Source: https://www.taxformfinder.org/colorado/form-dr-0204
Timestamp: 2017-10-17 20:18:40
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Colorado Form DR 0204 (Estimated Tax -- Individual Underpayment) - 2016 Colorado TaxFormFinder
Colorado Form DR 0204
Colorado Estimated Tax -- Individual Underpayment
Form DR 0204 PDF
2016 Form DR 0204 2015 Form DR 0204 2014 Form DR 0204 2011 Form DR 0204
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Estimated Tax -- Individual Underpayment
DR 0204 (09/28/16)
*160204==19999*
Tax Year Ending Computation of Penalty Due Based on
Underpayment of Colorado Individual Estimated Tax
Part 1 — Exceptions
If at least two-thirds of your gross current year income is from farming or fishing and you file your current year return and pay the
full amount of tax due on or before March 1 you are not subject to the estimated tax penalty.
1. Enter your current year tax liability including alternative minimum tax and any credit recapture
after reduction for all credits other than withholding tax and estimated tax payments and
2. (a) Statutory exemption
(b) Current year Colorado income tax withheld from wages and/or nonresident real estate transactions $
(c) Total of lines 2(a) and 2(b)
3. Line 1 minus line 2(c). If 2(c) is larger, enter 0 and you are not subject to the penalty
Part 2 — Required Annual Payment
4. (a) Enter your current year tax liability (including alternative minimum tax and any credit recapture)
after reduction for all credits other than withholding tax and estimated tax payments and credits $
(b) Enter 70% of the amount on line 4(a)
5. (a) Enter your previous year tax liability (including alternative minimum tax and any credit recapture)
after reduction for all credits other than withholding tax, estimated tax payments and credits
(b) If your previous year federal adjusted gross income is greater than $150,000 (greater
than $75,000 if married filing separate), enter 10% of line 5(a). If not, enter 0
(c) Enter total of lines 5(a) and 5(b)
6. Required payment. Enter the smaller of lines 4(b) or 5(c)
Part 3 — Penalty Computation
7. Divide the amount on line 6 by four. Enter
the result in the appropriate column
8. Amounts paid in estimated tax
9. Amount of tax withheld
10. Overpayment (on line 12) from
11. Total of lines 8, 9, and 10
12. Underpayment (line 7 minus line 11) or
<overpayment> (line 11 minus line 7) $
13. Date of payment or December 31,
14. Number of days from due date of
payment to date on line 13
15. Underpayment on line 12 multiplied by
6% multiplied by number of days on
line 14 divided by 366
16. Date of payment or April 18, whichever
17. Number of days from December 31,
or due date of payment, whichever is
later, to date on line 16
18. Underpayment on line 12 multiplied by
line 17 divided by 366
19. Total penalty. Add all amounts on lines 15 and 18. Include this amount as estimated tax
penalty on line 34 of Form 104
*160204==29999*
Part 4 — Annualized Installment Method Schedule
20. Ending date of annualization period
21. Colorado taxable income computed
through the date on line 20
25. Applicable percentage
26. Installment payment due.
Line 24 multiplied by line 25, minus
amounts entered on line 26 in earlier
quarters. Enter here and on line 7
Instructions for DR 0204
Part 1 Generally you are subject to an estimated tax penalty if
your current year estimated tax payments are not paid in a timely
manner. The estimated tax penalty will not be assessed if either of
the exceptions are met.
Part 2 The required annual amount to be paid is the lesser of:
1. 70% of actual current year net Colorado tax liability.
2. 100% of preceding year’s net Colorado tax liability. (This
amount only applies if the preceding year was a 12-month
tax year, the individual filed a Colorado return and the federal
adjusted gross income for the preceding year was $150,000
or less, $75,000 or less if married separate.)
3. 110% of preceding year’s net Colorado tax liability. (This
tax year and the individual filed a Colorado return.)
Part 3 If no exception applies to you, compute your penalty on
lines 7 through 19 of form 204. Complete each column before
going on to the next column. See FYI Income 51, Estimated
Income Tax, regarding estimated tax payment allocation on line
22. Annualization factor
23. Annualized taxable income
Line 21 times line 22
24. Annualized Colorado tax
Line 23 times 4.63%
8. The amount entered on line 10 is the net overpayment from
the preceding period. On line 17, if the payment was made prior
to January 1 enter “0.” If the tax return is filed and any tax due is
paid by January 31 no penalty will be computed in column four.
Estimated tax payments from a farmer or fisherman are due in
a single payment by January 15 and only column four is used to
compute the penalty.
Part 4 Taxpayers who do not receive income evenly during the
year may elect to use the annualized income installment method
to compute their estimated tax payments if they elect annualized
installments for the payment of their federal income tax. Complete
the annualized installment method schedule to compute the
amounts to enter on line 7. See FYI Income 51 regarding this
Example: Taxpayer's net tax liability for the current year is
$10,000. He had $1,000 withholding and none of the exceptions
apply. He paid $4,000 on June 12 and made no additional
** June 12 Payment
April withholding
June withholding
Overpayment to September
For additional information regarding the estimated tax penalty see FYI Income 51, which is available at www.TaxColorado.com
Extracted from PDF file 2016-colorado-form-dr-0204.pdf, last modified August 2013
More about the Colorado Form DR 0204 Individual Income Tax Estimated TY 2016
We last updated the Estimated Tax -- Individual Underpayment in February 2017, so this is the latest version of Form DR 0204, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form DR 0204 directly from TaxFormFinder. You can print other Colorado tax forms here.
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form DR 0204 from the Department of Revenue in February 2017.
Form DR 0204 is a Colorado 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.
Historical Past-Year Versions of Colorado Form DR 0204
We have a total of four past-year versions of Form DR 0204 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form DR 0204
2015 Form DR 0204
2014 Form DR 0204
2011 Form DR 0204
Source: http://www.taxformfinder.org/colorado/form-dr-0204