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Arizona Underpayment of Estimated Tax by Individuals
Extracted from PDF file 2023-arizona-form-221.pdf, last modified September 2020Underpayment of Estimated Tax by Individuals
Arizona Form Underpayment of Estimated Tax by Individuals 2023 Forms 140, 140PY and 140NR. Include with your return. 221 Name (first, middle initial, last) If joint return, also give spouse’s name and middle initial Social Security Number Part A 1 Calculation of Underpayment I am claiming an exception from the imposition of the estimated payment penalty because I qualified for federal relief under IRC § 6654. Check box and see instructions............................................................................................................................... 1 2 Amount of tax for 2023 from Form 140, Form 140PY, or Form 140NR..................................................................................................... 00 00 00 00 00 00 00 00 2 3 Tax credits claimed on your 2023 Arizona return................................................................................................................................... 3 4 Subtract line 3 from line 2................................................................................................................................................................... 4 5 Arizona tax withheld during 2023. Do not include any estimated tax payments or extension payments on this line................................... 5 6 Subtract line 5 from line 4. If less than $1,000, stop here. You do not owe the penalty. Do not file Form 221......................................... 6 7 Multiply line 4 by 90% (.90)................................................................................................................................................................ 7 8 Enter the immediately preceding year’s tax liability after tax credits. See instructions............................................................................. 8 9 Required Annual Payment: Enter the lesser of line 7 or line 8.......................................................................................................... 9 10 Payment Due Date......................................................................................... 10 (a) Apr-15-2023 (b) Jun-15-2023 (c) Sep-15-2023 (d) Jan-15-2024 11 Divide the amount on line 9 by the number of payments required for the year (usually four). Enter the result in appropriate columns. Check this box if you use any other installment method. If you annualize, complete the worksheet on page 2 of this form and enter the amount from line 23 of that worksheet in each column of line 11.................. 11 12 Estimated tax paid and income tax withheld. See instructions.......................... 12 You must complete lines 13 through 15 of one column before going to line 13 of the next column. 13 Overpayment: See instructions...................................................................... 13 14 Add lines 12 and 13....................................................................................... 14 15 Underpayment: Subtract line 14 from line 11; or Overpayment: Subtract line 11 from line 14................................................. 15 16 Rate Period One: 7% (Apr-15-23 through Jun-30-23) Computation starting date for this period........................................................ 16 17 Number of days after the date on line 16 through the date the amount on line 15 was paid or June 30, 2023 whichever is earlier........................................... 17 Days: Part B Underpayment of Estimated Tax Penalty 18 Underpayment on line 15 × Number of days on line 17 Apr-15-23 × 7% ................. 18 19 Rate Period Two: 7% (Jul-1-23 through Sep-30-23) Computation starting date for this period........................................................ 19 20 Number of days after the date on line 19 through the date the amount on line 15 was paid or September 30, 2023 whichever is earlier.................................. 20 Days: 21 Underpayment on line 15 × 365 Number of days on line 20 21 22 Rate Period Three: 8% (Oct-1-23 through Dec-31-23) Computation starting date for this period........................................................ 22 23 Number of days after the date on line 22 through the date the amount on line 15 was paid or December 31, 2023 whichever is earlier................................... 23 Days: 24 Underpayment on line 15 × Number of days on line 23 × 8% ................ 24 25 Rate Period Four: *% (Jan-1-24 through Apr-15-24) Computation starting date for this period........................................................ 25 365 Days: Jun-30-23 × 7% ................ 365 Jun-15-23 Jun-30-23 Days: Sep-30-23 Sep-30-23 Days: Dec-31-23 26 Number of days after the date on line 25 through the date the amount on line 15 was paid or April 15, 2024 whichever is earlier............................................ 26 Days: Underpayment on line 15 plus any penalty Number of days on line 26 × *% 27 from Rate Period 1, 2, and 3 if the × 366 underpayment is unpaid as of Jan-1-24 27 28 Penalty: Dec-31-23 Days: Sep-15-23 Days: Sep-30-23 Days: Dec-31-23 Days: Jan-15-24 Days: Column (a) - Add lines 18, 21, 24, 27. Enter total on line 28 of col. (a). Column (b) - Add lines 18, 21, 24, 27. Enter total on line 28 of col. (b). Column (c) - Add lines 21, 24, 27. Enter total on line 28 of col. (c). Column (d) - Enter the amount from column (d), line 27................................ 28 29 Penalty Limitation. In columns (a) through (d), list the smaller of line 15 x 10% or the amount from line 28...................................................... 29 30 Total Penalty - Add line 29, (a) through (d)........................30a ADOR 10642 (23) 00 Waiver request.30b *Percentage Rate to be announced 00 Subtract 30b from 30a..30c 00 Your Name (as shown on page 1) Your Social Security Number Annualized Income Installment Worksheet Complete lines 1 through 23 of one column before completing the next column. 1 Enter your Arizona adjusted gross income without your dependent, qualifying parent or grandparent, blind, or over 65 exemptions for each period................................................................................................. 1 2 Annualization amounts......................................................................... 2 3 Annualized income: Multiply line 1 by line 2.......................................... 3 4 Enter your itemized deductions for the period shown in each column. If you do not itemize, enter “0” and skip to line 7..................................... 4 5 Annualized amounts............................................................................ 5 6 Annualized itemized deductions: Multiply line 4 by line 5....................... 6 7 Enter your total standard deduction from Arizona Form 140, Form 140PY, or Form 140NR........................................................................ 7 8 Enter the amount from line 6 or line 7, whichever is larger..................... 8 9 Subtract line 8 from line 3.................................................................... 9 Jan-1-23 Jan-1-23 Jan-1-23 Jan-1-23 to to to to Mar-31-23 May-31-23 Aug-31-23 Dec-31-23 4.0 2.4 1.5 1.0 4.0 2.4 1.5 1.0 22.5% 45% 67.5% 90% 10 Enter the amount allowed for blind, over 65, qualifying parent or grandparent, and other exemptions claimed on your Arizona Form 140, Form 140PY, or Form 140NR................................................................ 10 11 Subtract line 10 from line 9.................................................................. 11 12 Multiply line 11 by 2.5%...................................................................... 12 13 For each period, enter the amount of tax credits including Dependent Tax Credit allowed on your Arizona Form 140, Form 140PY, or Form 140NR.. 13 14 Subtract line 13 from line 12. If zero or less, enter “0”.......................... 14 15 Applicable percentages........................................................................ 15 16 Multiply line 14 by line 15.................................................................... 16 17 Enter the combined amounts of line 23 from all preceding columns........ 17 18 Subtract line 17 from line 16. If less than zero, enter “0”...................... 18 19 Divide line 9 from page 1, of this Form 221, by four (4), and enter the result in each column........................................................................... 19 20 Enter the amount from line 22 of the preceding column of this worksheet........................................................................................... 20 21 Add lines 19 and 20, and enter the total............................................... 21 22 If line 21 is more than line 18, subtract line 18 from line 21. Otherwise, enter “0”............................................................................................. 22 23 Enter the smaller of line 18 or line 21 here and on page 1, line 11.......... 23 Print Form ADOR 10642 (23) AZ Form 221 (2023) Page 2 of 2
Arizona Form 221
More about the Arizona Form 221 Individual Income Tax Estimated TY 2023
We last updated the Underpayment of Estimated Tax by Individuals in February 2024, so this is the latest version of Form 221, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 221 directly from TaxFormFinder. You can print other Arizona tax forms here.
Other Arizona Individual Income Tax Forms:
TaxFormFinder has an additional 95 Arizona income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 140 | Resident Personal Income Tax Return |
| Form 140 Instructions | Income Tax Instruction Packet |
| Form 140A | Resident Personal Income Tax (Short) Package |
| Form 204 | Application for Filing Extension |
| Form 321 | Credit for Contributions to Qualifying Charitable Organizations |
View all 96 Arizona Income Tax Forms
Form Sources:
Arizona usually releases forms for the current tax year between January and April. We last updated Arizona Form 221 from the Department of Revenue in February 2024.
Form 221 is an Arizona Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Arizona Form 221
We have a total of thirteen past-year versions of Form 221 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Form 221
Arizona Form 221
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