Facing the complexity of tax obligations is a daunting task for many, particularly when it comes to understanding and properly filling out specific forms required by state tax authorities. The Vermont IN-152 form serves as a crucial document for individuals who have underpaid their estimated income tax for the year 2014. This document is designed to help taxpayers calculate the underpayment of their estimated tax and the interest and penalties due as a result. With sections dedicated to identifying required annual payments, due dates for quarterly payments, and detailed calculations for underpayment, interest, and penalties, the form guides taxpayers through a step-by-step process to rectify their tax standing. The form necessitates taxpayers to provide personal information, including Social Security numbers and names, and to engage in a series of calculations to determine the lesser of 90% of the current year’s tax minus credits or 100% of the previous year's tax minus credits. Moreover, it outlines the method for calculating due payments for each quarter, adjusting for any overpayments or estimated payments made. The final section of the form delves into calculating penalties and interest for any underpayments, ensuring that taxpayers are fully aware of their financial obligations to the state. Navigating the requirements of the IN-152 form is essential for Vermont residents aiming to maintain compliance with state tax laws and avoid further penalties.
| Question | Answer |
|---|---|
| Form Name | Vermont Form In 152 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | vt f in152 vt tax form in 152 |
|
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
Spouse or CU Partner Social Security Number
|
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
First Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REQUIRED ANNUAL PAYMENT
CALCULATIONS
1. |
90% OF 2014 VERMONT TAX MINUS CREDITS: |
|
|
|
|
|
, |
|
|
|
, |
|
|
|
. |
0 |
0 |
|
(Form |
. . . . 1. |
|
|
|
|
|
|
|
|
|||||||
2. |
100% OF 2013 VERMONT TAX MINUS CREDITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
, |
|
|
|
, |
|
|
|
. |
0 |
0 |
||
|
(Form |
. . . . . . . . . . . . . |
. . . . 2. |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||
3. |
Enter the lesser of Line 1 or Line 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. |
|
|
, |
|
|
|
, |
|
|
|
. |
0 |
0 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
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 |
|
|
|
|
by 5.6%, then multiply by Line 6) |
______________________________________________________ |
|
|
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