Form IT-CR UET Fillable Form IT-CR UET Underpayment of Estimated Tax by Composite Filers
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(Attach this form to Form IT C R) (Clear) Clear (Complete Lines 1 through 5) (Complete Lines 16 through 20 for installments not avoided by an exception) (Print) Print (see ins tructions) (see instruction E) 1 Entity Income during Jan Feb and March 8 750 00 1 Tax (from Form IT C R Line 1) 10 Overpayment of previous installment 11 Total of Line 9 and Line 10 12 Underpayment (Line 8 less Line 11) or 13 Total amount paid and withheld from January 1 14 Exception 1 Detailed computation 14 Individual and fiduciary partners should use the exceptions provided on 15 Exception 2 Tax on annualized current year 16 Amount of underpayment (from Line 12) 17 Date of payment or April 15 20 whichever 18 Number of days from due date of installment 19 Penalty (9 percent a year on amount shown on 2 Annualized income (8 750 00 x 12 = 105 000 / 3) 35 000 00 2 Best C redits (from Form IT C R Line 2) 20 Penalty (Add amounts on Line 19) show this 3 Balance Due (Line 1 less Line 2) 3 Option 2 apportioned deductions and exemptions 5 400 00 4 Annualized taxable income 29 600 00 4 Enter 100% of the Immediately Preceding Year s Tax (return must be for a 12 month period) 5 Enter 70% of the Amount Shown on Line 3 5 Total Income Tax (6%) 1 776 00 6 Divide amount on Line 4 by the number of 600 UET Since this can be very complex the Department allows Exception 2 7 Divide amount on Line 5 by the number of 8 Enter the lesser of line 6 or line 7 for each period 9 Amounts paid on estimate for each period and A Composite Filers may use this form to determine whether income tax was a) Figure the entity s income from the first of its taxable year up to amount in the space provided on Form IT C R and including the month prior to that in which an installment is due annualized taxable income for periods from the first of the year to the end of the April 15 20 June 15 20 Sept 15 20 Jan 15 20 are subject to a penalty or whether you are excepted from a penalty B FILING AN ESTIMATE AND PAYING THE TAX CALENDAR YEAR B) enter the results in appropriate columns B) enter the results in the appropriate column b) Multiply the result of Step (a) by 12 Between Apr 1 and May 31 June 15 3 Between Jan 1 and March 31 April 15 4 Between June 1 and August 31 Sept 15 2 C FISCAL YEAR TAXPAYERS Fiscal year taxpayers should contact c) Divide the result of Step (b) by the number of months in your computation D EXCEPTIONS FROM THE PENALTY You will not be liable for a d) If option 2 was used on the IT CR subtract the total deductions and Department of Revenue DUE DATE OF INSTALLMENTS E OVERPAYMENT Apply as a credit against the next installment any ENTITY NAME I D NUMBER Example exceeds any amount determined for the same period under the following Exception 1 Detailed Computation: The taxpayer should compute each Exception 2 Tax on Annualized Current Year s Income: This exception applies if exception provisions If none of the exceptions apply complete Lines 16 EXCEPTIONS WHICH AVOID THE PENALTY (See Instruction D) exemptions apportioned to Georgia for all individuals included in F INSTALLMENT PAYMENTS If you made more than one payment file Form CR ES you are generally required to file estimated tax by April 15 and First Met Payment Required for an installment attach a separate computation for each payment for underpayment of estimated taxes Form 500 UET All other partners should use the exception provided on Form GEORGIA HOW TO FIGURE THE PENALTY HOW TO FIGURE YOUR UNDERPAYMENT If any date shown falls on a Saturday Sunday or legal holiday substitute the If your withheld tax and estimated tax payment for the first installment in the appropriate column income o f entity (see instructions) installment overpayment on Line 10 that is greater than all prior underpayments installments required for the year (see instruction Instructions for IT CR UET Underpayment is earlier (See Instruction F) IT CR UET Line 16 for the number of days shown on Line 18) month preceding that in which an installment is due next regular workday Not Applicable of Estimated Tax by Composite Filers On or after September 1 Jan 15 1 option 2 The results is your annualized taxable income Overpayment (Line 11 less Line 8) payments If sufficient tax was not paid you may owe a penalty of 9 percent a penalty if your current year tax payments (amount shown on Line 13) equals or period Period Due Date Maximum Number period of the current year was at least 311 00 (70% x 25% x $1 776 00) Print Clear quarterly exception for each partner shareholder or member individually Requirements of of Installments Rev (2/2013) sufficiently paid throughout the year by withholding or by installment tax and maximum number of installments tax withheld Taxpayer Services Division YEAR TAXPAYERS If you file a return on a calendar year basis and are required to The amount of tax due for each should then be combined and placed on Line the Income Tax Division at (1 877 423 6711) for information on the penalty through 20 to figure your penalty through the installment date indicated To annualize your taxable income follow these four steps: to be used which is much simpler to date shown on Line 17 to pay tax in four installments The chart below shows the due date for estimated UNDERPAYMENT OF ESTIMATED TAX BY COMPOSITE F ILERS year on the unpaid amount This form will help you determine whether you you do not owe a penalty for that period your current year s tax payments equal or exceed 70 percent of the tax on your