Form NJ-2210 "Underpayment of Estimated Tax by Individuals, Estates, or Trusts" - New Jersey

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NJ-2210
Underpayment of Estimated Tax
by Individuals, Estates, or Trusts
2020
Fill in the oval at line 52, Form NJ-1040, and enclose this form with your return.
Name(s) as shown on Form NJ-1040
Social Security Number
PART I
FIGURING YOUR UNDERPAYMENT
1.
2020
Tax (line 50, Form NJ-1040)
1.
....................................................................................................................
2. Enter the total of lines 55, 56, 58, 59, 60, 61,
62,
and 63, Form NJ-1040
2.
.....................................
3. Subtract line 2 from line 1 (If less than $400, do not complete the rest of this form)
3.
.................
4a. Multiply the amount on line 1 by .80 (80%) (Two-thirds for qualified farmers)
4a.
...............................
tax (From Form NJ-1040, line 49)
4b. Enter
2019
4b.
..........................................................................................
PAYMENT DUE DATES
(A)
(B)
(C)
(D)
APRIL 15,
2020
JUNE 15,
2020
SEPT 15,
2020
JAN 15,
2021
5. Use the lesser amount from either line 4a or 4b and divide
by four. Enter the result in each column
5.
.............................................
6. Estimated tax paid and tax withheld per period (see instr.). If
each column on line 6 is greater than the corresponding
column on line 5, do not complete the rest of this form
6.
...............
7. Enter the overpayment (line 13) from the previous column.
(Complete lines 7 through 13 for one column before
completing the next column.)
7.
..................................................................
8. Add line 6 and line 7
8.
...................................................................................
9. Enter the total underpayment (add line 11 and line 12) from
the previous column
9.
....................................................................................
10. Subtract line 9 from line 8. If zero or less, enter zero
10.
...................
11. Remaining underpayment from previous period. If line 10 is
zero, subtract line 8 from line 9. Otherwise enter zero
11.
.................
12. UNDERPAYMENT (If line 5 is greater than line 10, subtract
line 10 from line 5)
12.
.......................................................................................
13. OVERPAYMENT (If line 10 is greater than line 5, subtract
line 5 from line 10)
13.
.......................................................................................
PART II
EXCEPTIONS
(See instructions. Complete worksheets for exceptions 2, 3, and 4 and enclose calculations for each exception claimed.)
If you meet exception 1 at line 15, do not file this form. These amounts will be verified by the Division of Taxation.
14. Total amount paid and withheld from January 1 through
APRIL 15,
2020
JUNE 15,
2020
SEPT 15,
2020
JAN 15,
2021
payment due date shown. (Do not include withholdings
after December 31, 2020.) (See instructions)
14.
..................................
25% of
2019
Tax
50% of
2019
Tax
75% of
2019
Tax 100% of
2019
Tax
$
15. Exception 1 – Enter
2019
tax (line 49)
15.
......
25% of Tax
50% of Tax
75% of Tax
100% of Tax
16. Exception 2 – Tax on
2019
gross income using
2020
exemptions and tax rates
16.
..........................................................................
20% of Tax
40% of Tax
60% of Tax
17. Exception 3 – Tax on annualized
2020
income
17.
...............................
90% of Tax
90% of Tax
90% of Tax
18. Exception 4 – Tax on
2020
income over 3, 5, and 8-month
periods
18.
..............................................................................................................
If the amount of any exception is equal to or less than the corresponding amount at line 14, interest will not be charged for that period
$
19. TOTAL INTEREST (Include this amount on line 52, Form NJ-1040)
..................................................
NJ-2210
Underpayment of Estimated Tax
by Individuals, Estates, or Trusts
2020
Fill in the oval at line 52, Form NJ-1040, and enclose this form with your return.
Name(s) as shown on Form NJ-1040
Social Security Number
PART I
FIGURING YOUR UNDERPAYMENT
1.
2020
Tax (line 50, Form NJ-1040)
1.
....................................................................................................................
2. Enter the total of lines 55, 56, 58, 59, 60, 61,
62,
and 63, Form NJ-1040
2.
.....................................
3. Subtract line 2 from line 1 (If less than $400, do not complete the rest of this form)
3.
.................
4a. Multiply the amount on line 1 by .80 (80%) (Two-thirds for qualified farmers)
4a.
...............................
tax (From Form NJ-1040, line 49)
4b. Enter
2019
4b.
..........................................................................................
PAYMENT DUE DATES
(A)
(B)
(C)
(D)
APRIL 15,
2020
JUNE 15,
2020
SEPT 15,
2020
JAN 15,
2021
5. Use the lesser amount from either line 4a or 4b and divide
by four. Enter the result in each column
5.
.............................................
6. Estimated tax paid and tax withheld per period (see instr.). If
each column on line 6 is greater than the corresponding
column on line 5, do not complete the rest of this form
6.
...............
7. Enter the overpayment (line 13) from the previous column.
(Complete lines 7 through 13 for one column before
completing the next column.)
7.
..................................................................
8. Add line 6 and line 7
8.
...................................................................................
9. Enter the total underpayment (add line 11 and line 12) from
the previous column
9.
....................................................................................
10. Subtract line 9 from line 8. If zero or less, enter zero
10.
...................
11. Remaining underpayment from previous period. If line 10 is
zero, subtract line 8 from line 9. Otherwise enter zero
11.
.................
12. UNDERPAYMENT (If line 5 is greater than line 10, subtract
line 10 from line 5)
12.
.......................................................................................
13. OVERPAYMENT (If line 10 is greater than line 5, subtract
line 5 from line 10)
13.
.......................................................................................
PART II
EXCEPTIONS
(See instructions. Complete worksheets for exceptions 2, 3, and 4 and enclose calculations for each exception claimed.)
If you meet exception 1 at line 15, do not file this form. These amounts will be verified by the Division of Taxation.
14. Total amount paid and withheld from January 1 through
APRIL 15,
2020
JUNE 15,
2020
SEPT 15,
2020
JAN 15,
2021
payment due date shown. (Do not include withholdings
after December 31, 2020.) (See instructions)
14.
..................................
25% of
2019
Tax
50% of
2019
Tax
75% of
2019
Tax 100% of
2019
Tax
$
15. Exception 1 – Enter
2019
tax (line 49)
15.
......
25% of Tax
50% of Tax
75% of Tax
100% of Tax
16. Exception 2 – Tax on
2019
gross income using
2020
exemptions and tax rates
16.
..........................................................................
20% of Tax
40% of Tax
60% of Tax
17. Exception 3 – Tax on annualized
2020
income
17.
...............................
90% of Tax
90% of Tax
90% of Tax
18. Exception 4 – Tax on
2020
income over 3, 5, and 8-month
periods
18.
..............................................................................................................
If the amount of any exception is equal to or less than the corresponding amount at line 14, interest will not be charged for that period
$
19. TOTAL INTEREST (Include this amount on line 52, Form NJ-1040)
..................................................
NJ-2210
2020
WORKSHEETS
EXCEPTION II
Tax on
2019
gross income using
2020
exemptions and tax rates
1.
Enter
2019
NJ Gross Income (line 29,
2019
NJ-1040) ....................................................................
1.
2.
Enter
2020
Total Exemptions (line 30,
2020
NJ-1040) ....................................................................
2.
3.
Subtract line 2 from line 1 ................................................................................................................
3.
4.
Calculate Tax on line 3
(2020
tax rates) ..........................................................................................
4.
5.
Enter Credit for Income Taxes Paid to Other Jurisdictions (line 43,
2020
NJ-1040) ........................
5.
6.
Subtract line 5 from line 4. Enter the applicable percentage of this amount on line 16,
Part II of this form ............................................................................................................................
6.
EXCEPTION III
Tax on
2020
Annualized Income (attach calculations)
Estates and trusts, do not use the period ending dates shown, instead use the following
ending dates: 2/29/20, 4/30/20, and 7/31/20. Also, estates and trusts cannot use the
annualization amounts shown on line 2 and must use 6, 3, and 1.7143, respectively.
1/1/20
3/31/20
1/1/20
5/31/20
1/1/20
8/31/20
1.
Enter the portion of NJ Gross Income (line 29, NJ-1040) that is applicable
to each period shown....................................................................................
1.
4
2.4
1.5
2.
Annualization amounts .................................................................................
2.
3.
Annualized Income (Multiply line 1 by line 2)................................................
3.
4.
Enter Total Exemptions (line 30, NJ-1040) ...................................................
4.
5.
Subtract line 4 from line 3 .............................................................................
5.
6.
Calculate tax on line 5 ..................................................................................
6.
7.
Enter the portion of the Credit for Income Taxes Paid to Other Jurisdictions
(line 43, NJ-1040) that is applicable to each period......................................
7.
8.
Subtract line 7 from line 6. Enter the applicable percentage of this amount
on line 17, Part II of this form ........................................................................
8.
EXCEPTION IV
Tax on Actual
2020
Taxable Income over 3, 5, and 8-month periods (attach calculations)
1/1/20
3/31/20
1/1/20
5/31/20
1/1/20
8/31/20
1.
Enter the actual amount of NJ Taxable Income (line 41, NJ-1040) that is
applicable to each period shown ...................................................................
1.
2.
Calculate tax on line 1 ...................................................................................
2.
3.
Enter the portion of the Credit for Income Taxes Paid to Other Jurisdictions
(line 43, NJ-1040) that is applicable to each period shown. ..........................
3.
4.
Subtract line 3 from line 2. Enter 90% of this amount on line 18, Part II
of this form .....................................................................................................
4.
New Jersey Gross Income Tax
Instructions for Form NJ-2210
Underpayment of Estimated Tax by Individuals, Estates, or Trusts
2020
Use Form NJ-2210 to determine if you are subject to interest on the underpayment of estimated tax. Estates and trusts are
subject to interest on underpayment of estimated tax and may need to complete Form NJ-2210, except estates and trusts that
meet the two-year limitation and other criteria of federal Internal Revenue Code section 6654(1)(2). Complete Part I, Figuring
your Underpayment, to determine if you have not paid enough estimated tax during any of the payment periods. If you have not,
complete Part II, Exceptions, to determine if an exception applies to any of the payment periods. If no exception applies, use the
worksheet on the next page to calculate the interest for that period.
IN GENERAL
four exceptions for the same payment period.
You may owe interest if you did not make estimated payments,
Line 14 – Based on the amounts indicated on line 6, Part I,
enter the total amount of all estimated tax payments and taxes
including withholdings (see line 6), equal to at least 80% of
your
2020
tax liability (line 50, Form NJ-1040) or 100% of your
withheld by each of the due dates indicated on Part II.
2019
tax liability, provided your
2019
New Jersey Income Tax
return covered a full 12-month period. If an underpayment
Exceptions 1, 2,
3,
and 4 – You must complete the appro-
does exist for any column in Part I, you should complete
priate worksheet for exemptions 2, 3, and 4 and attach all
Part II, Exceptions, and the appropriate worksheet on page 2,
calculations for each of the exceptions claimed. If you meet
NJ-2210 to determine if any of the exceptions on Part II may
exception 1 at line 15 do not file this form. These amounts will
apply. You must complete the appropriate worksheet for
be automatically verified by the Division of Taxation.
exceptions 2, 3, and 4 and attach all calculations for each of
Exception 1 – Enter your prior year tax liability in the space
the exceptions claimed.
provided at line 15. Exception 1 only applies if your prior year
SPECIFIC INSTRUCTIONS
tax return covered a full 12-month period and your current tax
year payments (line 14) are at least equal to your prior year tax
PART I
liability. Your prior year tax liability is zero if a return was not
Line 3 – If line 3 is $400 or more, complete lines 4 through 13.
required to be filed. Enter the applicable percentage of your
prior year tax liability in each column at line 15, as indicated.
Line 6 – For the purpose of determining your underpayment
of estimated tax, tax withheld includes the amount of New
Exception 2 – Exception 2 is calculated by subtracting the
Jersey Tax Withheld (line 55, Form NJ-1040), Property Tax
total amount of your current tax year exemptions from your
Credit (line 56, Form NJ-1040), New Jersey Earned Income
prior year gross income. Tax is calculated using the current
Tax Credit (line 58, Form NJ-1040), Excess NJ UI/WF/SWF
year tax rates. Subtract your Credit for Income Taxes Paid to
Withheld (line 59, Form NJ-1040), Excess NJ Disability
Other Jurisdictions, if any. Enter the applicable percentage of
Insurance Withheld (line 60, NJ-1040), Excess NJ Family
line 6 of the worksheet on each column at line 16, as indicated.
Leave Insurance Withheld (line 61, NJ-1040), Wounded
Exception 2 only applies if your current year tax payments (line
Warrior Caregivers Credit (line 62,
NJ-1040), and Pass-
14) are at least equal to the amounts indicated at line 16.
Through Business Alternative Income Tax Credit (line 63,
NJ-1040).
The total amount of tax withheld is considered to
Exception 3 – Exception 3 is calculated by multiplying the
have been paid evenly (one-fourth of total amount) on each
actual portion of NJ Gross Income that is applicable to each
payment due date, unless you can show otherwise. Include
period shown, by the annualization amounts at line 2 of the
this amount with the amount of any estimated tax payments
worksheet. Subtract the total amount of exemptions from
on each of the columns on Part I. The total amount of credit, if
your Annualized Income on line 3. Calculate tax on this
any, from your prior year tax return should be included in the
amount. Subtract your Credit for Income Taxes Paid to Other
amount of your payment on column A. If each column on line
Jurisdictions, if any. Enter the applicable percentage of each
6 is greater than the corresponding column on line 5, do not
amount from line 8 of the worksheet on the corresponding
complete the rest of this form.
column at line 17 as indicated. Exception 3 only applies if your
current year tax payments (line 14) are at least equal to the
Line 7 – Complete lines 7 through 13 for one column before
amounts indicated at line 17.
completing the next column.
Exception 4 – Exception 4 is calculated using the tax on the
Line 12 – If line 12 is zero for all payment periods, you are
actual amount of NJ Taxable Income that is applicable to each
not subject to the interest and therefore do not have to file
period shown. Subtract your Credit for Income Taxes Paid to
Form NJ-2210. If you have an underpayment in any column on
Other Jurisdictions, if any. Enter 90% of each amount from
line 12, complete Part II.
line 4 of the worksheet on the corresponding column at line 18.
Exception 4 only applies if your current year tax payments
PART II
(line 14) are at least equal to the amounts indicated at line 18.
You will not have to pay interest if (1) you have paid your
2020
tax payments (line 14) on time; and (2) the amount on line 14
is equal to or more than the tax calculated under any of the
Calculating the Interest
Use the table in Option 1 to calculate interest on the amount of the underpayment from page 1, NJ-2210. If your
estimated tax payments for Tax Year
2020
were not paid timely, interest must be calculated based on the Interest Rate
Schedule in Option 2.
OPTION 1
A
B
C
D
E
F
G
Q
U
A
PERIOD
Amount Due
Balance Due
Total Due
Total Paid
Interest
Balance
Multiplier
R
(Col. C – D)
T
(Line 5, NJ-2210)
Previous Qtr.
(Col. A + B)
(Line 6, NJ-2210)
(Col. E x F)
E
(Col. E)
R
1.
4/16 – 6/15
.010
2.
6/16 – 9/15
.016
3.
9/16 – 1/15
.021
4.
1/16 – 4/15
.016
Total Interest
Column A
Enter the amount due per quarter (line 5, NJ-2210).
Column B
Enter the balance due (column E) from the previous quarter.
Column C
Enter the total of column A plus column B.
If column B is negative, subtract column B from column A.
Column D
Enter the total estimated tax paid and withheld (line 6, NJ-2210).
Column E
Subtract column D from column C.
Column F
The multiplier is based on the interest rates in effect during each quarter.
Column G
Multiply column E by the multiplier in column F. If column E is negative, enter zero in column G.
TOTAL INTEREST
Add the interest for each quarter and enter this amount in the block marked Total Interest on
line 19, NJ-2210 and on line 52, NJ-1040.
OPTION 2
Calculate the interest on the amount of the underpayment on line 12 from the date the underpayment was incurred to
the date the underpayment was satisfied or the original due date of the final tax return (Form NJ-1040), whichever is
earlier. Interest is assessed at the annual rate of 3% above the average predominant prime rate and is imposed each
month or fraction thereof the underpayment exists. The interest rate will be reviewed quarterly and will only change if
there has been a cumulative change of more than 1% since it was last set.
INTEREST RATE SCHEDULE
PERIOD
INTEREST RATE
4/16/20
4/15/21
6.25%
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