Form 2210ME Fillable Underpayment of estimated tax
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NOTE: Forms are available at www maine gov/revenue/forms or call 207 624 7894 (17) Unchecked (2012 and ending) (For calendar year 2012 or fiscal year beginning) (If less than $1 000 do not complete or file this form) 5 (If zero do not file this form However if you used the annualized income installment method you must file this form even if the penalty amount is zero ) (Name(s) as shown on Form 1040ME or 1041ME) (See instructions on back) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (undefined) (undefined) *1202128* 10 Less tax payments 11 Subtract line 10d from line 9 (may be a negative amount) 11 14 Enter the rate from the table on next page 14 17 Check here and on line 34b Form 1040ME or line 8b Form 1041ME if you use the annualized income installment method 17 2011 tax (if short year enter the amount from line 2) line 26 minus line 28d 2011 Form 1040ME or line 6 2011 Form 1041ME 2012 Maine Income Tax Withheld line 27a Form 1040ME or line 7a Form 1041ME 3 2012 tax (Form 1040ME line 26 minus lines 27c and 27d or Form 1041ME line 6) 1 2210ME a If line 9 is larger than line 10d enter the underpayment here 11a a Tax withheld (Enter 25% [0 25] of line 3 in each column) 10a allowable credits and withholding is $1 000 or more and your 2011 tax liability before tax credits income tax withholding or annualized worksheet under each payment due date 9 any other tax payment(s) for the tax year was $1 000 or more NOTE: Maine law disallows the use of the election to pay any underpayment April 15 2012 b Estimated tax paid by due date on line 8 10b b If line 10d is larger than line 9 enter overpayment here 11b by Individuals Estates or Trusts c Amount carried forward (overpaid) from line 11b previous column capital gain You must pay 90% of the tax on the unusual event income for the installment period during which the unusual Computation of Underpayment Penalty Calculate the penalty on the amount of the underpayment of each installment for d Total Add lines 10a 10b and 10c 10d day of the fourth month after close of taxable year whichever is earlier 12 Due dates for estimated tax payments 8 during any estimated tax installment period beginning in 2012 you must adjust the estimated tax due on line 9 of Enclose with your Form 1040ME or Form1041ME Enter date of payment of the underpayment on line 11a or the 15th Enter line 2 or line 5 whichever is less 6 Enter this rate on Enter this Rate on estimated tax based on the prior year s tax liability when an unusual event occurs such as realization of a large one time Estimated tax due Enter amount from line 7 above or line 25 of event occurs An unusual event occurs when taxable income for the estimated tax installment period exceeds the taxable Farmers and Fishermen If you are a farmer or fisherman who files an income tax return and pays the tax liability in full on Fiscal year filers may not use the table below For calendar year 2012 or fiscal year beginning 2012 and ending For column A enter credit carried forward from previous tax year 10c FORM 2210ME INSTRUCTIONS income received during the same period in the prior tax year by at least $500 000 If you received unusual event income Jan 15 2013 June 15 2012 line 14 column A 005833 011701 017602 023538 029509 035514 041555 047631 053742 059889 066071 072290 line 14 column B 005833 011701 017602 023538 029509 035514 041555 047631 053742 059889 line 14 column C 005833 011701 017602 023538 029509 035514 041555 line 14 column D 005833 011701 017602 line 14 the appropriate rate from the table below that corresponds to the number of months shown on line 13 Multiply the Maine income tax withheld is less than $1 000 or your 2011 tax liability was less than $1 000 Even though you are required monthly For calendar year 2013 the penalty rate is 5833% per month or fraction thereof compounded monthly Enter on Multiply tax on line 1 by 90% (66 2/3% for farmers and fi shermen) 2 Multiply the amount on line 6 by 25 (To compute the amount for line 9) Enter result here 7 Name(s) as shown on Form 1040ME or 1041ME Number of Months Number of months from due date of installment (line 8) to date shown on line 12 A part of a month is considered a whole month 13 or before March 1 of the following year no penalty is due or the majority of your income was received in one payment Using this method may lower or eliminate the amount of your Part I Calculating Your Underpayment Part II Calculating the Penalty For Quarters with entries on line 11a payment due date and check the box on line 17 on this form and on Form 1040ME line 34b or Form 1041ME line 8b Payment Method Individuals must make four (4) equal installment payments of estimated tax unless they can document Purpose of Form Use this form to see if you must pay a penalty for underpaying your estimated tax or paying your estimated quarterly estimated tax payments To calculate your actual liability complete the Annualized Installment Worksheet for each rate on line14 15 recalculation required payment if the tax return for the taxable year is filed and the tax is paid in full by January 31 Sept 15 2012 shown on Line 13 1 2 3 4 5 6 7 8 9 10 11 12 Subtract line 3 from line 1 If the result is less than $1 000 do not complete or file this form 4 tax late Use Part I to see if you paid enough estimated tax on time If you did not use Part II to calculate the penalty on the actual liability for each required installment of estimated tax the period of underpayment The penalty rate for calendar year 2012 is 5833% per month or fraction thereof compounded this form for that period You may be able to use the actual liability method described below to accomplish this to file this form you will avoid the underpayment penalty if you paid at least 90% of the 2012 tax on time Total of amounts shown on line 15 Enter result here and on Form 1040ME line 34b or Form 1041ME line 8b 16 Underpayment of Estimated Tax underpayment on line 11a by the rate on line 14 and enter the result on line 15 Do not calculate the penalty for the 4th Underpayment Penalty Multiply underpayment on line 11a by the Use the actual liability method if your income varied during the year because for example you own a seasonal business Who Must Pay the Underpayment Penalty? In general you will owe an underpayment penalty if your 2012 tax liability less You will not owe an underpayment penalty or need to file this form if your 2012 tax liability reduced by allowable credits and Your SSN or EIN