Source: https://development.code.dccouncil.us/dc/council/code/sections/47-4203.html
Timestamp: 2019-04-21 18:31:54+00:00

Document:
D.C. Law Library - § 47–4203. Underpayment of estimated tax by individuals.
↪ § 47–4203. Underpayment of estimated tax by individuals.
§ 47–4204. Underpayment of estimated tax by corporations, financial institutions, and unincorporated businesses.
§ 47–4203. Underpayment of estimated tax by individuals.
(a) An individual shall pay 4 installments of estimated tax on the dates as provided in § 47-1812.08(i)(4) in the amounts provided under subsection (b) of this section.
(II) For tax years beginning after December 31, 2011, 110% of the tax computed on the basis of the facts shown on the individual’s return for the preceding taxable year if the individual filed a return for the preceding taxable year consisting of 12 months.
(iv) On the fourth installment date, 90% of the tax for the taxable year.
(B) The annualized income method shall not apply to individuals filing a return for part of a taxable year except under regulations as the Mayor may prescribe.
(c)(1) Except as otherwise provided in this section, in the case of an underpayment of estimated tax by an individual, there shall be added to the tax imposed under § 47-1806.03(a) an amount of interest determined by applying the underpayment rate set forth in § 47-4201 to the amount of the underpayment for the period of the underpayment.
(B) The period of the underpayment shall run from the due date for the installment to the earlier of the 15th day of the 4th month following the close of the taxable year or the date on which the amount of the underpayment is made; provided, that an underpayment that is unpaid during part of a month shall be considered to be paid at the end of the month.
(1) A payment of estimated tax shall be credited against unpaid required installments in the order in which the installments are required to be paid.
(2) The term “tax” means the tax imposed by § 47-1806.03, less the amount of credit allowed against the tax (other than the credit under § 47-1806.04(b) for withholding of wages).
(3) The amount of the credit allowed under § 47-1806.04(b) for withholding of wages shall be deemed a payment of estimated tax. An equal part of such amount shall be deemed paid on each due date for the payment of estimated tax for the taxable year unless the taxpayer establishes the dates on which all amounts were actually withheld, in which case the amounts withheld shall be deemed payments of estimated tax on the dates on which such amounts were actually withheld.
(4) The amount of a refund of a prior year’s tax applied against the tax during the taxable year shall be deemed a payment of estimated tax.
(5) The taxpayer dies during the taxable year.
For temporary (90 days) addition of this section, see §§ 7132(b) and 7133 of the Fiscal Year 2015 Budget Support Emergency Act of 2014 (D.C. Act 20-377, July 14, 2014, 61 DCR 7598, 20 STAT 3696).
For temporary (90 days) addition of this section, see §§ 7122(b) and 7123 of the Fiscal Year 2015 Budget Support Congressional Review Emergency Act of 2014 (D.C. Act 20-449, October 10, 2014, 61 DCR 10915, 20 STAT 4188).
For temporary (90 days) addition of this section, see §§ 7122(b) and 7123 of the Fiscal Year 2015 Budget Support Second Congressional Review Emergency Act of 2014 (D.C. Act 20-566, January 9, 2015, 62 DCR 884, 21 STAT 541).

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