Instructions For 2014 Form U: Underpayment Of Estimated Tax By Corporations
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4Instructions for 2014 Form U:
Underpayment of Estimated Tax by Corporations
Purpose of Form U
month period. See s. Tax 2.66(3)(f), Wisconsin Ad-
ministrative Code, for details.
Corporations, combined groups, and tax exempt or-
ganizations required to file use Form U to determine
Required installments for large corporations are
if they are subject to interest for underpayment of
based on the smaller of:
estimated tax and, if so, the amount of interest. A
1. 90% of 2014 Wisconsin net tax, or
corporation, combined group, or exempt organization
may be subject to underpayment interest if the total
2. 90% of the 2014 Wisconsin net tax figured by
of its tax and economic development surcharge for its
annualizing income, as computed in Part III of
taxable year beginning in 2014 is $500 or more.
Form U.
Form U is also used to compute both extension and
Line-by-Line Instructions
delinquent interest whenever the tax due is not paid
within 2½ months after the end of the taxable year.
Following are instructions which explain the parts of
Form U in the order they appear on the form:
If this is a combined return, prepare only one Form U
for the entire combined group. Section Tax 2.66(3),
Wisconsin Administrative Code, provides that the
combined group is generally treated as a single cor-
poration for purposes of determining required esti-
Part I: Computation of Underpayment
mated payments and underpayment interest.
and Interest Due
■ Line 1a. 2014 Tax – Enter the amounts from 2014
Required Estimated Payments
Form 4, line 21 plus line 22; Form 4T, line 24 plus
line 25;; Form 5S, line 6 plus line 8; or Form 6, page
Required installments differ for large and small corpo-
1, line 15 plus line 16.
rations. A “small” corporation is a corporation (or
combined group) having 2014 Wisconsin net income
■
Line
1b.
2014
Refundable
Credits
and
of less than $250,000. A “large” corporation is a cor-
Withholding – Enter your refundable credits and
poration (or combined group) having 2014 Wisconsin
withholding from 2014 Form 4, line 27 plus line 28;
net income of $250,000 or more. On Form 5S, net
Form 4T, line 30 plus line 31; Form 5S, line 13; or
income is the amount on line 3.
Form 6, page 1, line 21 plus line 22.
NOTE: Since a combined group is treated as a
NOTE: You do not have to complete lines 3a and 3b
single corporation, a “large” corporation includes a
unless the taxpayer qualifies to base its estimated
combined group for which the combined group’s
payments on 100% of 2013 net tax. See Required
total Wisconsin net income on Form 6, page 1, line
Estimated Payments in the previous column.
11 is $250,000 or more.
■ Line 3a. 2013 Tax – If this is not a combined re-
Required installments for small corporations are
turn, enter the amounts from 2013 Form 4, line 24
based on the smaller of:
plus line 25; Form 4T, line 24 plus line 25; Form 5,
1. 90% of 2014 Wisconsin net tax,
line 11 plus line 12; or Form 5S, line 8 plus line 10.
2. 90% of the 2014 Wisconsin net tax figured by
If this is a combined return and the group qualifies to
annualizing income, as computed in Part III of
base its estimated payments on 100% of the 2013
Form U, or
net tax, enter on line 3a the sum of all members’
3. 100% of 2013 Wisconsin net tax, provided the
amounts on 2013 Form 4, line 24 plus line 25; Form
2013 return covered an entire 12-month period.
4T, line 24 plus line 25; or Form 5, line 11 plus line
12; as applicable.
For combined groups for the taxable year 2014, the
■
computation based on 100% of 2013 net tax doesn’t
Line
3b.
2013
Refundable
Credits
and
apply unless all members of the combined group filed
Withholding – If this is not a combined return, enter
a 2013 Wisconsin return that covered an entire 12-
your refundable credits and withholding from 2013
DC-133
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