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North Carolina Free Printable  for 2020 North Carolina Estimated Tax Instructions

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Estimated Tax Instructions
Form NC-40 Instructions

.............. == ====m=!u: •· ···=!!! .::::••==·-·-::: :• Do Not Include This Page • RI NC D(i) NORTH CAROLINA DEPARTMENT OF REVENUE Instructions For Handwritten Forms Before Sending Guidelines Do not use red ink. Use blue or black ink. Printing ,,___(8) ® Do not use dollar signs, commas, or other punctuation marks. , 1 t®I ocopies of returns. Submit originals only. Set page scaling to "none." The Auto-Rotate and Center checkbox should be unchecked. 1� Do not select "print on both sides of paper." c; ;�1 Do not mix form types. Form NC-40 Web 1-20 North Carolina Individual Estimated Income Tax Instructions You can use Form NC-40 to make all of your estimated income tax payments for the year. However, you may pay your estimated tax online. For details, visit www.ncdor.gov. If the installment is due: June 15: Pay 1/2 of the balance of the net estimated income tax at that time, 1/4 of the balance on September 15 and the remaining 1/4 on January 15. September 15: Pay 3/4 of the balance of the net estimated income tax at that time and the remaining 1/4 on January 15. “Estimated Income Tax” is the amount of income tax you expect to owe for the year after subtracting the amount of tax you expect to have withheld and the amount of any tax credits you plan to claim. Who Must Make Estimated Income Tax Payments You should make estimated income tax payments if the tax due on your individual tax return, reduced by the amount of tax withheld and tax credits, will be $1,000 or more. You should estimate your income tax carefully to avoid having to pay a large balance when you file your income tax return (Form D-400) and to avoid owing interest for underpayment of estimated income tax (see discussion on Interest for Failure to Pay Your Estimated Income Tax). You may find it convenient to increase your withholding tax to avoid paying estimated income tax. If you do choose to increase the amount withheld, you should make sure the balance due on your income tax return will be less than $1,000. When To Pay Your Estimated Income Tax Generally you must make your first estimated income tax payment by April 15. You must either pay all of your estimated income tax at that time or pay in four equal amounts on or before April 15, June 15, September 15 and January 15 of the following year. When the due date for the estimated income tax payment falls on a Saturday, Sunday or holiday, the payment is due on or before the next business day. Although a payment of estimated income tax may not be due on April 15 based on your situation at that time, your expected income, additions or deductions and tax credits may change so that a payment is due at a later date. In such cases, the payment dates are as follows: If requirement is met after: Payment date is: -April 1 and before June 1 June 15 -June 1 and before September 1 September 15 -September 1 January 15 If the first estimated income tax payment you are required to make is due after April 15, or if you are required to change your payments after paying the first installment, you should pay the remaining installments as follows: If you file your income tax return (Form D-400) by January 31 of the following year and pay the entire balance due, you do not have to make the payment which would otherwise be due on January 15. Farmers and Fishermen If at least two-thirds of your estimated gross income is from farming (including oyster farming) or commercial fishing, your estimated income tax may be paid at any time on or before January 15 of the following year. If your income tax return (Form D-400) is filed and the total tax is paid on or before March 1, you do not have to make an estimated income tax payment. Important: To avoid receiving an assessment for underpayment of estimated tax, you must enter the letter F in the exception box located next to Line 26e of Form D-400. Fiscal Year If your income is reported on a fiscal year basis, your due dates are the 15th day of the 4th, 6th and 9th months of your fiscal year, and the first month of the following fiscal year. For more information on how to complete Form NC-40 when paying your estimated income tax on a fiscal year basis, please refer to the instructions on Completing the Estimated Income Tax Form (NC-40) on this page. Interest for Failure to Pay Your Estimated Income Tax You may owe interest for underpayment of estimated income tax or for not making payments on time. Interest will not be due if each installment payment is timely and equals twenty-five percent (25%) of the lesser of: (a) 90% (66 2/3% for farmers and fishermen) of the tax due on your current year’s return; (b) 100% of the tax due on your previous year’s return, if your previous year’s return was a taxable year of 12 months and a return was filed for that year; or (c) 90% of the tax figured by annualizing the taxable income received during the year up to the month in which the installment is due. Underpayment interest will not be due if you had no tax liability for the previous year. Compute underpayment interest on Form D-422, Underpayment of Estimated Tax by Individuals. You may obtain the form by writing the N.C. Department of Revenue, Post Office Box 25000, Raleigh, North Carolina 27640-0001, by calling the Department at 1-877-252-3052 (toll-free), or from the Department’s website at www.ncdor.gov. Completing the Estimated Income Tax Form (NC-40) The instructions that follow will help you complete the forms correctly. (1) First complete the worksheet on Page 2 to determine your estimated income tax for the tax year. (2) Enter your name, address, and social security number in the space provided on the form. If you intend to file a joint income tax return, please enter your name and social security number and your spouse’s name and social security number on the form. Enter in the applicable box the year for which the payment is intended. Fiscal year taxpayers enter the beginning and ending dates of the fiscal year in the boxes provided. (3) Enter one-fourth (1/4) of the amount shown on Line 11 of the worksheet in the space marked “Amount of this Payment” on the NC-40 form. (EXCEPTION: If you paid too much tax on your income tax return (Form D-400) for the previous year, you may have chosen to apply the overpayment to your estimated income tax for the following year. If so, you may apply all or part of the overpayment to any estimated income tax installment. Send Form NC-40 only when you are making a payment.) (4) Detach the form at the perforations. (5) Make your check or money order payable to the N.C. Department of Revenue. Pay in U. S. currency only. Please do not send cash. (6) Enter your social security number on your check or money order. (7) Mail the completed estimated income tax form (NC-40) with your payment to: NC Department of Revenue, Post Office Box 25000, Raleigh, North Carolina 27640-0630. (8) To insure proper credit, please do not fold the form or the payment. Do not staple, tape, or otherwise attach your payment to the form. Continued on page 2 Page 2 NC-40 Instr. Web 1-20 Worksheet for Computation of N.C. Estimated Income Tax 1. Estimated Federal Adjusted Gross Income................................................................................................... 1. 2. Estimated Additions to Federal Adjusted Gross Income (See Individual Income Tax Instructions for Form D-400).................................................................................. 2. 3. Add Lines 1 and 2 and enter the total................................................................................................................ 3. 4. Estimated Deductions from Federal Adjusted Gross Income (See Individual Income Tax Instructions for Form D-400).................................................................................. 4. 5. Child Deduction (See Individual Income Tax Instructions for Form D-400).................................................................................. 5. 6. N.C. Standard Deduction or N.C. Itemized Deductions................................................................................ 6. (Important: The N.C. standard deduction and the N.C. itemized deductions are not identical to the federal amounts and are subject to certain limitations. If you plan to claim the N.C. standard deduction, use the amount shown below for your filing status.) 7. Estimated North Carolina Taxable Income (Add Lines 4, 5, and 6; subtract the total from Line 3).............. 7. 8. Amount of Tax - Use the Tax Rate shown below............................................................................................. 8. 9. a. Estimated N. C. Income Tax Withheld.........................................................................a. b. Estimated Tax Credits.................................................................................................b. c. Other Tax Payments....................................................................................................c. 10. Add Lines 9a, 9b, and 9c................................................................................................................................. 10. 11. Estimated Income Tax (Subtract Line 10 from Line 8) If $1,000 or more, fill out and mail the estimated income tax form along with your payment; if less than $1,000, no payment is required at this time.......................................................................................................................................... 11. 12. If the first payment you are required to make is due April 15, enter 1/4 of Line 11 here and in the space marked “Amount of this Payment” on Form NC-40. Round off cents to the nearest whole dollar...................................................................................................................................................... 12. For Tax Years Beginning on or after January 1, 2020 Tax Rate North Carolina Standard Deduction Filing Status 5.25% of North Carolina Taxable Income Married, filing jointly/surviving spouse Head of Household Single Married, filing separately N.C. Standard Deduction $ $ $ $ 21,500 16,125 10,750 10,750
Extracted from PDF file 2019-north-carolina-form-nc-40-instructions.pdf, last modified January 2020

More about the North Carolina Form NC-40 Instructions Individual Income Tax TY 2019

If you are self employed or otherwise need to file form NC-40, reference these instructions to help you properly fill out and file your taxes.

We last updated the Estimated Tax Instructions in February 2020, so this is the latest version of Form NC-40 Instructions, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form NC-40 Instructions directly from TaxFormFinder. You can print other North Carolina tax forms here.


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Related North Carolina Individual Income Tax Forms:

TaxFormFinder has an additional 44 North Carolina income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the North Carolina Form NC-40 Instructions.

Form Code Form Name
Form NC-40 Individual Estimated Income Tax
Form NC-400 Instructions Individual Income Tax Instructions

Download all NC tax forms View all 45 North Carolina Income Tax Forms


Form Sources:

North Carolina usually releases forms for the current tax year between January and April. We last updated North Carolina Form NC-40 Instructions from the Department of Revenue in February 2020.

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 North Carolina Form NC-40 Instructions

We have a total of five past-year versions of Form NC-40 Instructions 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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