Form AR2210 Fillable Penalty for Underpayment of Estimated Tax
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(2) 90% of Tax Liability $4 500 (3) Payments $2 000 (4) Line (1) less Line (3) $3 000 (5) Prior Year Tax Liability $3 000 (6) Required Annual Payment $3 000 (b) If a taxpayer fails to make a declaration of estimated tax and pay on the (b) The declaration of estimated tax shall be made on such forms and (c) The declaration with the first payment must be filed with the Commissioner (d) A taxpayer who due to change of circumstances first meets the [Lesser of (2) or (5)] 1 15 2016 to 4 15 2016 = 90 days 1 Enter your 2015 net tax: (Line 36 Form AR1000F or Line 36D AR1000NR or Line 25 AR1002F or Line 25D AR1002NR) 1 10 Add Lines 8 and 9: 10 11 Add amounts on Lines 13 and 14 of previous column: 11 12 from Line 7 Then go to Line 9 of the next column Otherwise go to Line 15: 14 12 Subtract Line 11 from Line 10 If zero or less enter 0 For column A only 122/365 X 10 X $500 = $17 13 If the amount on Line 12 is zero subtract Line 10 from Line 11 14 Underpayment If Line 7 is equal to or greater than Line 12 subtract Line 15 Overpayment If Line 12 is more than Line 7 subtract Line 7 16 Number of days from the payment due date shown at top of column to the 17 Underpayment Number of 18 PENALTY Add all the amounts on Line 17 in all columns 2 Enter 90% ( 90) of the amount shown on Line 1: 2 212/365 X 10 X $250 = $15 3 Enter 2015 Arkansas income tax withheld: (Line 37 AR1000F/AR1000NR or Line 26 AR1002F/AR1002NR) 3 4 15 2015 to 6 15 2015 = 61 days 4 Subtract Line 3 from Line 1: (If the result is $1 000 or less stop here Do not complete this schedule ) 4 5 Enter your 2014 net tax: (Line 36 AR1000F or Line 36D AR1000NR or Line 25 AR1002F or Line 25D AR1002NR) 5 6 15 2015 to 9 15 2015 = 92 days 6 Required annual payment Enter the smaller of Line 2 or Line 5: 6 61/365 X 10 X $250 = $4 7 Required installments Enter 1/4 ( 25) of Line 6 AR2210 in each column: 7 8 Estimated tax paid and tax withheld For column A only enter the 9 15 2015 to 1 15 2016 = 122 days 9 15 2015 to 4 15 2016 = 212 days 9 Enter amount if any from Line 15 of previous column: 9 90/365 X 10 x $750 = $18 92/365 X 10 x $500 = $13 all payment periods stop here You do not owe the penalty Complete amount from Line 8 on Line 12 If Line 8 is equal to or greater than Line 7 for date the amount on Line 14 was paid or 4 15 2016 whichever is earlier: 16 enter the amount from Line 8: 12 Enter the total here and on Form AR1000F/AR1000NR Line 50B or Form AR1002F/AR1002NR Line 37B: 18 First Quarter Penalty $ 4 Fourth Quarter Penalty 18 from Line 12 then go to Line 9 of the next column: 15 from Line 14 X days from Line 16 X 10 17 If you do not qualify for an exception (Part I) and Line 6 is more than Line 3 complete Part III below If you do not qualify for an exception complete Part II below Lines 9 through 15 of each column before going to the next column: 8 No penalty shall be imposed for a tax year if the tax shown on the Otherwise enter zero: 13 Paid 1 15 2016 $500 Paid 4 15 2016 $250 ($750) Paid 4 15 2016 ($750) Paid 6 15 2015 ($250) Paid 9 15 2015 ($500) PART I EXCEPTION PART II REQUIRED ANNUAL PAYMENT PART III COMPUTING THE PENALTY Payment $500 Payment 4 15 2015 $500 Payment 6 15 2015 $500 Payment 9 15 2015 $500 Second Quarter Penalty 13 Third Quarter Penalty 32 Total Penalty $67 Underpayment $250 Underpayment $500 Underpayment $750 Underpayment ($750) Used 4 15 2015 ($250) ($250) Used 6 15 2015 ($500) 0 Used 9 15 2015 ($500) 0 (10%) penalty on an annualized basis The penalty is computed using (15th) day of the third (3rd) month after the close of the income year (a) the preceding tax year was a tax year of twelve (12) months and (a) the taxpayer (b) such underpayment was due to reasonable cause and not to willful (b) the taxpayer did not have a tax liability for the preceding tax year and (c) the taxpayer was a resident of Arkansas throughout the preceding (i) retired after having attained age 62 or (ii) became disabled in the tax year for which such estimated payments 1 (a) Every taxpayer subject to the tax levied by the Arkansas Income Tax 1 15 2016 1 Taxpayers whose income from farming for the income year can reasonably 2 (a) A taxpayer who makes a declaration of estimated tax for the income 2 In lieu of filing the fourth (4th) quarter installment the taxpayer may file an 3 (a) The penalty provided in ACA 26 18 208 (Supp 1997) for failure 3 No penalty shall be imposed for a tax year if: 4 15 2015 4 No penalty shall be imposed with respect to any underpayment if the Commissioner 5 No penalty shall be imposed with respect to any underestimate or underpayment 6 15 2015 6 Taxpayers with varied income may benefit by computing the ten percent 9 15 2015 Act shall make and file with the Commissioner a declaration of the estimated actually made divided by 365 times ten percent (10%) times the amount of added to the amount of the underestimate The ten percent (10%) per against equity and good conscience amount actually due a penalty of ten percent (10%) per annum shall be amount of estimated tax is the same amount shown to be due by the an uneven income may compute the ten percent (10%) penalty on an annualized basis The underestimate penalty is computed on the lesser annum penalty will be applied on a quarterly basis A taxpayer who has AR1000F/AR1000NR (To claim exception 6 do not complete Form AR2210 For exception 6 use Form AR2210A only ) AR1002NR Box 37A AR2210 AR2210 (R 5/27/15) AR2210 Instr (R 6/8/15) are due on the fifteenth (15th) day of the sixth (6th) month ninth (9th) ARKANSAS INDIVIDUAL INCOME TAX be expected to amount to at least two thirds (2/3) of the total gross income Column (a) 4 15 2015 Required Installment $750 Column (b) 6 15 2015 Required Installment $750 Column (c) 9 15 2015 Required Installment $750 Column (d) 1 15 2016 Required Installment $750 day of the first (1st) month after the close of the income year enter the exception on the line to the right and on Form AR1000F/AR1000NR Box 50A or AR1002F/AR1002NR Box 37A Estimated Income Tax Penalty EXAMPLE: (1) Tax Liability $5 000 EXCEPTIONS for the income year do not equal 90% of the estimated tax Form AR2210A which must be submitted with Form AR1000F/AR1000NR fourth (4th) month of the income year shall make and file the declaration from all sources for the income year may file such declaration and pay if the Commissioner determines that: If you qualify for an exception 1 through 5 (see list on back of this form) from the Underestimate Penalty If you qualify for an exception stop here Do not complete Part II or Part III Attach this form to Form income tax return and pay the tax on or before January 31 or on the last income year of twelve (12) months Individual forms can be obtained by calling (501) 682 1100 or from month after the close of the income year In lieu of filing any declaration month and first (1st) month after the close of the income year neglect Note: Payments reported on Line (3) shall be deemed to have been of days from the due date of the quarterly payment to the date payment is OF ESTIMATED TAX of Revenue determines that by reasons of casualty disaster of the current year s tax liability or the previous year s tax liability on or before the fifteenth (15th) day of the fourth (4th) month of on or before the next regular quarterly tax payment date or Form AR1002F/AR1002NR If penalty computed using Form AR2210A or other unusual circumstances the imposition of such penalty would be our website www arkansas gov/incometax paid in four (4) equal payments on the quarterly due dates PAYMENT DUE DATES Payments $2 000 divided by 4 = $500 PENALTY COMPUTATION EXAMPLE PENALTY FOR UNDERPAYMENT quarterly due date the equivalent to at least ninety percent (90%) of the Required Installments $3 000 divided by 4 = $750 requirements for filing a declaration after the fifteenth (15th) day of the return for such tax year is less than $1 000 or where the original return of the taxpayer for the preceding income year where such return shall include such information as the Commissioner shall prescribe showing a liability for tax was filed by the taxpayer for the preceding Social Security Number such tax year and tax for the income year if the taxpayer can reasonably expect tax year the amount actually due the estimated tax on or before the fifteenth (15th) day of the second (2nd) the estimated tax to be $1 000 or more and income tax withholdings the income year of the taxpayer The remaining filings and payments The underpayment of estimated tax shall be computed as follows: The number to make correct payments of estimated income tax shall not apply to the exceptions noted hereafter underpayment were required to be made or in the tax year preceding write 6 on Form AR1000F/AR1000NR Box 50A or Form AR1002F/ year shall estimate an amount not less than ninety percent (90%) of you may file an income tax return and pay the tax on or before the fifteenth