Form CD-429B Fillable Underpayment of Estimated Tax by C Corporations
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For the first 3 months if the installment was required to be paid in the 4th month For the first 3 months or for the first 5 months if the installment was required to be paid in the 6th month For the first 6 months or for the first 8 months if the installment was required to be paid in the 9th month For the first 9 months or for the first 11 months if the installment was required to be paid in the 12th month (a) (b) (c) (d) 1 2014 net income tax (From 2014 Form CD 405 Schedule B Line 26) 1 10 Overpayment of previous installment 100% of the income tax due on the 2013 corporate tax return 11 Add Lines 9 and 10 12 Underpayment 12th months of the corporation s tax year (If any date falls on a 13 Overpayment 14 Enter the installment dates from Line 7 15 Enter the amount of underpayment from Line 12 16 Enter the date of payment or the 15th day of the 4th month 17 Number of days from due date of installment to the date 18 Days on Line 17(a) x interest rate x amount on Line 15(a) 19 Days on Line 17(b) x interest rate x amount on Line 15(b) 2 2014 tax credits (From 2014 Form CD 405 Schedule B Line 29e) 2 20 Days on Line 17(c) x interest rate x amount on Line 15(c) 21 Days on Line 17(d) x interest rate x amount on Line 15(d) 22 Underpayment of Estimated Tax Add Lines 18 21 3 2014 net tax due Line 1 minus Line 2 3 4 Multiply Line 3 by 90% If less than $500 do not complete this form; the corporation does not 5 2013 net tax due (From 2013 Form CD 405 Schedule B Line 26 minus Line 29e) 6 Enter the smaller of Line 4 or Line 5 6 7 Installment due dates 8 Required installments 9 Estimated tax paid or credited for each period 90% of the income tax due on the 2014 corporate tax return A corporation may be able to reduce or eliminate the interest on the underpayment of estimated tax by using the annualized A corporation that reasonably expects to incur an income tax liability to North Carolina of $500 or more during the taxable A corporation underpaid the April 15 installment by $1000 The June 15 installment required a payment of $2500 A payment of estimated tax is applied first to any previous underpayment of a required installment regardless of the installment after the close of the tax year whichever is earlier amount of any tax credits claimed for the tax year an underpayment on Line 12 Columns (a) (d) go to Part 2 Computation of Underpayment of Estimated Tax The interest and if so the amount of interest Annualized Income Installment Method as if it were made on June 15 attach schedule showing computations CD 429B CD 429B Underpayment of Estimated TaxWeb by C Corporations Complete Lines 14 through 22 to determine the amount of interest on the underpayment of estimated tax The interest is complete one column before going to the next Complete Part 1 of Form CD 429B to determine if there is an underpayment for any of the four payment periods If there is computations for each payment computed installment amounts on Line 8 Columns (a) (d) and Corporations Required to Pay Estimated Tax Corporations use Form CD 429B to determine whether the corporation owes interest on the underpayment of estimated tax Days in the tax year Days in the tax year did not timely pay at least 90% of the income tax due on the 2014 corporate tax return Do not attach Form CD 429B to the corporation s tax return Retain for your records Enter 25% of Line 6 above in each column If corporation is Enter amount from Line 13 of the preceding column For Lines 10 13 Enter amount here and on Form CD 405 Schedule B Line 36 22 $ Enter in columns (a) through (d) the 15th day of the 4th 6th 9th and even if it paid enough tax later to make up the underpayment This is true even if the corporation is due a refund when the Example Federal Employer ID Number figured for the period of underpayment using the rate determined under G S 105 241 21(a) The rate is set semiannually by For calendar year 2014 or other tax year beginning 2014 and ending from Line 8; otherwise go to Line 13 Generally a corporation is subject to interest on the underpayment of estimated tax if the income tax due on its 2014 corporate If corporation is a large corporation as defined in IRC Section 6655 enter the amount from Line 4 on Line 5 5 If Line 11 is less than or equal to Line 8 subtract Line 11 If Line 8 is less than Line 11 subtract Line 8 from Line 11 13 income installment method A corporation may annualize income for any of the following: is calculated based on the period from April 16 through June 15 The remaining $1500 will be applied to the June 15 installment is calculated separately for each installment due date Therefore the corporation may owe interest for an earlier due date Legal Name North Carolina Department of Revenue not required Estimated tax is the amount of income tax a corporation expects to owe for the tax year after subtracting the owe interest on the underpayment of estimated tax 4 Page 2 Part 1 Computation of Underpayment Part 2 Computation of Underpayment of Estimated Tax Part 2 Computation of Underpayment of Estimated Tax (See instructions for interest rate) period (3 5 6 8 9 or 11) Retain your computations for future reference Purpose of Form CD 429B return is filed Saturday Sunday or legal holiday substitute the next regular workday ) shown on Line 16 Specific Line By Line Instructions tax return is $500 or more and the corporation did not timely pay at least the smaller of either of the following: The corporation timely paid $2500 to cover the June 15 installment However $1000 of the June 15 payment is applied to the Secretary of Revenue and is available by going to Quick Links and clicking on Tax Information then Interest Rate the underpayment of estimated tax if the income tax due on its 2014 corporate tax return is $500 or more and the corporation the underpayment of the April 15 installment The interest on the underpayment of estimated tax for the April 15 installment This two part test does not apply to large corporations as defined in IRC 6655 A large corporation is subject to interest on To annualize income multiply taxable income for the period by 12 and divide the result by the number of months in the to which the payment pertains If the corporation makes more than one payment for a required installment make separate using the annualized income installment method enter the Web General Instructions Who Must Pay Interest on the Underpayment of Estimated Tax year must make estimated tax payments If the corporation s tax year is less than four months estimated tax payments are