The Vermont In 152 form is used to calculate underpayment of estimated Vermont individual income tax for the year 2014. This form helps taxpayers determine if they owe any interest or penalties due to insufficient tax payments throughout the year. For assistance in completing this form, click the button below.
The Vermont IN-152 form serves as a crucial tool for taxpayers who may have underpaid their estimated individual income tax for the year 2014. This form guides individuals through the process of calculating their annual payment obligations based on their previous year's tax liabilities, specifically focusing on whether they have met the required payment thresholds. Taxpayers will need to provide their Social Security numbers, along with their names and those of their spouses or civil union partners, ensuring accurate identification throughout the process. The form emphasizes the importance of comparing 90% of the current year's tax liability to 100% of the previous year's liability, allowing taxpayers to determine the lesser amount as a benchmark for their quarterly payments. Additionally, it outlines the necessary calculations for determining any underpayments, along with the associated interest and penalties that may accrue if payments are late. By following the structured sections of the IN-152, taxpayers can clearly assess their financial responsibilities, ensuring compliance with Vermont tax regulations while minimizing potential penalties.
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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
The Vermont Form IN-151 is similar to the IN-152 as it also addresses underpayment of estimated taxes for individuals. Like the IN-152, the IN-151 requires taxpayers to calculate their estimated tax payments based on prior year tax liabilities. Both forms involve a comparison between current and previous tax amounts to determine the required payments. The structure of the forms is similar, with sections for calculations, due dates, and interest or penalties for underpayment, making them both essential tools for Vermont taxpayers managing their estimated tax obligations.
The IRS Form 2210 serves a comparable purpose on a federal level. This form is used to determine if a taxpayer has underpaid their estimated taxes and outlines the potential penalties. Similar to the Vermont IN-152, Form 2210 requires calculations based on the taxpayer’s prior year tax liability and current year payments. Both forms guide users through a systematic approach to assess their tax situation, ensuring they meet their obligations and avoid penalties for underpayment.
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The Massachusetts Form 1-ES is another document that parallels the Vermont IN-152. This form is used for making estimated income tax payments in Massachusetts. Like the IN-152, it requires taxpayers to project their tax liability based on previous years’ data. Both forms emphasize the importance of timely payments and provide a structured format for calculating quarterly estimates. Taxpayers in both states must navigate similar calculations and deadlines to remain compliant with state tax laws.
Lastly, the California Form 540-ES also shares similarities with the Vermont IN-152. This form is utilized for making estimated tax payments in California, focusing on individual income tax. Both forms require taxpayers to assess their tax liability based on prior year returns and outline the necessary payments due throughout the year. The emphasis on quarterly payments and the calculation of underpayment penalties is a common thread, reflecting the shared goal of ensuring taxpayers fulfill their obligations in a timely manner.
Understanding the Vermont IN-152 form is crucial for taxpayers who need to report underpayment of estimated income taxes. However, several misconceptions can lead to confusion. Below are five common misconceptions about this form:
Many believe that this form is solely for those who have underpaid their taxes. In reality, it is also used to calculate any interest and penalties that may arise from underpayment, regardless of whether the taxpayer ultimately owes money or is due a refund.
This form is applicable to all taxpayers who have underpaid their estimated taxes, not just those who are self-employed. Employees with significant non-wage income may also need to file this form.
Penalties can vary based on the amount of underpayment and the duration of the underpayment period. The calculations on the form take these factors into account, leading to different penalty amounts for different taxpayers.
Even if a taxpayer pays their tax by the deadline, they may still be required to file the IN-152 form if they did not meet the estimated tax payment requirements throughout the year. Failure to file can result in additional penalties.
Interest rates for underpayment can change annually based on federal and state regulations. Taxpayers should check the current rates for the specific tax year to ensure accurate calculations.