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Arkansas Free Printable 2020_AR2210_BC.pdf for 2021 Arkansas Penalty for Underpayment of Estimated Tax

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Penalty for Underpayment of Estimated Tax
2020_AR2210_BC.pdf

AR2210 PRINT FORM CLEAR FORM 2020 ITPE201 ARKANSAS INDIVIDUAL INCOME TAX Primary’s legal name PENALTY FOR UNDERPAYMENT OF ESTIMATED TAX Primary’s social security number PART I - EXCEPTION If you qualify for an exception 1 through 5 (see list on back of this form) from the Underestimate Penalty, enter the exception on the line to the right and on Form AR1000F/AR1000NR, box 52A or AR1002F/AR1002NR, box 36A __________________ If you qualify for an exception, stop here. Do not complete Part II or Part III. Attach this form to Form AR1000F/AR1000NR. (To claim exception 6, do not complete Form AR2210. For exception 6, use Form AR2210A only.) If you do not qualify for an exception, complete Part II below. PART II - REQUIRED ANNUAL PAYMENT 1. 2020 net tax: (line 38, Form AR1000F or line 38D, AR1000NR or line 24B, AR1002F or line 24F, AR1002NR) ....................... 1 2. Enter 90% (.90) of the amount shown on line 1: ............................................................................................................... 2 3. 2020 Arkansas income tax withheld: (line 39, AR1000F/AR1000NR or line 25, AR1002F/AR1002NR) ....................... 3 4. Subtract line 3 from line 1: (If the result is $1,000 or less, stop here. Do not complete this schedule.) ................. 4 5. 2019 net tax: (line 38, AR1000F or line 38D, AR1000NR or line 24B, AR1002F or line 24F, AR1002NR) 5 6. Required annual payment. Enter the smaller of line 2 or line 5: ....................................................................................... 6 If you do not qualify for an exception (Part I) and line 6 is more than line 3, complete Part III below. PART III - COMPUTING THE PENALTY PAYMENT DUE DATES A 4-15-2020 B 6-15-2020 7. Required installments. Enter 1/4 (.25) of line 6, AR2210 in each column: ...... 7 8. Estimated tax paid and tax withheld. For column A only, enter the amount from line 8 on line 12. If line 8 is equal to or greater than line 7 for all payment periods, stop here. You do not owe the penalty. Complete lines 9 through 15 of each column before going to the next column: .......................... 8 9. Enter amount, if any, from line 15 of previous column: ................................................ 9 10. Add lines 8 and 9: ................................................................................................ 10 11. Add amounts on lines 13 and 14 of previous column: ............................................ 11 12. Subtract line 11 from line 10. If zero or less, enter 0. For column A only, enter the amount from line 8: ................................................................................. 12 13. If the amount on line 12 is zero, subtract line 10 from line 11. Otherwise, enter zero: ........................................................................................... 13 14. Underpayment. If line 7 is equal to or greater than line 12, subtract line 12 from line 7. Then go to line 9 of the next column. Otherwise, go to line 15: ......... 14 15. Overpayment. If line 12 is more than line 7, subtract line 7 from line 12, then go to line 9 of the next column: .................................................. 15 16. Number of days from the payment due date shown at top of column to the date the amount on line 14 was paid, or 4-15-2021, whichever is earlier: ................. 16 17. Underpayment from line 14 X Number of days from line 16 X .10 .............................................. 17 365 18. PENALTY. Add all the amounts on line 17 in all columns. Enter the total here and on Form AR1000F/AR1000NR, line 52B or Form AR1002F/AR1002NR, line 36B: ................... 18 AR2210 (R 10/13/2020) C 9-15-2020 D 1-15-2021 INSTR Estimated Income Tax Penalty 1. (a) Every taxpayer subject to the tax levied by the Arkansas ,QFRPH7D[$FWVKDOOPDNHDQG¿OHZLWKWKH&RPPLVVLRQHU a declaration of the estimated tax for the income year if the taxpayer can reasonably expect the estimated tax to be $1,000 or more and income tax withholdings for the income year do not equal 90% of the estimated tax. No penalty shall be imposed for a tax year if the tax shown on the return for such tax year is less than $1,000, or where the original amount of estimated tax is the same amount shown to be due by the return of the taxpayer for the preceding income year where such return showing a liability IRUWD[ZDVÀOHGE\WKHWD[SD\HUIRUWKHSUHFHGLQJ income year of twelve (12) months. (b) The declaration of estimated tax shall be made on such forms and shall include such information as the Commissioner shall prescribe. Individual forms can be obtained by calling (501) 682-1100 or from our website www.arkansas.gov/ incometax.   F  7KHGHFODUDWLRQZLWKWKH¿UVWSD\PHQWPXVWEH¿OHGZLWKWKH &RPPLVVLRQHURQRUEHIRUHWKH¿IWHHQWK th) day of the fourth th) month of the income year of the taxpayer. The remaining ¿OLQJVDQGSD\PHQWVDUHGXHRQWKH¿IWHHQWK th) day of the sixth (6th) month, ninth (9th PRQWKDQG¿UVW st) month after the close of the income year. G  $WD[SD\HUZKRGXHWRFKDQJHRIFLUFXPVWDQFHV¿UVWPHHWV WKHUHTXLUHPHQWVIRU¿OLQJDGHFODUDWLRQDIWHUWKH¿IWHHQWK th) GD\RIWKHIRXUWK th) month of the income year, shall make DQG¿OHWKHGHFODUDWLRQRQRUEHIRUHWKHQH[WUHJXODUTXDUWHUO\ tax payment date. 2. (a) A taxpayer who makes a declaration of estimated tax for the income year shall estimate an amount not less than ninety percent (90%) of the amount actually due. (b) If a taxpayer fails to make a declaration of estimated tax and pay on the quarterly due date the equivalent to at least ninety percent (90%) of the amount actually due, a penalty of ten percent (10%) per annum shall be added to the amount of the underestimate. The ten percent (10%) per annum penalty will be applied on a quarterly basis. A taxpayer who has an uneven income may compute the ten percent (10%) penalty on an annualized basis. The underestimate penalty is computed on the lesser of the current year’s tax liability or the previous year’s tax liability. 3. (a) The penalty provided in ACA §26-18-208 (Supp. 1997) for failure to make correct payments of estimated income tax shall not apply to the exceptions noted hereafter. AR2210 Inst. Page 1 (R 10/23/2019) EXCEPTIONS 1. Taxpayers whose income from farming for the income year can reasonably be expected to amount to at least two thirds (2/3) of the total gross income from all sources for the income year, may ¿OHVXFKGHFODUDWLRQDQGSD\WKHHVWLPDWHGWD[RQRUEHIRUHWKH ¿IWHHQWK th) day of the second (2nd) month after the close of WKHLQFRPH\HDU,QOLHXRI¿OLQJDQ\GHFODUDWLRQ\RXPD\¿OHDQ LQFRPHWD[UHWXUQDQGSD\WKHWD[RQRUEHIRUHWKH¿IWHHQWK th) day of the third (3rd) month after the close of the income year. 2. ,QOLHXRI¿OLQJWKHIRXUWK th) quarter installment the taxpayer may ¿OHDQLQFRPHWD[UHWXUQDQGSD\WKHWD[RQRUEHIRUH-DQXDU\ RURQWKHODVWGD\RIWKH¿UVW st) month after the close of the income year. 3. No penalty shall be imposed for a tax year if: (a) the preceding tax year was a tax year of twelve (12) months, and (b) the taxpayer did not have a tax liability for the preceding tax year and (c) the taxpayer was a resident of Arkansas throughout the preceding tax year. 4. No penalty shall be imposed with respect to any underpayment if the Commissioner of Revenue determines that by reasons of casualty, disaster, or other unusual circumstances the imposition of such penalty would be against equity and good conscience. 5. No penalty shall be imposed with respect to any underestimate or underpayment if the Commissioner determines that: (a) the taxpayer (i) retired after having attained age 62, or (ii) became disabled in the tax year for which such estimated payments were required to be made or in the tax year preceding such tax year, and (b) such underpayment was due to reasonable cause and not to willful neglect. 6. Taxpayers with varied income may benefit by computing the ten percent (10%) penalty on an annualized basis. The penalty is computed using Form AR2210A which must be submitted with Form AR1000F/AR1000NR or Form AR1002F/AR1002NR. If penalty computed using Form AR2210A, write “6” on Form AR1000F/AR1000NR, Box 52A or Form AR1002F/ AR1002NR, Box 36A. INSTR Estimated Income Tax Penalty PENALTY COMPUTATION EXAMPLE Part II: The underpayment of estimated tax shall be computed as follows: The number of days from the due date of the quarterly payment WRWKHGDWHSD\PHQWLVDFWXDOO\PDGHGLYLGHGE\WLPHVWHQSHUFHQW  WLPHVWKHDPRXQWRIXQGHUSD\PHQW Line 1 Line 2 Line 3 /LQH /LQH Line 6  7D[/LDELOLW\ RI7D[/LDELOLW\ Payments $2,000 Line (1) less Line (3) $3,000 Prior Year Tax Liability $3,000 Required Annual Payment $3,000 >/HVVHURI  RU  @ Note:  3D\PHQWVUHSRUWHGRQ/LQH  VKDOOEHGHHPHGWRKDYHEHHQSDLGLQIRXU  HTXDOSD\PHQWVRQWKHTXDUWHUO\GXHGDWHV Part III: Required Installments ...................... GLYLGHGE\  Payments......................................... GLYLGHGE\  Column (a)      Column (b)       Column (c)          Column (d)       5HTXLUHG,QVWDOOPHQW  3D\PHQW  8QGHUSD\PHQW   3DLG   -0 WR GD\V  ;; $4 )LUVW4XDUWHU3HQDOW\ 5HTXLUHG,QVWDOOPHQW  3D\PHQW  8VHG     8QGHUSD\PHQW   3DLG   -0 WR GD\V  ;[ $13 Second Quarter Penalty......$13 5HTXLUHG,QVWDOOPHQW    3D\PHQW  8VHG    8QGHUSD\PHQW    3DLG  3DLG   -0 WR GD\V  ;; $17  WR GD\V  ;; $15 Third Quarter Penalty..........$32 5HTXLUHG,QVWDOOPHQW    3D\PHQW  8VHG     8QGHUSD\PHQW    3DLG   -0 WR GD\V  ;[ $18 Fourth Quarter Penalty........$18 Total Penalty......................$67 AR2210 Inst. Page 2 (R 06/16/2020)
Extracted from PDF file 2020-arkansas-form-ar2210.pdf, last modified October 2020

More about the Arkansas Form AR2210 Individual Income Tax Estimated TY 2020

We last updated the Penalty for Underpayment of Estimated Tax in March 2021, so this is the latest version of Form AR2210, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form AR2210 directly from TaxFormFinder. You can print other Arkansas tax forms here.

Related Arkansas Individual Income Tax Forms:

TaxFormFinder has an additional 39 Arkansas income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Arkansas Form AR2210.

Form Code Form Name
Form AR2210A Annualized Penalty for Underpayment of Estimated Tax

Download all AR tax forms View all 40 Arkansas Income Tax Forms


Form Sources:

Arkansas usually releases forms for the current tax year between January and April. We last updated Arkansas Form AR2210 from the Department of Revenue in March 2021.

Show Sources >

Form AR2210 is an Arkansas Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Arkansas Form AR2210

We have a total of ten past-year versions of Form AR2210 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form AR2210

2020_AR2210_BC.pdf

2019 Form AR2210

2019_AR2210_BC.pdf

2018 Form AR2210

2018_AR2210_BC.pdf


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