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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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Hi Randall, I have an issue about my estimated tax payments

Customer Question

Hi Randall,
I have an issue about my estimated tax payments i am required to maketo the New Hampshire tax authorities. Blelow is my correspondance with an accountant on Just Answer.
Customer: If i made estimated tax payments in 2013 equal to my actual taxes paid in 2012 would this avoid the penalties and interest. let's assume that my actual tax liability was $4,000 in 2012. if i made 4 payments of $1,000 on time, would this avoid any penalties or interest associated with my 2013 taxes?

LEV : Unfortunately that would not guarantee.
NH estimate payments are not based on previous year tax liability as federal estimate taxes.
However - there would not be any underpayment penalty if you would pay at least 90% of your 2013 tax liability or if your remaining tax liability will be less than $500.
So far - if you will timely pay $4000 in estimate taxes - there will not be any underpayment penalty if your total 2013 tax liability would be less than $4500.
Customer: that is not what they told me. you may be incorrect. check out Exception pursuant to RSA 21-J:32,IV(b)

LEV : Yes - you are correct - you should be able to claim that as an exception - sorry for confusion -
Exception pursuant to RSA 21-J:32, IV(b) - Prior year’s tax base and facts using current period tax rate. Multiply your prior year taxable base by the current tax rate to arrive at an adjusted tax. Multiply the adjusted tax by the percentage shown in the boxes on Line 12, Columns A through D to calculate the exception amounts. If the amounts shown on Line 9 Columns A through D are greater than or equal to Line 13 corresponding Columns A through D, you qualify for exception (b).

LEV : You still need to file the form to claim that exception.


I believe Lev is correct in his correction. My accountant does not think so. Here is my correspondance with her.


Hi Al,
I don’t think you can use RSA 21-J32 IV(a) as your estimated tax payment calculation for 2013, I think you have to meet at least 90% of your expected tax liability instead of 100% of 2012 liability.
To use RSA 21-J32 prior year must have been a full 12 months. You are part year resident of NH and you do not have 12mo.
Hiromi

Hi Hiromi,
Attached is the 2012 NH DP-2210-2220. The relevant line is #11 which allows me to make 2013 tax payments at 100% of my 2012 tax liability. I believe this form is filed with my 2013 NH interest and Dividend next year.
Thanks,
Al

Please advise
Submitted: 1 year ago.
Category: Tax
Expert:  Lindie-mod replied 1 year ago.
Hi, I am a moderator for this topic. I sent your requested Professional, fastfile a message to follow up with you here, when they are back online. If I can help further, please let me know. Thank you for your continued patience.

Lindie
Customer: replied 1 year ago.

I need the answer by 5pm today. thank you

Expert:  R. Klein, EA replied 1 year ago.
Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.

I do not have expertise in this specific topic. I will need to opt out.

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R. Klein, EA
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