Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet

2220-K

Page 4

41A720-S6 (10-13)

INSTRUCTIONS FOR FORM 2220-K, continued

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

June 1 and before September 2 of the taxable calendar

made on or before December 15, enter the payment on

year, enter September 15 and December 15 in Columns

Line 7, Column (a); or (ii) if the payment was made after

(a) and (b); and (iii) if the tax for the taxable year was

December 15, do not enter the payment on Line 7.

reasonably expected to exceed $5,000 after September 1

of the taxable calendar year, enter December 15 in Column

Line 8—Enter the amount from Line 14 of the preceding

(a). If the tax return is for a fiscal year, enter the 15th day

column. This line does not apply to the first installment.

of the sixth month, 15th day of the ninth month and 15th

day of the 12th month. Note: If a payment date falls on a

Line 9—Enter the total of Lines 7 and 8. This line does not

holiday or weekend, the applicable payment date is the

apply to the first installment.

next working day.

Line 10—Enter the total of Lines 12 and 13 of the preceding

Line 6—Enter the amount of the estimated tax due as

column. This line does not apply to the first installment.

follows: (i) if you entered three installment dates on Line

5, enter 50% of the estimated tax due for the taxable

Line 11—Enter the amount of Line 9 less Line 10. If zero

year (estimated tax due equals Line 3, Column (c)) under

or less, enter zero (-0-). For the first installment, enter

Column (a), 25% under Column (b), and 25% under

the amount from Line 7.

Column (c); (ii) if you entered two installment dates on

Line 5, enter 75 % of the estimated tax due under Column

Line 12—If the amount on Line 11 is zero, enter the amount

(a) and 25% under Column (b); or (iii) if you entered one

of Line 10 less Line 9; otherwise, enter zero (-0-). This

installment date on Line 5, enter 100% of the estimated

line does not apply to the first installment.

tax due under Column (a).

Line 13—If Line 11 is less than or equal to Line 6, enter

Line 7—Enter the estimated tax paid for each installment

the amount of Line 6 less Line 11.

period. Also, for the first installment, enter this amount on

Line 11. Estimated tax includes the credit from the prior

Line 14—If Line 6 is less than Line 11, enter the amount

year, withholding tax, certified rehabilitation tax credit

of Line 11 less Line 6.

and film industry tax credit. The withholding tax, certified

rehabilitation tax credit and film industry tax credit are

Line 15—Enter the date the underpayment on Line 13 was

considered to have been paid based on the percentages

paid or the 15th day of the fourth month after the close of

due on the estimated tax due dates as provided by the

the tax year, whichever is earlier. A payment of estimated

instructions on Line 6, unless you can show otherwise.

tax is applied against unpaid required installments in

the order in which the installments are required to be

If you are required to make three installments—Enter

paid, regardless of the installment to which the payment

estimated tax payments as follows: (i) if the payment was

pertains.

made on or before June 15, enter the payment on Line 7,

Column (a); (ii) if the payment was made after June 15 but

Line 16—Enter the interest due on the tax underpayment

by September 15, enter the payment on Line 7, Column

on Line 13. If the corporation or limited liability pass-

(b); (iii) if the payment was made after September 15 but

through entity has more than one payment for the

by December 15, enter the payment on Line 7, Column

underpayment, attach a separate computation for each

(c); or (iv) if the payment was made after December 15,

payment. The interest rate is 6 percent for calendar year

do not enter the payment on Line 7.

2013. The tax interest rate for 2014 is available online at

, or you may contact the Department

If you are required to make two installments—Enter

of Revenue at (502) 564-8139.

estimated tax payments as follows: (i) if the payment

was made on or before September 15, enter the payment

PART IV—TOTAL INTEREST

on Line 7, Column (a); (ii) if the payment was made after

September 15 but by December 15, enter the payment on

Line 1—Add the amounts in Part III, Line 16 (all columns)

Line 7, Column (b); or (iii) if the payment was made after

and multiply the total by the percentages on Part III, Line

December 15, do not enter the payment on Line 7.

4, and enter the respective amounts on Line 1, Columns

(a), (b) and (c). Also, enter the interest amounts in Columns

If you are required to make one installment—Enter

(a) and (b) on the Tax Payment Summary under the LLET

estimated tax payments as follows: (i) if the payment was

summary and Income summary, respectively.

Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet - 2013 Page 4

Related Articles

Related forms

Related Categories