Form 204 - Computation Of Penalty Due Based On Underpayment Of Colorado Individual Estimated Tax (1998)

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Form 204
1998
COMPUTATION OF PENALTY DUE BASED ON
UNDERPAYMENT OF COLORADO INDIVIDUAL ESTIMATED TAX
Taxpayer’s Name
Social Security Number
EXCEPTION NO. 1. If at least two-thirds of your gross 1998 income is from farming and you will file your 1998 return and pay the
full amount of tax due on or before March 1, 1999, you are not subject to the estimated tax penalty.
EXCEPTION NO. 2.
1. Enter your 1997 tax liability (including alternative minimum tax) after reduction for all credits
other than withholding tax and estimated tax payments and credits ....................................................
$
1,000.00
2. (a) Statutory exemption ......................................................................................................................
$
(b) 1998 Colorado income tax withheld ............................................................................................. . $
(c) 1998 estimated tax payments and credits. Do not include extension request payments .............
$
(d) Total of lines 2(a), (b) and (c) ........................................................................................................
$
3. Line 1 minus line 2(d). If 2(d) is larger, enter 0 and you are not subject to the penalty .......................
$
EXCEPTION NO. 3.
4. (a) Enter your 1998 tax liability (including alternative minimum tax) after reduction for all
credits other than withholding tax and estimated tax payments and credits .................................
$
(b) Enter 70% of the amount on line 4(a) ............................................................................................
$
5. Enter amount from line 2(d) .................................................................................................................
$
6. Line 4(b) minus line 5. If 5 is larger, enter 0 and you are not subject to the penalty ............................
$
COMPUTATION OF CHARGE
PAYMENT DUE DATES
APRIL 15, 1998
JUNE 15, 1998
SEPT 15, 1998
JAN 15, 1999
7. Divide the amount on line 4(b) by the number
of payments required for the year. Enter the
result in the appropriate columns ..................
$
$
$
$
8. Amounts paid on estimated tax, tax with-
held and prorated statutory exemption ..........
$
$
$
$
9. Overpayment (on line 11) from
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
previous period ..............................................
$
$
$
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
10. Total lines 8 and 9 .........................................
$
$
$
$
11. Underpayment (line 7 minus line 10) or
(overpayment) (line 10 minus line 7) .............
$
$
$
$
12. Date of payment or April 15, 1999,
whichever is earlier .......................................
13. Number of days from due date of
payment to date on line 12 ............................
14. Underpayment on line 11 times 12% times
number of days on line 13 divided by 365 .....
$
$
$
$
15. Total penalty. Add all amounts on lines 14
Include this amount as estimated tax penalty on line 38, Form 104 ............................................................
$

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