Dr 0104ep - Individual Estimated Income Tax (Colorado Department Of Revenue)

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DR 0104EP (09/21/16)
*DO=NOT=SEND*
COLORADO DEPARTMENT OF REVENUE
Denver, CO 80261-0008
Individual Estimated Income Tax
Instructions
Calculating the Payment
Estimated tax is the method used to pay tax on income
that is not subject to withholding. Wages typically have
Use the provided Worksheet to calculate the amount
withholding, but earnings from self-employment, interest,
of estimated tax owed. Reference the previous year
dividends, rents, etc. would be subject to estimated tax.
Colorado Income Tax Return form and instructions for help
You might also pay estimated tax if your withholdings are
determining taxable income. Those who file joint returns
not enough to be excluded from the General Rule below. If
must make the payment under the taxpayer name and ID
you file form 1040-ES with the IRS, typically you would pay
number that will be listed first on the income tax return.
estimated tax to the Colorado Department of Revenue. See
Remit payments according to the due date table provided in
publication FYI Income 51 for more information, which is
the worksheet.
available at
Penalties
General Rule
Failure to timely remit estimated tax as necessary will
In most cases, you will pay estimated tax if you expect to
result in an estimated tax penalty. Exceptions will be given
owe more than $1,000 in tax for 2017, after subtracting any
to farmers or fishermen who file and remit full payment
withholding or refundable credits you might have.
by March 1. Otherwise, penalty will be calculated for
Required Payments
each missed or late payment. For calculation specifics,
or to remit this penalty before being billed, see Form 204,
The required annual amount to be paid is the smaller of:
Underpayment of Individual Estimated Tax.
a. 70% of the actual net Colorado tax liability.
Refunds
b. 100% of the preceding year’s net Colorado tax liability.
Estimated tax payments can only be claimed as prepayment
This rule only applies if the preceding year was a
credit on the 2017 Colorado income tax return. Therefore,
12-month tax year, the individual filed a Colorado return,
estimated payments cannot be refunded in any manner until
and the federal adjusted gross income on that return
was $150,000 or less (or, if married filing separately,
such time that the Colorado income tax return is filed.
$75,000 or less).
Go Green with Revenue Online
c. 110% of the preceding year’s net Colorado tax liability.
allows taxpayers to file taxes,
This amount applies only if the preceding year was
remit payments and monitor their tax accounts. Form 104EP is
a 12-month year, and the individual filed a Colorado
not required if electronic payment is remitted through this site.
return.
Please be advised that a nominal processing fee may apply to
electronic payments.
Annualized Installment Method
Pay by Electronic Funds Transfer
Those who do not receive income evenly throughout the
EFT payments can be made safely and for free, and can be
year may elect to file using this method. Specific instructions
scheduled up to 12 months ahead of time to avoid forgetting to
for the annualized installment method are available in
make a quarterly payment. This requires pre-registration before
publication FYI Income 51.
payments can be made. Visit for
registration information.
Carryforward of Estimated Overpayment
Any overpayment designated for carryforward on your
Additional information, FYI publications, and forms are
Colorado income tax return from the previous year must be
available at or you can call
applied to the first estimated tax payment due for this tax
303-238-SERV (7378) for assistance.
period.

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