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As a taxpayer, you must make estimated payments if the expected tax due on your taxable income not subject to withholding is more than a certain amount. Generally, you need to pay at least 80% of your annual income tax liability before you file your return for the year. You pay through withholding and making estimated tax payments on any income not subject to withholding.
Farmers and fishermen generally need to pay at least two-thirds (66.67%), rather than 80%, of their annual income tax liability before the year's return is filed. You qualify as a farmer or fisherman for any taxable year if your gross income from farming or fishing is at least two-thirds (66.67%) of your annual gross income.
You pay estimated tax if you're:
Types of income you might not have had taxes withheld from:
Fill out either the:
Then, pay the calculated amount in 4 installments with either:
Credits are applied in the following order:
Each installment is 25% of the required annual payment, and you should pay it along with a filled out Estimated Tax Payment Voucher as follows:
There is no safe harbor provision for first-year filers of a
This means that entities can't base the current year's estimated tax payments on the previous year if the entities didn't exist then.
You can submit your estimated tax payments online or mail them to:
Massachusetts Department of Revenue
P.O. Box 7007
Boston, MA 02204
Check your total estimated tax payments by either calling the IVR (Interactive Voice Response) at (617) 887-6367 or (800) 392-6089 or by visiting MassTaxConnect. Provide your Social Security number and either your refund or due balance amounts from last year. If you're a practitioner calling for your client, authenticate the call using your PTINs or SSNs.
Report the amount of estimated taxes you paid on 1-ES vouchers on either Massachusetts Form 1, Line 38 or 1-NR/PY, Line 43. Then, report the amount of estimated tax to be applied to the next taxable year on Massachusetts Form 1, Line 45 or 1-NR/PY, Line 50.
Overpayment is when you pay more tax than you're supposed to. All forms have a line you can fill out for carrying over overpayment from the previous year, and a separate line for current year payments.
If you claim an overpayment of your tax as a credit against estimated tax for the next taxable year, it will be considered a tax payment for the next taxable year. This means you can request that a part of your overpayment of taxes (refund) be carried forward as a credit to estimated payments for the next taxable year.
Once you choose to apply an overpayment to the next year, it can't be refunded later or applied to additional tax owed in the taxable year you overpaid. Also, if you file an amended return, the estimated carry forward amount originally requested and properly allowed can't increase or decrease.
You'll be penalized if you fail to meet the installment payment requirements. The underpayment penalty rate is the current federal short-term interest rate plus 4 percentage points compounded daily.
Certain credits means:
The underpayment period runs from the installment due date to the tax return due date, which is the 15th day of the 4th month following the end of the taxable year. If the 15th falls on a Saturday, Sunday or holiday, then the tax return due date is the next business day.
Calculate underpayment penalty on either:
Once you're done calculating your underpayment of estimated tax, complete and enclose Form M-2210 or Form M-2210A with your original tax return. You don't have to complete Form M-2210 if the balance due with your tax return is $400 or less.
If you owe a penalty, calculate the amount to be included in the box under Line 45. Add this amount to the tax due amount on Line 47 of Form 1 or Line 52 on Form 1-NR/PY.
If you meet one of the exceptions, fill in the oval marked "EX" under Line 47 on Form 1 or Line 52 on Form 1-NR/PY and indicate which exception applies to your circumstances.
If you meet one of the waivers, fill in the oval marked "EX" under Line 47 on Form 1 or Line 52 on Form 1-NR/PY and explain with your return.
You won't be penalized for underpaying if you qualify for one of the following exceptions:
You won't be penalized for underpaying if one of the following waivers applies to you:
If you qualify as an exception to the underpayment penalty, check the appropriate box under the "Exceptions" on Massachusetts Form M-2210, Underpayment of Massachusetts Estimated Income Tax, or attach a statement supporting why you meet the exceptions of 14(d).
If you qualify for waiving the underpayment penalty, complete Part 2, Figuring Your Underpayment, on Form M-2210, and write "WAIVER" in the appropriate box(es) in line 13. Attach an explanation for why you're claiming the waiver.
If you qualify for Estimate Tax for Annualized Income, complete Form M-2210A, Annualized Income Installment Worksheet. This method may result in a larger penalty on Form M-2210.