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revenue.ne.gov tax current f_2210n

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This document is a form used to calculate penalties for underpayment of estimated taxes. It provides instructions for taxpayers to determine if they owe penalties for underpaying their estimated quarterly tax payments throughout the year. The form walks through calculations to identify the amount of any underpayment for each quarter and assesses penalties based on the number of days the underpayment remained unpaid.

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SAVE PRINT RESET Individual Underpayment of Estimated Tax FORM 2210N 2008 • Attach to Form 1040N • Read instructions on reverse side Name and Address as Shown on Form 1040N Taxable Year Social Security Number 1 Total Nebraska income tax after nonrefundable credits (line 28, Form 1040N) ............................................................................ 1 2 Refundable child/dependent care credit, Beginning Farmer credit, earned income credit, and refundable Form 3800N credit........ 2 3 Subtract line 2 from line 1 .............................................................................................................................................................. 3 4 Multiply line 3 by 90% (.90) ........................................................................................................................................................... 4 5 Amount of tax withheld for 2008, if any. Do not include any estimated payments on this line ...................................................... 5 6 Subtract line 5 from line 3. If less than $500, stop here; do not complete this form. You do not owe penalty ................................ 6 7 Enter your 2007 income tax (see instructions). If federal AGI is more than $150,000 ($75,000 if married, filing separately), enter 110% of 2007 tax ................................................................................................................................................................. 7 8 Required annual payment. Enter smaller of line 4 or line 7. .......................................................................................................... 8 If line 5 is equal to or more than line 8, do not complete this form. You do not owe penalty. • Calculate each column separately 9 Due date of installments ................................ 9 APRIL 15, 2008 JUNE 15, 2008 SEPT. 15, 2008 JAN. 15, 2009 10 Enter 25% of line 8 in each column ............... 10 11 Amount paid on estimate plus tax withheld 11 for each period (see instructions) .................. 12 Overpayment of previous installments 12 from line 18 of the previous column............... 13 Add lines 11 and 12 ....................................... 13 14 Add amounts on lines 16 and 17 of the 14 previous column and enter result .................. 15 Subtract line 14 from line 13. If zero or less, enter -0- (for April 15 column only, enter the 15 amount from line 11) ..................................... 16 Remaining underpayment from previous period. If the amount on line 15 is zero, subtract line 13 from line 14. Otherwise, 16 enter -0- ......................................................... 17 UNDERPAYMENT. If line 10 is greater than or equal to line 15, subtract line 15 from line 10, and go to the next column; otherwise, 17 go to line 18 ................................................... 18 OVERPAYMENT. If line 15 is greater than line 10, subtract line 10 from line 15, and go 18 to line 12 of the next column.......................... FIGURE THE PENALTY 19 Amount of underpayment (line 16 plus line 17) 19 20 Date of payment or next due date (from line 9), whichever is earlier ............................ 20 21 Number of days from due date of installment to the date shown on line 20.......................... 21 22 a Penalty (8% per year on the amount on line 19 for the number of days in 2008 on line 21) ....................................................... 22a 22 b Penalty (5% per year on the amount on line 19 for the number of days in 2009 on line 21) ....................................................... 22b 23 Total amounts on line 22. Enter this amount on line 36 of Form 1040N ...................................................................................... 23 FARMERS AND RANCHERS — UNDERPAYMENT OF ESTIMATED TAX 24 Enter line 3. If tax is paid and return filed by March 1, you do not owe penalty ............................................................................. 24 25 Multiply line 24 by 66 2/3% (.667) and enter here ......................................................................................................................... 25 26 Amount of tax withheld for 2008, if any ......................................................................................................................................... 26 27 Subtract line 26 from line 24. If less than $500, do not complete the rest of this form. You do not owe penalty .................. 27 28 Enter your 2007 income tax (see line 7 instructions)..................................................................................................................... 28 29 Enter the smaller of line 25 or line 28 ............................................................................................................................................ 29 30 Amounts withheld and amounts paid or credited by January 15 ................................................................................................... 30 31 Underpayment of estimated tax (line 29 minus line 30). If less than zero, you do not owe penalty............................................... 31 32 Number of days from January 15 to date of payment, or April 15, whichever is earlier ................................................................ 32 33 Penalty: (5% per year on the amount on line 31 for the number of days on line 32). Enter this amount on line 36 of 33 Form 1040N. .................................................................................................................................................................. 8-237-2008
INSTRUCTIONS WHO MUST FILE. Use this schedule to determine if your and your federal adjusted gross income (AGI) in 2007 was individual income tax was adequately paid throughout the more than $150,000 ($75,000 if married, filing separately), year by withholding and/or estimated payments. If your enter 110% of your 2007 taxes on line 7. 2008 tax due (line 17 of Form 1040N) less withholding and LINE 9, INSTALLMENT PAYMENTS. If you filed your allowable credits is $500 or more, you may be subject to an Nebraska income tax return and paid the balance of the tax underpayment of estimated tax penalty and must complete due by January 31, that balance is considered paid as of this form. You may also owe a penalty if estimated payments January 15. have not been filed in a timely manner. Fiscal Year Taxpayers. The installment due dates for fiscal WHO MUST PAY THE UNDERPAYMENT PENALTY. year taxpayers are the 15th day of the following months: An individual who did not pay enough estimated tax by any 1. The first month of the second quarter; of the applicable due dates or who did not have enough state 2. The third month of the second quarter; income tax withheld may be charged a penalty. This is true 3. The third month of the third quarter; and even if you are due a refund when you file your tax return. The penalty is figured separately for each due date. Therefore, 4. The first month of the following fiscal year. you may owe the penalty for an earlier payment due, even if All dates on Form 2210N are to be considered in the you paid enough tax later to make up the underpayment. corresponding month of the fiscal year. You may owe the penalty for 2008 if you did not pay at least LINE 11, TAX WITHHELD. An equal part of the Nebraska the smaller of: income tax withheld during the year by your employer is considered paid on each required installment date unless 1. 90% of your 2008 tax liability; or you establish the dates on which withholding occurred and 2. 100% of your 2007 tax liability (if you filed a 2007 consider such withholding as paid on the dates when actually return that covered a full 12 months). withheld. EXCEPTIONS TO THE PENALTY. You will not have to For nonresident individuals, the amount of tax withheld by pay the penalty if: S corporations, partnerships, limited liability companies, or 1. You had no tax liability for 2007, you were a U.S. fiduciaries shall be considered paid on the last day of the citizen or resident for the entire year, and your 2007 organization’s taxable year unless you establish the dates on Nebraska tax return was (or would have been had which all amounts were actually withheld and consider such you been required to file) for a full 12 months; withholding as paid on the dates when actually withheld. 2. You are a first time filer for Nebraska tax purposes; LINE 18, OVERPAYMENT. Any overpayment of an or installment on line 18 in excess of all prior underpayments should be applied as a credit on line 12 against the next 3. The total tax shown on your 2008 return minus the installment. amount of tax you paid through withholding is less than $500. To determine whether the total tax is less LINES 19-23, PENALTY CALCULATIONS. Complete than $500, complete lines 1-6. lines 19 through 23 to determine the amount of the penalty. In determining the date of payment on line 20, use the date NOTE: If you file your return and pay the tax due by January of the payment which was applied against the underpayment 31, 2009, include on line 19, January 15 column, the amount on line 19, the due date of the next payment (line 9 of the of tax you pay with your tax return. In this case, you will not next column), or April 15, whichever is earliest. If more than owe a penalty for the payment due on January 15, 2009. one payment is made for any installment, make separate Nebraska Tax on Annualized Income. No penalty will penalty calculations through the date of payment and for the be imposed if your Nebraska tax payments equal or exceed remaining underpayment through the date it is paid, then add 90% of the Nebraska tax for a Nebraska tax liability based the results together and enter on line 22. See the instructions on annualized income earned through the end of the month for Federal Form 2210 for more information. The penalty is preceding the installment date. Check the box on line 36 calculated at 8% per annum for all installments paid during of Form 1040N and attach a separate schedule showing 2008 and at 5% for payments made after January 1, 2009 and your computation similar to the federal Annualized Income after. For the September 15 column, line 22a is used to report Installment Method Schedule. at the 8% rate through December 31, 2008. Line 22b is then WAIVER OF PENALTY. Attach a statement to this form used to report at the 5% rate for the period from January 1 outlining why the penalty should not be imposed. This through January 15 or later. would include an underpayment due to casualty, disaster, or SPECIAL RULES FOR FARMERS AND RANCHERS. other unusual circumstance where it would be inequitable to If your gross income from farming, ranching, or fishing is at impose the penalty. Penalty may also be waived if in 2007 least two-thirds of your annual gross income from all sources or 2008, you retired after age 62 or became disabled, and for 2007 or 2008, and Form 1040N is filed and the Nebraska your underpayment was due to reasonable cause. Attach a income tax is paid on or before March 2, you are exempt statement if this circumstance applies to you. from penalties for underpayment of estimated tax and are not WHEN AND WHERE TO FILE. Form 2210N must be required to file a Form 2210N. attached and filed with the Nebraska Individual Income Tax 1. How to Figure Your Underpayment. If the Return, Form 1040N. gross income test was met but the date for filing SPECIFIC LINE INSTRUCTIONS and payment of the tax was not, complete lines 24 through 31. If no underpayment is indicated on LINE 7, 2007 TAX. Use your 2007 tax after nonrefundable line 31, do not complete lines 32 and 33. credits from your 2007 tax return. If the 2007 tax year was for 2. Penalty Calculation. Complete lines 32 and 33 less than 12 months, do not complete this line. Instead, enter the amount from line 4 on line 8 and complete the remainder to determine the amount of the penalty which is of the form. If not engaged in farming, ranching or fishing calculated at 5%.

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revenue.ne.gov tax current f_2210n

  • 1. SAVE PRINT RESET Individual Underpayment of Estimated Tax FORM 2210N 2008 • Attach to Form 1040N • Read instructions on reverse side Name and Address as Shown on Form 1040N Taxable Year Social Security Number 1 Total Nebraska income tax after nonrefundable credits (line 28, Form 1040N) ............................................................................ 1 2 Refundable child/dependent care credit, Beginning Farmer credit, earned income credit, and refundable Form 3800N credit........ 2 3 Subtract line 2 from line 1 .............................................................................................................................................................. 3 4 Multiply line 3 by 90% (.90) ........................................................................................................................................................... 4 5 Amount of tax withheld for 2008, if any. Do not include any estimated payments on this line ...................................................... 5 6 Subtract line 5 from line 3. If less than $500, stop here; do not complete this form. You do not owe penalty ................................ 6 7 Enter your 2007 income tax (see instructions). If federal AGI is more than $150,000 ($75,000 if married, filing separately), enter 110% of 2007 tax ................................................................................................................................................................. 7 8 Required annual payment. Enter smaller of line 4 or line 7. .......................................................................................................... 8 If line 5 is equal to or more than line 8, do not complete this form. You do not owe penalty. • Calculate each column separately 9 Due date of installments ................................ 9 APRIL 15, 2008 JUNE 15, 2008 SEPT. 15, 2008 JAN. 15, 2009 10 Enter 25% of line 8 in each column ............... 10 11 Amount paid on estimate plus tax withheld 11 for each period (see instructions) .................. 12 Overpayment of previous installments 12 from line 18 of the previous column............... 13 Add lines 11 and 12 ....................................... 13 14 Add amounts on lines 16 and 17 of the 14 previous column and enter result .................. 15 Subtract line 14 from line 13. If zero or less, enter -0- (for April 15 column only, enter the 15 amount from line 11) ..................................... 16 Remaining underpayment from previous period. If the amount on line 15 is zero, subtract line 13 from line 14. Otherwise, 16 enter -0- ......................................................... 17 UNDERPAYMENT. If line 10 is greater than or equal to line 15, subtract line 15 from line 10, and go to the next column; otherwise, 17 go to line 18 ................................................... 18 OVERPAYMENT. If line 15 is greater than line 10, subtract line 10 from line 15, and go 18 to line 12 of the next column.......................... FIGURE THE PENALTY 19 Amount of underpayment (line 16 plus line 17) 19 20 Date of payment or next due date (from line 9), whichever is earlier ............................ 20 21 Number of days from due date of installment to the date shown on line 20.......................... 21 22 a Penalty (8% per year on the amount on line 19 for the number of days in 2008 on line 21) ....................................................... 22a 22 b Penalty (5% per year on the amount on line 19 for the number of days in 2009 on line 21) ....................................................... 22b 23 Total amounts on line 22. Enter this amount on line 36 of Form 1040N ...................................................................................... 23 FARMERS AND RANCHERS — UNDERPAYMENT OF ESTIMATED TAX 24 Enter line 3. If tax is paid and return filed by March 1, you do not owe penalty ............................................................................. 24 25 Multiply line 24 by 66 2/3% (.667) and enter here ......................................................................................................................... 25 26 Amount of tax withheld for 2008, if any ......................................................................................................................................... 26 27 Subtract line 26 from line 24. If less than $500, do not complete the rest of this form. You do not owe penalty .................. 27 28 Enter your 2007 income tax (see line 7 instructions)..................................................................................................................... 28 29 Enter the smaller of line 25 or line 28 ............................................................................................................................................ 29 30 Amounts withheld and amounts paid or credited by January 15 ................................................................................................... 30 31 Underpayment of estimated tax (line 29 minus line 30). If less than zero, you do not owe penalty............................................... 31 32 Number of days from January 15 to date of payment, or April 15, whichever is earlier ................................................................ 32 33 Penalty: (5% per year on the amount on line 31 for the number of days on line 32). Enter this amount on line 36 of 33 Form 1040N. .................................................................................................................................................................. 8-237-2008
  • 2. INSTRUCTIONS WHO MUST FILE. Use this schedule to determine if your and your federal adjusted gross income (AGI) in 2007 was individual income tax was adequately paid throughout the more than $150,000 ($75,000 if married, filing separately), year by withholding and/or estimated payments. If your enter 110% of your 2007 taxes on line 7. 2008 tax due (line 17 of Form 1040N) less withholding and LINE 9, INSTALLMENT PAYMENTS. If you filed your allowable credits is $500 or more, you may be subject to an Nebraska income tax return and paid the balance of the tax underpayment of estimated tax penalty and must complete due by January 31, that balance is considered paid as of this form. You may also owe a penalty if estimated payments January 15. have not been filed in a timely manner. Fiscal Year Taxpayers. The installment due dates for fiscal WHO MUST PAY THE UNDERPAYMENT PENALTY. year taxpayers are the 15th day of the following months: An individual who did not pay enough estimated tax by any 1. The first month of the second quarter; of the applicable due dates or who did not have enough state 2. The third month of the second quarter; income tax withheld may be charged a penalty. This is true 3. The third month of the third quarter; and even if you are due a refund when you file your tax return. The penalty is figured separately for each due date. Therefore, 4. The first month of the following fiscal year. you may owe the penalty for an earlier payment due, even if All dates on Form 2210N are to be considered in the you paid enough tax later to make up the underpayment. corresponding month of the fiscal year. You may owe the penalty for 2008 if you did not pay at least LINE 11, TAX WITHHELD. An equal part of the Nebraska the smaller of: income tax withheld during the year by your employer is considered paid on each required installment date unless 1. 90% of your 2008 tax liability; or you establish the dates on which withholding occurred and 2. 100% of your 2007 tax liability (if you filed a 2007 consider such withholding as paid on the dates when actually return that covered a full 12 months). withheld. EXCEPTIONS TO THE PENALTY. You will not have to For nonresident individuals, the amount of tax withheld by pay the penalty if: S corporations, partnerships, limited liability companies, or 1. You had no tax liability for 2007, you were a U.S. fiduciaries shall be considered paid on the last day of the citizen or resident for the entire year, and your 2007 organization’s taxable year unless you establish the dates on Nebraska tax return was (or would have been had which all amounts were actually withheld and consider such you been required to file) for a full 12 months; withholding as paid on the dates when actually withheld. 2. You are a first time filer for Nebraska tax purposes; LINE 18, OVERPAYMENT. Any overpayment of an or installment on line 18 in excess of all prior underpayments should be applied as a credit on line 12 against the next 3. The total tax shown on your 2008 return minus the installment. amount of tax you paid through withholding is less than $500. To determine whether the total tax is less LINES 19-23, PENALTY CALCULATIONS. Complete than $500, complete lines 1-6. lines 19 through 23 to determine the amount of the penalty. In determining the date of payment on line 20, use the date NOTE: If you file your return and pay the tax due by January of the payment which was applied against the underpayment 31, 2009, include on line 19, January 15 column, the amount on line 19, the due date of the next payment (line 9 of the of tax you pay with your tax return. In this case, you will not next column), or April 15, whichever is earliest. If more than owe a penalty for the payment due on January 15, 2009. one payment is made for any installment, make separate Nebraska Tax on Annualized Income. No penalty will penalty calculations through the date of payment and for the be imposed if your Nebraska tax payments equal or exceed remaining underpayment through the date it is paid, then add 90% of the Nebraska tax for a Nebraska tax liability based the results together and enter on line 22. See the instructions on annualized income earned through the end of the month for Federal Form 2210 for more information. The penalty is preceding the installment date. Check the box on line 36 calculated at 8% per annum for all installments paid during of Form 1040N and attach a separate schedule showing 2008 and at 5% for payments made after January 1, 2009 and your computation similar to the federal Annualized Income after. For the September 15 column, line 22a is used to report Installment Method Schedule. at the 8% rate through December 31, 2008. Line 22b is then WAIVER OF PENALTY. Attach a statement to this form used to report at the 5% rate for the period from January 1 outlining why the penalty should not be imposed. This through January 15 or later. would include an underpayment due to casualty, disaster, or SPECIAL RULES FOR FARMERS AND RANCHERS. other unusual circumstance where it would be inequitable to If your gross income from farming, ranching, or fishing is at impose the penalty. Penalty may also be waived if in 2007 least two-thirds of your annual gross income from all sources or 2008, you retired after age 62 or became disabled, and for 2007 or 2008, and Form 1040N is filed and the Nebraska your underpayment was due to reasonable cause. Attach a income tax is paid on or before March 2, you are exempt statement if this circumstance applies to you. from penalties for underpayment of estimated tax and are not WHEN AND WHERE TO FILE. Form 2210N must be required to file a Form 2210N. attached and filed with the Nebraska Individual Income Tax 1. How to Figure Your Underpayment. If the Return, Form 1040N. gross income test was met but the date for filing SPECIFIC LINE INSTRUCTIONS and payment of the tax was not, complete lines 24 through 31. If no underpayment is indicated on LINE 7, 2007 TAX. Use your 2007 tax after nonrefundable line 31, do not complete lines 32 and 33. credits from your 2007 tax return. If the 2007 tax year was for 2. Penalty Calculation. Complete lines 32 and 33 less than 12 months, do not complete this line. Instead, enter the amount from line 4 on line 8 and complete the remainder to determine the amount of the penalty which is of the form. If not engaged in farming, ranching or fishing calculated at 5%.