Form Ri-2210 - Underpayment Of Estimated Tax By Individuals

PURPOSE OF THIS FORM

Line 15 – Enter the amount from line 13 (or from line 14 if line 14 was

Individuals (except qualified farmers and fishermen) should use this form

completed).

to determine if their income tax was sufficiently prepaid throughout the year

Line 16 – You are considered to have paid Rhode Island withholding tax

by having RI tax withheld or by paying RI estimated tax; if not, a charge

evenly during the year unless you can show otherwise. Therefore, you are

may be imposed on the underpayment of the taxes. Complete Part 1 of this

considered to have paid one -fourth of your Rhode Island withholding on

form to determine if the payment of the charge may be avoided.

each installment due date. Divide the total amount withheld by 4 and enter

the results in each column. Enter the estimated taxes paid that were for 2001

FARMER AND FISHERMAN

tax year plus any portion of your overpayment from 2000 which you elected

If you meet both of the following tests, you may be exempt from the

to be applied to 2001. Enter in column A those payments made on or before

charge for underpayment of estimated tax: j Gross income from farming

April 15, 2001 in column B those payments made between April 16, 2001

or fishing is at least two thirds of your annual gross income; and, k Filed

and June 15, 2001, in column C those payments made between June 16,

form RI-1040 or RI-1040NR and paid the tax due on or before March 1,

2001 and September 15, 2001, and in column D those payments made

2002. If you meet both of the tests, write on line 1 “EXEMPT,

between September 16, 2001 and January 15, 2002.

FARMER/FISHERMAN” and do not complete the rest of this form. Attach

If you filed your return on or before February 15, 2002 and paid the tax

this form to your return or mail to RI Division of Taxation if the return has

balance in full, then enter that amount in column D. This only applies to

been previously filed.

those taxpayers who either were not required to make a Rhode Island

estimated tax payment prior to the Januar y 15, 2002 installment date or

PART 1 – REQUIRED ANNUAL PAYMENT

included their January 15, 2002 installment payment with the tax balance

Line 1 – Enter your 2001 RI tax from RI-1040, line 13 or RI -1040NR,

paid on or before February 15, 2002.

line 13.

Line 17 – Subtract line 16 from line 15 for any underpayments. Subtract

Line 2 – Enter 80% of the amount shown on line 1

line 15 from line 16 for any overpayments. Any overpayments on line 17

Line 3 – Enter amount shown on your RI-1040 or RI-1040NR, line 18A.

should be used to increase the amount entered on line 16 for the next

Line 4 – Subtract line 3 from line 1. If the result is $250.00 or less you

installment period. Any underpayment on line 17 should be used to decrease

do not owe any amount and need not complete the rest of this form.

the amount on line 16 for the next installment period. However, if you

Line 5 – Enter your 2000 RI tax – RI-1040, line 2 less lines 3D and 3E,

entered amounts on line 14, annualized income installments, and the

or RI-1040NR, line 2 less line 3D. If you had no federal tax liability for

amounts on line 17 are zero (0) or less for all installment periods, then enter

2000 and you were a Rhode Island resident during all of 2000, and your

zero (0) on line 21 and file this form with your return.

2000 federal tax return was (or would have been had you been required to

file) for a full 12 months, then enter zero (0).

PART 4 – HOW TO FIGURE THE CHARGE

Line 6 – Enter the smaller of line 2 or line 5 (including zero). If line 6 is

Line 18 – Enter the date you paid the tax balance due on your RI return

zero, you do not owe any amount and need not complete the rest of this

or April 15, 2002 whichever is earlier.

form. However, you must attach this form to your RI return.

Line 19A – Enter the number of days from the installment due date to the

date of payment or December 31, 2001, whichever is earlier. If December

PART 2 – SHORTCUT METHOD

31, 2001 is used, then enter 260, 199 and 107 respectively in each column.

Line 7 – Enter the amount from line 6.

Line 19B – Enter the number of days from the installment due date to the

Line 8 – Enter the total amount of estimated tax and withholding you

date of payment or April 15, 2002, whichever is earlier. If April 15, 2002 is

paid for 2001 (RI-1040 or RI-1040NR, lines 18A and 18B).

used, then enter 90 in the last column.

Line 9 – Subtract line 8 from line 7.

Line 19C – Enter the number of days from January 1, 2002 to the date of

Line 10 – Multiply line 9 by 0.079808

payment or April 15, 2002, whichever is earlier. If April 15, 2002 is used

Line 11 – If you paid the tax balance due before 4/15/02, multiply the

then enter 105 in each column. Interest rates to be used are 12% per

number of days paid before 4/15/02 by the amount on line 9 and by .00022

annum from January 1, 2001 to December 31, 2001 and 12 % per

and enter the result on line 11.

annum from January 1, 2002 to December 31, 2002.

Line 12 – Subtract line 11 from line 10 – enter here and in the space

Line 20 – Compute the charge using the applicable interest rates and

provided on RI-1040 or RI-1040NR, line 19.

number of days times underpayment entered on line 17 for each installment

period. Divide the number of days from line 19 by the total number of days

PART 3 – FIGURE YOUR UNDERPAYMENT

in the year times the applicable interest rate times the amount of the

Line 13 – Divide the amount shown on line 6 by four (4) and enter the

underpayment on line 17 for each installment.

result in each column.

Line 21 – Add the amounts from lines 20A, B and C in all columns and

Line 14 – If your income varies during the year you may complete the

enter the total here. Include this amount with your tax balance payment and

annualized income installment worksheet. However, if you complete and

attach this form to your return. If your RI tax return has previously been

use line 14 for any installment you must complete it and use it for all

filed, then attach your check to this form and mail it to the RI Division of

installments. NOTE: COMPLETE LINES 15-17 FOR ONE COLUMN

Taxation, One Capitol Hill, Providence, RI 02908.

BEFORE COMPLETING THE NEXT COLUMN.

PART 5 - ANNUALIZED INCOME INSTALLMENT WORKSHEET

01/01/01

IMPORTANT: Complete one column lines 22 -32 before

completing the next column.

03/31/01

05/31/01

08/31/01

12/31/01

22. Figure your actual taxable income……………………………………….

2.4

1.5

23. Annualization amounts……………………………………………………..

24.

Multiply the amount on line 22 by the indicator on

line 23……………………………………………………………………………..

25. Figure your Rhode Island tax on the amount on line 24……………………..

20%

40%

60%

80%

26. Applicable percentage………………………………………………………

27. Multiply the amount on line 25 by the applicable

percentages on line 26………………………………………………………..

28. Enter the combined amount from line 31 for all

preceding periods……………………………………………………………

29. Subtract line 28 from line 27 - (not less than zero)………………………………………………………

30. Enter the amount from Form RI-2210, line 13 for

the period plus the amount from line 31 of this

worksheet for the preceding period……………………………………………………………

31. If line 30 is more than line 29, subtract line 29 from

line 30, otherwise enter zero…………………………………………………….

32. Enter the smaller of line 29 or line 30 here and

on line 14…………………………………………………………………

Form Ri-2210 - Underpayment Of Estimated Tax By Individuals - 2001 Page 2

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