Form Clt-4-Ut - Underpayment Of 2012 Estimated Tax By Corporation - 2012 Page 5
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5Line 18 – Calculate your total underpayment interest. Add
Line 9 – Enter the tax credits from line 13 on your Montana
all amounts on line 17, columns A through D, and enter the
tax return here. Enter the amount in each column that you
result here.
are entitled to use because of events that occurred during
the months shown in the column headings. For example, if
Instructions for Annualized/Seasonal Worksheet
you used the amount from line 3 on line 7, you will base your
If you can establish that you did not earn income evenly
credit allocation on the periods listed above line 1 to allocate
throughout the year, you can use this worksheet to
the credit. If you used the amount from line 6 on line 7, you
determine your quarterly installments of estimated tax. Use
will use the periods listed above line 4 to allocate the credit.
the worksheet to calculate each of your estimated payments
Complete lines 36 through 41 for one column before
under the annualized and/or seasonal methods. Calculating
completing lines 13 and 14 of the next column.
your installments using the annualized or seasonal method
Line 13 – Add the amounts from line 41 in all previous
may lower the amount of one or more required installments.
columns and enter the result here. For example, for Column
If so, your underpayment interest could be reduced or
D, you add together the amounts from line 41 in columns A
eliminated for one or more installment periods. Please note
through C and enter the result on line 13, Column D.
you must use the same method of determining your required
installments for each quarter. If you use the worksheets to
Part II: Calculate Adjusted Seasonal Installments
determine your estimated installments, include the federal
The adjusted seasonal installment method for calculating
Form 2220, Underpayment of Estimated Tax by Corporation,
estimated tax payments can be used if your business is
to your Montana return along with Form CLT-4-UT and this
seasonal. For example, a ski shop that receives most of its
worksheet.
income each year during the winter months might benefit
• If you are using only the annualized income installment
from using this method. In order to use this method, your
method, complete Parts I and III of the worksheet.
base percentage for any six consecutive months has to be
• If you are using only the adjusted seasonal installment
at least 70%.
method, complete Parts II and III of the worksheet.
To calculate the base period percentage, you need to
• If you are using both the annualized income and adjusted
compare your taxable income for six-month corresponding
seasonal methods, complete the entire worksheet. To
periods for the last three taxable years, to the the total
arrive at the amount of each required installment, select
taxable income for the last three taxable years. This
the smallest of the annualized income installment,
comparison is done on lines 15 through 30.
adjusted seasonal installment (if applicable), or regular
Lines 15 through 30 – Prepare the calculations as directed
installment.
on each line.
Part I: Calculate Annualized Income Installments
Line 22 – This is your base period percentage for months
before your filing month.
The annualized income installment method for calculating
estimated tax payments may benefit you if your income was
Line 31 – Enter the tax credits from line 13 on your Montana
tax return here. Enter the amount in each column that you
not received evenly throughout the year. For example, a
are entitled to use because of events that occurred during
company may liquidate a large portion of its inventory during
the months shown in the column headings.
the last quarter of the year, making the earlier installments
smaller than they would have been if the regular method
Complete lines 36 through 41 for one column before
was used.
completing lines 34 and 35 of the next column.
Line 1 – Enter the amount of Montana taxable income from
Line 34 – Add the amounts from line 41 in all previous
line 7 of Form CLT-4 in each column based on the amount
columns and enter the result here. For example, for Column
earned for each period that is indicated above line 1 for each
D, you add together the amounts from line 41 in columns A
column.
through C and enter the result on line 34, Column D.
Line 4 – Enter the amount of Montana taxable income from
Part III: Computation of Required Installments
line 7 of Form CLT-4 in each column based on the amount
Line 36 – If you only completed Part I, enter the amounts
earned for each period that is indicated above line 4 for each
from each column on line 14 of the worksheet in each
column.
column here. If you only completed Part II, enter the
Line 7 – You have three annualization period options to use
amounts from each column on line 35 in each column here.
to calculate your installment amounts on this line:
If you completed both Parts I and II, enter the lesser of the
1. Use the amounts on line 3 in all columns
amounts in each column on line 14 or 35.
2. Use the amounts on line 6 in all columns
Line 41 – In each column enter the lesser of the same
3. Use the lesser of the amounts on line 3 or line 6 for each
column on line 36 or line 39. These are your calculated
column
installments of estimated tax based on the annualized
income and/or seasonal methods. Enter on line 6 of the
Line 8 – Multiply the amounts on line 7 in each column by
Form CLT-4-UT the amount from each column A through D
the tax rate used to calculate your Montana income tax
of line 41.
return. The tax rate in Montana is 6.75% unless you are
filing under the water’s edge method, in which case the tax
Questions? Please call us toll free at (866) 859-2254
rate is 7%.
(in Helena, 444-6900).
Page 5
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