Farming
What are the special considerations for farmers and fishermen?
What is pay your estimated tax in one payment on or before Jan. 16, and file your tax return by April 15, Or pay entire tax by March 1st
What schedule can customers use to configure estimated payments?
What is ES40
If a customer pays there return tax in June will they get assessed the underpayment penalty for return tax $2652?
What is yes
If a customer modifies their return and has additional withholdings, and they were previously assessed the underpayment penalty, will they still be responsible for the penalty?
What is no if their return tax is now under $1,000 after subtracting the withholdings
What schedule do farmers and fishermen use to indicate that their income comes from farming and fishing?
What is schedule7 (IT40) & schedule H(IT40PNR)
What are the four quarters for estimated payments?
April 15, June 15, September 15, and January 15
Is it possible to skip the first quarter of April?
What is If the earned income is inconsistent, the first quarter may be omitted; however, the IT2210A must be filled out to indicate the quarter of distribution. If the earned income is consistently distributed, the first quarter cannot be skipped, but the remaining three quarters can be skipped only if the minimum basis was paid in the previous quarter, which will be carried over.
What is the difference between the 2210 and 2210 A?
What is evenly distributed income will file 2210 and unevenly distributed income will file 2210A
What options are available for submitting estimated payments?
Electronic payment via INTIME, contacting the Department of Revenue by phone, visiting in person by appointment, utilizing third-party software or mailing a voucher.
Do we configure prior tax while configuring the underpayment penalty?
What is yes, the penalty is calculated based on the lower tax.
If the June period is overpaid by the minimum, can that excess be applied to the September quarter?
What is yes.
If the total payment exceeds the required amount, the surplus will be rolled over to the following quarter.
What is a roll over credit?
What is the overpayment from the prior quarter?
Can farmers and fishermen file a 2210 A?
What is no. Farmers and Fisherman file IT 2210 and complete the Farmers and Fisherman section and attach to their return.
What percentage do we use to calculate the underpayment penalty from the basis tax?
What is 10% of the underpayment quarter.
If a customer is an early filer, are they obligated to make the fourth quarter estimated payment?
What is No.
If you submit your individual income tax return and settle the tax owed by January 31, 2025, you will not need to make a fourth installment estimated tax payment. IT2210A will be filled out and included with the return.
What is the minimum amount that qualifies for an underpayment penalty?
What is owing over $1000
What percentage should we apply to the taxes of farmers and fishermen when calculating their eligibility for the penalty?
What is .667(2/3)
If a taxpayer pays all their taxes in the first quarter of the year before filing, do they need to pay for the remaining three quarters?
What is no
If a taxpayer earns money from investments, real estate, freelance work, contracting, or sales commissions, should they file a 2210 or 2210A?
What is IT 2210A because their income is irregular
What is the percentage to configure underpayment penalty for individuals with a Federal Adjusted Gross Income exceeding $150,000 who are not a farmer or fishermen?
What is 110%(.0110