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Montana Free Printable  for 2018 Montana Estimated Tax Underpayment Form

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Estimated Tax Underpayment Form
Form 2 Worksheet VII

2017 Worksheets Clear Form Page 47 DO NOT FILE WITH YOUR RETURN - For Reference Only Worksheet VII – Calculation of Interest on Underpayment of Estimated Taxes – Short Method You usually have to pay your income taxes throughout the year. You can pay through employer withholding or by making installment payments of estimated taxes or through a combination of both. If you have to pay estimated taxes and you did not pay enough during the year by each of the four quarterly installment payment dates, you may owe interest on your underpayment of those estimated taxes even if you pay the full amount of tax you owe when you file your return. You are not required to make estimated tax payments if one of the following conditions applies to you: • Your tax liability (after withholding and estimated tax payments) is less than $500. • You did not have a 2016 income tax liability and you were a citizen or resident of the United States the entire year. • Your underpayment was due to a casualty, disaster or other unusual circumstance. • You retired in either 2016 or 2017 after reaching the age of 62. • You become disabled in either 2016 or 2017. • You are a farmer or rancher and 66 2/3% of your 2017 gross income is derived from your farming and ranching operation. Your 66 2/3% farming and ranching income is determined annually and is based on your 2016 gross income. Note that Montana does not use the same “look back” period that the Internal Revenue Service uses to determine the percentage of your farming and ranching income for federal income tax purposes. If you did not pay in advance at least 90% of your 2017 income tax liability (after applying your tax credits) or 100% of your 2016 income tax liability (after applying your tax credits), you may have to pay interest on the underpayment of your estimated taxes. If you are required to pay interest on your underpayment, you can use this short method to determine your interest, but only if one of the following conditions applies to you: • You made no estimated tax payments (in other words, your only payments were Montana withholding); or • You made four equal estimated payments by the required due dates; or • Your taxable year on your federal return was 12 full months. If you are not eligible to use this short method to calculate your interest on your underpayment, use Montana Form EST-I, Interest on Underpayment of Estimated Tax Payments. You can get this form by visiting revenue.mt.gov or by calling us at (406) 444-6900. If you are “married filing separately on the same form,” enter the sum of columns A and B for each item. 1 Enter your 2017 combined total tax due reported on Form 2, line 54 here �������������������������������������������������������������������������������������� 1 2 Multiply line 1 by 90% (0.90) and enter the result here..................................................................................................................... 2 3 Combine the amounts on Form 2, lines 55, 56 and 57, the portion of line 58 that includes amounts credited from prior year’s tax refunds, and line 60. Enter the result here........................................................................................................................................ 3 4 Subtract line 3 from line 1 and enter the result here. If your result is $500 or less, stop here; you do not owe interest on your underpayment.................................................................................................................................................................................... 4 5 Enter the income tax liability that you reported on your 2016 Form 2, line 54 or 2016 Form 2EZ, line 15 here ������������������������������� 5 6 Enter the smaller of line 2 or line 5 here............................................................................................................................................ 6 7 Combine the amount on line 3 above with the estimated tax payments that you reported on your 2017 Form 2, line 58. Enter the result here.......................................................................................................................................................................................... 7 8 Subtract line 7 from line 6. If the result is zero or less, stop here; you do not owe interest on your underpayment. This is your total underpayment for 2017.8�������������������������������������������������������������������������������������������������������������������������������������������������������� 8 9 Multiply line 8 by 0.02663 and enter the result here.......................................................................................................................... 9 10 If you paid the amount on line 8 on or after April 17, 2018, enter zero. If you paid the amount on line 8 before April 17, multiply the amount on line 8 by the number of days you paid before April 17 and then by 0.0001096 and enter the amount here............. 10 11 Subtract line 10 from line 9. Enter the result here and on Form 2, line 66. This is your interest on the underpayment of estimated taxes................................................................................................................................................................................ 11
Extracted from PDF file 2017-montana-form-2-worksheet-vii.pdf, last modified December 2017

More about the Montana Form 2 Worksheet VII Individual Income Tax TY 2017

Use this form to calculate and pay any fees or interest due with your estimated income tax return when you pay it in full after the official due date.

We last updated the Estimated Tax Underpayment Form in January 2018, so this is the latest version of Form 2 Worksheet VII, fully updated for tax year 2017. You can download or print current or past-year PDFs of Form 2 Worksheet VII directly from TaxFormFinder. You can print other Montana tax forms here.

Other Montana Individual Income Tax Forms:

TaxFormFinder has an additional 78 Montana income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 2 Montana Individual Income Tax Return
Form 2 Instructions Individual Income Tax Instructional Booklet
Form 2EZ Montana Individual Income Tax Return - Short Form
Form IT Payment Voucher Individual Income Tax Payment Voucher
Form 2EC Montana Elderly Homeowner/Renter Credit

Download all MT tax forms View all 79 Montana Income Tax Forms


Form Sources:

Montana usually releases forms for the current tax year between January and April. We last updated Montana Form 2 Worksheet VII from the Department of Revenue in January 2018.

Show Sources >

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 Montana Form 2 Worksheet VII

We have a total of three past-year versions of Form 2 Worksheet VII in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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