Section 40-18-83 Payment of estimated tax.
Section 40-18-83
Payment of estimated tax.
(a) The estimated tax provided for in Section 40-18-82 shall be paid as follows:
(1) If the requirements of subsection (a) of Section 40-18-82 are first met on or before April 15 of the taxable year, the estimated tax shall be paid in four equal installments. The first installment shall be paid on April 15, the second and third on June 15 and September 15, respectively, of the taxable year and the fourth on January 15 of the succeeding taxable year for individuals.
(2) If the requirements of subsection (a) of Section 40-18-82 are first met after April 15 and not after June 15 of the taxable year and is not required by subsection (a) of Section 40-18-82 to be filed on or before April 15 of the taxable year, the estimated tax shall be paid in three equal installments. The first installment shall be paid on June 15 and the second on September 15 of the taxable year and the third on January 15 of the succeeding taxable year for individuals.
(3) If the filing requirements of subsection (a) of Section 40-18-82 are first met after June 15 and not after September 15 of the taxable year and is not required by subsection (a) of Section 40-18-82 to be filed on or before June 15 of the taxable year, the estimated tax shall be paid in two equal installments; the first installment shall be paid on September 15 and the second on January 15 of the succeeding taxable year for individuals.
(4) If the filing requirements of subsection (a) of Section 40-18-82 are first met after September 15 of the taxable year, and is not required by subsection (a) of Section 40-18-82 to be filed on or before September 15 of the taxable year, the estimated tax shall be paid in full on January 15 of the succeeding taxable year for individuals.
(5) If the installment payments are made after the time prescribed in subsection (a), subdivisions (2), (3), and (4) of this subsection shall not apply, and there shall be paid at the time of the payment all installments of estimated tax, including interest at the prescribed rate which would have been payable on or before that time if the installments had been paid within the time(s) prescribed in subsection (a) of Section 40-18-82, and the remaining installments shall be paid at the times at which and in the amounts in which they would have been payable.
(6) In the case of an individual whose estimated gross income from farming for the taxable year is at least two thirds of the total estimated gross income from all sources for the taxable year the individual shall be permitted to make the estimated payment on or before February 15 of the succeeding tax year, and further provided that if such an individual files a return on or before February 28 of the succeeding tax year and pays in full the amount computed on the return as payable, such return shall have the effect of satisfying the requirements prescribed in subdivisions (1), (2), (3), (4), and (5) of this subsection.
(b) If during the taxable year a taxpayer determines that the estimated tax payments were incorrect, the remaining installments, if any, shall be ratably increased or decreased as the case may be, to reflect the respective increase or decrease in the estimated tax; and if any taxpayer determination is made after October 15 of the taxable year, any increase in the estimated tax by reason thereof shall be paid at the time of the taxpayer determination.
(c) At the election of the taxpayer, any installment of the estimated tax may be paid prior to the date prescribed for its payment.
(d) Payment of the estimated tax, or any installment thereof, shall be considered payment on account of the tax for the taxable year. Assessment in respect of the estimated tax shall be limited to the amount paid.
(e) The application of this section, Section 40-18-82, and subsection (a) of Section 40-18-80 to taxable years of less than 12 months shall be as prescribed in regulations promulgated by the department.
(f) In the application of this section and Section 40-18-82 to taxpayers reporting income on a fiscal year basis, there shall be substituted for the dates specified therein the months corresponding thereto.
(Acts 1955, No. 289, p. 661, §14; Acts 1983, No. 83-741, p. 1214, §4; Act 2001-1088, 4th Sp. Sess., p. 1095, §5.)