required to pay estimated tax in four
equal installments at the beginning of the year may be
28
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