5. Farmers and Fishermen. If at least two-thirds of your gross income is derived from farming or fishing, you may file a Declaration on or
before January 15 of the following year, pay the indicated Estimated Tax for the entire taxable year, and file a Return on or before April 30,
or file a Return and pay the tax in full on or before March 1 of the succeeding year, otherwise ignoring the provisions concerning
Declaration of Estimated Tax.
6. Fiscal Year. If you file your income tax return on a fiscal year basis, your dates for filing the Declaration and payment of the Estimated Tax
will be the 30th day of the fourth month and the 15th day of the sixth and ninth months of your current fiscal year and the 15th day of the
1st month of the next fiscal year.
7. Changes in Income, Exemption(s) or Deduction(s). (a) Even though your situation on April 30 is such that you are not required to file
a Declaration at that time, your expected income, exemption(s) or deduction(s) may change so that you will be required to file a
Declaration later. In such case the time for filing is as follows: June 15, if the change occurs after April 1 and before June 2; September 17
if the change occurs after June 1 and before September 2; January 15 of the following year if the change occurs after September 1. The
Estimated Tax may be paid in full at the time of filing the Declaration or in equal installments on the remaining payment dates. (b) After you
have filed a Declaration, if changes in income, exemptions, or deductions cause a substantial increase or decrease in Estimated Tax, you
should adjust Line 8 of the Tax Computation Schedule (worksheet) and enter the adjusted amount on Line 1 of each remaining Form 200-
ES and forward on the required due dates. (It will no longer be required to file a Form 200-ES (amended)). The remaining installments
should be adjusted accordingly.
8. Payment of Estimated Tax. Your Estimated Tax may be paid in full with the Declaration, or in equal installments on or before April 30,
June 15, September 17, and January 15 of the following year. The first installment must accompany the Declaration. The last
installment must be mailed no later than January 15 of the following year.
9. Method of Payments. Form 200-ES is designed to apply the overpayment credit from the preceding year, if any, against the total amount
of estimated tax for the entire year by one of the following methods.
Method 1. Full Credit. In using this method, you must apply the full amount of credit against first and succeeding installments until
fully used. Reflect the full amount of overpayment credit from preceding year on Line 9 of the Tax Computation Schedule worksheet
and on Line 2 of Form 200-ES of the applicable installment. Deduct this amount of credit on Line 2 of the applicable installment form
and forward the balance due to the Division of Revenue. Be sure that the amount of remittance being forwarded is entered on line 3 of
Form 200-ES.
Method 2. Quarterly Installment Credits. Reflect the full amount of overpayment credit from preceding year on Line 9 of the Tax
Computation Schedule, divide this amount by the number of installments required to be made, and enter the amount on line 2 of each
Form 200-ES. Deduct credit (line 2) from the quarterly installment and forward balance due to Division of Revenue. Be sure that
amount of remittance being forwarded is entered on Line 3 of Form 200-ES.
10. Penalty for Failure to Pay Estimated Income Tax. A penalty of 11/2% per month or fraction thereof may be imposed on the underpay-
ment of any installment of estimated tax except in certain situations. The penalty does not apply if each installment is paid on time and (a)
is at least 90 percent (662/3% for farmers and fishermen) of the amount due on the income tax return for the taxable year, or (b) 100% of
the tax shown on the prior year's return, (110% if the federal Adjusted Gross Income for the previous tax year is in excess of $150,000
($75,000 if married or entered into a civil union filing separate)). Payment of estimated tax is not required if there was no tax liability for
the preceding year, provided such year was a 12-month period.
11. Waiver of Penalty. The underpayment penalty may be waived if the underpayment is due to casualty, disaster or other unusual circum-
stances. Note, however, that these grounds will not be apparent during processing of a tax return and must be raised by the taxpayer in a
request for abatement of any penalty assessed.
TAX COMPUTATION SCHEDULE (Keep For Your Records)
1. Enter Amount of total gross income expected for the year. ..............................................................................
2. Less: total of: (a) Pension Exclusions - per person ($2000 under 60 years of age/$12,500 if 60 or over);
(b) Over 60 Exclusions; and, (c) Interest from U.S. Obligations..................................................................
3. (A) If deductions will be itemized, enter estimated itemized deductions total
If not itemizing, use Standard Deduction ($3250 single, divorced or widow(er), head of household)
($6500 if married or entered into a civil union filing jointly), or ($3250 if married or entered into
a civil union filing separately)......................................................................................................................
(B) Additional Standard Deduction Allowance(s) of $2500 for taxpayer &/or spouse
if 65 years old or over or blind and filing Standard Deductions...................................................................
4. Total of lines 2 and 3..........................................................................................................................................
5. Estimated Taxable Income (line 1 less line 4)....................................................................................................
6. Estimated Tax Liability (use Tax Computation Table below to compute this entry)...........................................
7. Personal Credits ($110.00 X total number of Federal Exemptions and exemptions
for being 60 or older)..................................................................................................................................
8. Estimate of: (a) income tax to be withheld during year; (b) credit for income
tax paid to another state; (c) volunteer firefighters, fire auxiliary & rescue squad credit;
(d) childcare credit; (e) other non-refundable credits; and (f) earned income tax credit.............................
9. Estimated Tax Credit to be carried forward from 2011 return............................................................................
10. Total Credits (Lines 7, 8 and 9)..........................................................................................................................
11. Total Estimated Tax Liability (line 6 less line 10)...............................................................................................
12. Quarterly Payment Amount (Divide line 11 by a factor of 4.) ............................................................................
$
$
$
$
$
$
$
$
$
$
$
$
$
Over But not over Tax is In excess Over But not Tax is In excess
2,000.00 0 of over of
$2,000.00 5,000.00 $ 0.00 2.20% (.0220) $ 2.000.00 20,000.00 25,000.00 741.00 + 5.20% (.0520) $20,000.00
5,000.00 10,000.00 66.00 + 3.90% (.0390) 5,000.00 25,000.00 60,000.00 1,001.00 + 5.55% (.0555) 25,000.00
10,000.00 20,000.00 261.00 + 4.80% (.0480) 10,000.00 60.000.00 and over 2,943.50 + 6.75% (.0675) 60.000.00