Form Clt-4-Ut - Underpayment Of 2012 Estimated Tax By Corporation - 2012 Page 4
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5Who has to pay underpayment interest?
installments must be made by the 15th day of the last month
of the short taxable year.
You are only subject to the underpayment interest if your tax
Line 6 – Multiply the amount on line 4c by 25% (0.25) and
liability is $5,000 or more during the current year. You should
enter this amount in each column, A through D. This is the
have paid the lesser of these amounts:
amount of each of your quarterly estimated installments.
1. 80% of your tax liability for the current year, or
• If you use the annualized income installment method and/
2. 100% of your tax liability for the previous year.
or the adjusted seasonal installment method, mark the
However, if the previous year’s return did not show a tax
box on this line, complete the worksheet on pages 2 and
liability, if that return did not cover a full 12 months, or if you
3 of these instructions to determine the amounts of your
are filing your initial return this year, your installments must
installments, and enter the amounts from line 41 of the
be based upon 80% of your tax liability for the current year.
worksheet on line 6 of this form.
If you did not pay enough estimated tax by any installment
• If your income varied during the year because, for
due date, you may owe underpayment interest for that
example, your business was operated on a seasonal
estimate period. The interest is calculated separately for
basis, you may want to use the annualized income
each installment due date, even if you are requesting a
installment method and/or seasonal installment method.
refund on your Montana tax return. Therefore, you may
Using these methods may reduce the amount of your
owe underpayment interest for an earlier installment due
required installments. See the instructions on this page
date, even if you paid enough tax later to make up the
for more information about this calculation.
underpayment.
Complete lines 7 through 14 in each column before
If you do not want to calculate the underpayment
completing the next column.
interest, we will calculate it and send you a notice of the
Line 7 – Enter the amount of estimated tax payments made
underpayment interest due.
on or before the due date on line 5 for this particular column,
How do I use Form CLT-4-UT?
and after the due date on line 5 for the previous column.
For example, a calendar year corporation will enter on line
Complete Part I of this form to determine if you have an
7, column B, the amount of estimated tax payments made
underpayment for any of the four installment due dates. If
between April 15 and June 15.
you have an underpayment on line 13 in columns A, B, C,
or D, go to Part II to calculate your underpayment interest.
If you have an overpayment from the previous year, you
If you have to pay underpayment interest, include Form
should apply the installment to column A. If you have mineral
CLT-4-UT with your Montana Corporation License Tax
royalty tax (line 11d of the CLT-4) and/or tax on pass-through
Return (Form CLT-4).
entities (line 11e of the CLT-4) withheld on your behalf,
divide the total of these amounts by four and apply the result
Part I: Calculating Your Underpayment
to each quarterly installment.
Line 1 – Enter the tax from line 10 of your Form CLT-4.
Line 13 – If line 13 shows an underpayment in any column,
Line 2 – Enter the tax credits from line 13 of your
please complete Part II to calculate the underpayment
Form CLT-4.
interest that you owe for this tax year.
Line 3 – Subtract line 2 from line 1. If the result is less than
Part II: Figuring your underpayment interest
$5,000, stop here. You do not need to complete this form. If
Line 15 – Enter the date of the estimated payment that
the result is $5,000 or greater, enter the result here.
covers the installment in each column. A payment of
Line 4a – Multiply line 3 by 80%. Enter the result on this
estimated tax is applied against underpayment of required
line.
installments in the order that those installments are required
Line 4b – From your previous year’s Form CLT-4, subtract
to be paid. For example, after the first installment due date
the tax credits you reported on line 13 from your Montana
(April 15th), there is an underpayment of $1,000 and the
tax liability on line 10 (line 10 minus line 13). Enter the result
second installment requires a payment of $2,000. A payment
on this line. However, if your previous year’s return covered
of $2,000 is made on June 10, with $1,000 of this payment
a period of less than 12 months, it did not show a tax liability,
being applied to the underpayment of the first installment.
or if you are filing your initial return this year, do not use this
The interest on the first installment will be calculated from
line. Instead, enter the amount from line 4a on line 4c and
April 15 through June 10 (56 days). The second installment
then go to line 5.
will now be underpaid by $1,000.
Line 4c – Enter the lesser of line 4a or 4b.
Line 16 – Calculate the number of days that the
Line 5 – Enter the quarterly installment due dates in
underpayment is late. This is the number of days from the
columns A through D. The installment due dates are the 15th
installment due date until the payment for the installment is
day of the 4th, 6th, 9th, and 12th months of your tax year.
paid.
For example, if your tax year ends on December 31, your
Line 17 – Calculate the amount of underpayment interest for
installment due dates are April 15, June 15, September 15,
each period. The interest rate on the underpayment is 12%
and December 15 of your tax year.
per year, calculated daily. Multiply the underpayment on line
Short Period Returns: If you are filing a short period return,
13 by the number of days late on line 16. Multiply this result
payments of estimated tax are to be made at the times and
by 12% (0.12). Divide this result by 365.
in the amounts required for regular tax years, except all
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