The Vermont In 152 form is used to calculate underpayment of estimated individual income tax for the year 2014. Taxpayers must provide their Social Security numbers and complete several calculations related to their tax obligations. Accurate completion of this form is essential to ensure compliance and avoid penalties.
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The Vermont IN-152 form is a crucial document for individuals who may have underpaid their estimated income tax for the year 2014. It serves as a worksheet to help taxpayers calculate their underpayment, including the necessary penalties and interest that may accrue due to late payments. The form requires essential information such as the taxpayer's and spouse's names, Social Security numbers, and the total tax owed for the year, which is derived from the Vermont Individual Income Tax Form IN-111. Taxpayers must determine their required annual payment by calculating either 90% of their current year's tax liability or 100% of the previous year's tax liability, minus any applicable credits. The form also outlines the due dates for quarterly payments, which are critical for avoiding penalties. Additionally, it includes detailed calculations for any underpayment per quarter, the interest owed for late payments, and any penalties incurred. By completing the IN-152, taxpayers can ensure compliance with Vermont tax laws while managing their financial responsibilities effectively.
2014
Underpayment of 2014 Estimated
VERMONT
Individual Income Tax
Please Print or Type
Taxpayer’s Social Security Number
INFORMATION
-
Taxpayer’s Last Name
TAXPAYER
Spouse or CU Partner Last Name
WORKSHEET
IN-152
Spouse or CU Partner Social Security Number
First Name
Initial
REQUIRED ANNUAL PAYMENT
CALCULATIONS
1.
90% OF 2014 VERMONT TAX MINUS CREDITS:
,
.
0
(Form IN-111, Line 26 minus the sum of Lines 31c, 31d, and 31g multiplied by 90%)
. . . . 1.
2.
100% OF 2013 VERMONT TAX MINUS CREDITS:
(Form IN-111, Line 26 minus the sum of Lines 31c, 31d, and 31g)
. . . . . . . . . . . . .
. . . . 2.
3.
Enter the lesser of Line 1 or Line 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
DUE DATES OF QUARTERLY PAYMENTS
CALCULATION OF UNDERPAYMENT
April 15, 2014
June 15, 2014
Sept. 15, 2014
Jan. 15, 2015
Totals
4.Tax payments required per quarter
(Multiply Line 3 by .25)
______________________________________________________
5A.
From 2014 Form IN-111, add Lines 31a, 31e, and 31f,
then multiply by .25 per quarter
5B.
Enter 2013 overpayment and 2014 quarterly estimated
payments made by the due date per quarter
5C.
Add Lines 5a and 5b. Each quarter should not equal
more than Line 4; apply any excess to the next quarter. . .
6.Underpayment per quarter (Subtract Line 5c from Line 4).
This line cannot be less than zero
7.
Date FULL payment was made or April 15, 2015,
whichever date is earlier
CALCULATION OF INTEREST
8A.
Number of days AFTER the due date to the date reported
on Line 7 for each quarter, or Jan. 1, 2015, whichever
date is earlier
8B.
Number of days FROM Jan. 1, 2015 to the date payment
was made on Line 7 for each quarter, or April 15, 2015,
whichever date is earlier. 4th quarter: Use number of
days from Jan. 15, 2015
9A.
Interest due for 2014 (Divide Line 8a by 365, multiply
by 5.6%, then multiply by Line 6)
9B.
Interest due for 2015 (Divide Line 8b by 365, multiply
10.
Interest due per quarter (Add Lines 9a and 9b)
11. Total underpayment interest due (Add Line 10 columns) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.
CALCULATION OF PENALTY
12.Number of months FROM the due date of that quarter to the date shown on Line 7 (a portion of a month counts
as a whole month)
13. Penalty due per quarter (Multiply Line 12 by .01 (1%)
then by Line 6)
14. Total underpayment penalty due (Add Line 13 columns) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14.
TOTAL INTEREST AND PENALTY
15. Total underestimated interest and penalty due (Add Line 11 total and Line 14 total) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15.
Worksheet IN-152
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