Colorado Dr 0204 Form – Fill Out and Use This PDF

Taxpayer’s Name

Social Security Number

Exception Number 2

1.Enter your 2012 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 .............

2.(a) Statutory exemption .....................................................................................................................

(b)2012 Colorado income tax withheld..............................................................................................

(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 ......................

$

$1,000.00

$

$

$

Part 2 — Required Annual Payment

4.(a) Enter your 2012 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 2011 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 2011 federal adjusted gross income is greater than $150,000 (greater than $75,000 if married iling 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 1 Generally you are subject to an estimated tax penalty if your 2012 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 2012 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 iled 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 amount only applies if the preceding year was a 12-month tax year and the individual iled a

Colorado return.)

Part 3 If neither 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 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,

2013, enter “0.” If the tax return is iled and any tax due is paid by January 31, 2013, no penalty will be computed

in column four. Estimated tax payments from a farmer or isherman are due in a single payment by January 17,

2013 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 computation method.

Example: Taxpayer's net tax liability for 2012 is $10,000. He had $1,000 withholding and none of the exceptions apply. He paid $4,000 on June 12, 2012, and made no additional estimated tax payments.