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

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

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NJ-2210
UNDERPAYMENT OF ESTIMATED TAX
2017
FORM
BY INDIVIDUALS, ESTATES OR TRUSTS
Please check the appropriate block on the front of Form NJ-1040 and enclose with your 2017 Gross Income Tax Return.
Name(s) as shown on Form NJ-1040
Social Security Number
PART I
FIGURING YOUR UNDERPAYMENT
1. 2017 Tax (Line 44, Form NJ-1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter the total of Lines 48, 49, 51, 52, 53, and 54, 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.
4b. Enter 2016 tax (From Form NJ-1040, Line 44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4b.
PAYMENT DUE DATES
(A)
(B)
(C)
(D)
APRIL 17, 2017
JUNE 15, 2017
SEPT 17, 2017
JAN 15, 2018
5. Use the lesser amount on 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 (Line 11 plus Line 12) from
the previous column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Enter Line 8 minus Line 9. If zero or less, enter zero . . . . . . 10.
11. Remaining underpayment from previous period. If Line
10 is zero, enter Line 9 minus Line 8. Otherwise enter zero . 11.
12. UNDERPAYMENT (If Line 5 is greater than Line 10, enter
Line 5 minus Line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. OVERPAYMENT (If Line 10 is greater than Line 5, enter
Line 10 minus Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
PART II
EXCEPTIONS
(See instructions. Complete worksheets for exceptions 2, 3, and 4 and enclose computations 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.
APRIL 17, 2017
JUNE 15, 2017
SEPT 17, 2017
JAN 15, 2018
14. Total amount paid and withheld from January 1 through
payment due date shown. (Do not include withholdings
after December 31, 2017.) (See instructions) . . . . . . . . . . . . . . 14.
25% of 2016 Tax
50% of 2016 Tax
75% of 2016 Tax
100% of 2016 Tax
15. Exception 1 – Enter 2016 tax (Line 44) . $
15.
25% of Tax
50% of Tax
75% of Tax
100% of Tax
16. Exception 2 – Tax on 2016 gross income using
2017 exemptions and tax rates . . . . . . . . . . . . . . . . . . . . . . . . . 16.
20% of Tax
40% of Tax
60% of Tax
17. Exception 3 – Tax on annualized 2017 income . . . . . . . . . . . . 17.
90% of Tax
90% of Tax
90% of Tax
18. Exception 4 – Tax on 2017 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 46, Form NJ-1040).
NJ-2210
UNDERPAYMENT OF ESTIMATED TAX
2017
FORM
BY INDIVIDUALS, ESTATES OR TRUSTS
Please check the appropriate block on the front of Form NJ-1040 and enclose with your 2017 Gross Income Tax Return.
Name(s) as shown on Form NJ-1040
Social Security Number
PART I
FIGURING YOUR UNDERPAYMENT
1. 2017 Tax (Line 44, Form NJ-1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter the total of Lines 48, 49, 51, 52, 53, and 54, 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.
4b. Enter 2016 tax (From Form NJ-1040, Line 44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4b.
PAYMENT DUE DATES
(A)
(B)
(C)
(D)
APRIL 17, 2017
JUNE 15, 2017
SEPT 17, 2017
JAN 15, 2018
5. Use the lesser amount on 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 (Line 11 plus Line 12) from
the previous column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Enter Line 8 minus Line 9. If zero or less, enter zero . . . . . . 10.
11. Remaining underpayment from previous period. If Line
10 is zero, enter Line 9 minus Line 8. Otherwise enter zero . 11.
12. UNDERPAYMENT (If Line 5 is greater than Line 10, enter
Line 5 minus Line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. OVERPAYMENT (If Line 10 is greater than Line 5, enter
Line 10 minus Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
PART II
EXCEPTIONS
(See instructions. Complete worksheets for exceptions 2, 3, and 4 and enclose computations 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.
APRIL 17, 2017
JUNE 15, 2017
SEPT 17, 2017
JAN 15, 2018
14. Total amount paid and withheld from January 1 through
payment due date shown. (Do not include withholdings
after December 31, 2017.) (See instructions) . . . . . . . . . . . . . . 14.
25% of 2016 Tax
50% of 2016 Tax
75% of 2016 Tax
100% of 2016 Tax
15. Exception 1 – Enter 2016 tax (Line 44) . $
15.
25% of Tax
50% of Tax
75% of Tax
100% of Tax
16. Exception 2 – Tax on 2016 gross income using
2017 exemptions and tax rates . . . . . . . . . . . . . . . . . . . . . . . . . 16.
20% of Tax
40% of Tax
60% of Tax
17. Exception 3 – Tax on annualized 2017 income . . . . . . . . . . . . 17.
90% of Tax
90% of Tax
90% of Tax
18. Exception 4 – Tax on 2017 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 46, Form NJ-1040).
NJ-2210
FORM
WORKSHEETS
EXCEPTION II
Tax on 2016 Gross Income using 2017 exemptions and tax rates
1. Enter 2016 NJ Gross Income (Line 28, 2016 NJ-1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter 2017 Total Exemptions (Line 29, 2017 NJ-1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Subtract Line 2 from Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4. Compute Tax on Line 3 (2017 tax rates) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Enter Credit for Income Taxes Paid to Other Jurisdictions (Line 41, 2017 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 2017 Annualized Income (attach computations)
states and trusts, do not use the period ending dates shown, instead use the following ending dates:
E
2/28/17, 4/30/17, and 7/31/17. Also, estates and trusts cannot use the annualization amounts shown on
Line 2 and must use 6, 3, and 1.7143, respectively.
1/1/17 – 3/31/17
1/1/17 – 5/31/17
1/1/17 – 8/31/17
1. Enter the portion of NJ Gross Income (Line 28, NJ-1040)
that is applicable to each period shown . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Annualization amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
4
2.4
1.5
3. Annualized Income (multiply Line 1 by Line 2) . . . . . . . . . . . . . . . . . . . .
3.
4. Enter Total Exemptions (Line 29, NJ-1040) . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Subtract Line 4 from Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Compute Tax on Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Enter the portion of the Credit for Income Taxes Paid to Other
Jurisdictions (Line 41, 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 2017 Taxable Income over 3, 5 and 8-month periods. (Attach computations)
1/1/17 – 3/31/17
1/1/17 – 5/31/17
1/1/17 – 8/31/17
1. Enter the actual amount of NJ Taxable Income (Line 39, NJ-1040)
that is applicable to each period shown . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Compute Tax on Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Enter the portion of the credit for income taxes paid to other
jurisdictions (Line 41, 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
2017
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 excep-
tion applies use the attached worksheet, Computing The Interest, to calculate the interest for that period.
In General – You may owe interest if you did not make estimated
Line 14 – Based on the amounts indicated on Line 6, Part I, enter
payments, including withholdings (see Line 6), equal to at least
the total amount of all estimated tax payments and taxes withheld
80% of your 2017 tax liability (Line 44, Form NJ-1040) or 100%
by each of the due dates indicated on Part II.
of your 2016 tax liability, provided your 2016 New Jersey Gross
Income Tax return covered a full 12-month period.
Exceptions 1, 2, 3 & 4 – You must complete the appropriate
worksheet for exemptions 2, 3, and 4 and attach all computations
If an underpayment does exist for any column in Part I, you
for each of the exceptions claimed. If you meet exception 1 at
should complete Part II, Exceptions and the appropriate work-
Line 15 do not file this form. These amounts will be automati-
sheet on page 2, NJ-2210 to determine if any of the exceptions on
cally verified by the Division of Taxation.
Part II may apply. You must complete the appropriate worksheet
for exceptions 2, 3, and 4 and attach all computations for each of
Exception 1 – Enter your prior year tax liability in the space pro-
the exceptions claimed.
vided at Line 15. Exception 1 only applies if your prior year tax
return covered a full 12-month period and your current tax year
SPECIFIC INSTRUCTIONS
payments (Line 14) are at least equal to your prior year tax liabil-
PART I
ity. Your prior year tax liability is zero, if a return was not
required to be filed. Enter the applicable percentage of your prior
Line 3 – If Line 3 is $400 or more, complete Lines 4 through 13.
year tax liability in each column at Line 15, as indicated.
Line 6 – For the purpose of determining your underpayment of
Exception 2 – Exception 2 is calculated by subtracting the total
estimated tax, tax withheld includes the amount of New Jersey
Tax Withheld (Line 48, Form NJ-1040), Property Tax Credit
amount of your current tax year exemptions from your prior year
(Line 49, Form NJ-1040), New Jersey Earned Income Tax Credit
Gross Income. Tax is computed using the current year tax rates.
(Line 51, Form NJ-1040), Excess NJ UI/WF/SWF Withheld
Subtract your credit for income taxes paid to other jurisdictions,
(Line 52, Form NJ-1040), Excess NJ Disability Insurance
if any. Enter the applicable percentage of Line 6 of the worksheet
Withheld (Line 53, NJ-1040) and Excess NJ Family Leave
on each column at Line 16, as indicated. Exception 2 only applies
Insurance Withheld (Line 54, NJ-1040). The total amount of tax
if your current year tax payments (Line 14) are at least equal to
withheld is considered to have been paid evenly (one-fourth of
the amounts indicated at Line 16.
total amount) on each payment due date, unless you can show oth-
erwise. Include this amount with the amount of any estimated tax
Exception 3 – Exception 3 is calculated by multiplying the actu-
payments on each of the columns on Part I. The total amount of
al portion of NJ Gross Income that is applicable to each period
credit, if any, from your prior year tax return should be included
shown, by the annualization amounts at Line 2 of the worksheet.
in the amount of your payment on Column A. If each column on
Subtract the total amount of exemptions from your Annualized
Line 6 is greater than the corresponding column on Line 5, do not
Income on Line 3. Compute tax on this amount. Subtract your
complete the rest of this form.
credit for income taxes paid to other jurisdictions, if any. Enter
the applicable percentage of each amount from Line 8 of the
Line 7 – Complete Lines 7 through 13 for one column before
worksheet on the corresponding column at Line 17 as indicated.
completing the next column.
Exception 3 only applies if your current year tax payments (Line
14) are at least equal to the amounts indicated at Line 17.
Line 12 – If Line 12 is zero for all payment periods, you are not
subject to the interest and therefore do not have to file Form NJ-
Exception 4 – Exception 4 is calculated by computing tax on the
2210. If you have an underpayment in any column on Line 12,
complete Part II.
actual amount of NJ Taxable Income that is applicable to each
period shown. Subtract your credit for income taxes paid to other
PART II
jurisdictions, if any. Enter 90% of each amount from Line 4 of
the worksheet on the corresponding column at Line 18.
You will not have to pay interest if, (1) you have paid your 2017
Exception 4 only applies if your current year tax payments (Line
tax payments (Line 14) on time; and (2) the amount on Line 14 is
14) are at least equal to the amounts indicated at Line 18.
equal to or more than the tax calculated under any of the four
exceptions for the same payment period.
Computing the Interest
Use the table in Option 1 to compute interest on the amount of the underpayment from page 1, NJ-2210. If your estimated tax payments
for tax year 2017 were not paid timely, interest must be computed based on the Interest Rate Schedule in Option 2.
OPTION 1
Q
A
B
C
D
E
F
G
U
A
PERIOD
Amount Due
Balance Due
Total Due
Total Paid
Balance
Interest
R
(Line 5, NJ-2210)
Previous Qtr.
(Col. A + B)
(Line 6, NJ-2210)
(Col. C - D)
Multiplier
(Col. E x Col. F)
T
E
(Col. E)
R
1.
4/16 – 6/15
.011
2.
6/16 – 9/15
.016
3.
9/16 – 1/15
.022
4.
1/16 – 4/15
.018
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 46, NJ-1040.
OPTION 2
Compute 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
4/18/17 – 1/16/18
6.50%
1/17/18 – 4/17/18
7.25%
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