Kentucky Underpayment and Late Payment of Estimated Tax

Underpayment and Late Payment of Estimated Tax
Form 740NP-WH-P
740NP-WH-P
40A201-WHP (10-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

➤  See instructions.
➤  Attach to Form 740NP-WH.

*1600010333*

Taxable Year Ending

	

__ __ / __ __
Mo.	Yr.

UNDERPAYMENT AND LATE PAYMENT
OF ESTIMATED TAX ON FORM 740NP-WH

Name of Pass-through Entity	
Federal Identification Number	
			

Kentucky NRWH
Account Number

PART I—FIGURING THE UNDERPAYMENT AND PENALTY
	(1)	 Enter the number of individual partners, members or shareholders
		 whose income tax liability on Form 740NP-WH, line 9 exceeds $500...................	1
	(2)	 Enter the number of corporate partners or members whose income tax
		 liability on Form 740NP-WH, line 9 exceeds $5,000................................................	2
	(3)	 Enter the income tax liability from Form 740NP-WH,
		 line 9............................................................................................................................	3	
	(4)	 Percentage of liability required to be prepaid is 70%.............................................	4	

00
x.70

	(5)	 Multiply line 3 by line 4.............................................................................................	5	

00

	(6)	 Statutory exemption (number of corporate partners or members
		 on line 2 multiplied by $5,000).................................................................................	6	

00

	(7)	 Enter the total tax payments from Form 740NP-WH,
		 lines 10 and 12............................................................................................................	7	

00

	(8)	 Line 5 less lines 6 and 7.............................................................................................	8	
	
	(9)	 Penalty percentage is 10%.........................................................................................	9	
	
(10)	Multiply line 8 by line 9. This is the amount of the penalty for underpayment
		 of estimated tax (minimum penalty $25). Enter on this line and on the
		 Form 740NP-WH (see instructions)...........................................................................	10	

00
x.10

00

740NP-WH-P
40A201-WHP (10-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

Page 2

*1600010334*

TO CALCULATE INTEREST FOR INDIVIDUAL PARTNERS, MEMBERS OR SHAREHOLDERS
➤  See instructions.
PART II—LATE PAYMENT INTEREST FOR INDIVIDUAL PARTNERS, MEMBERS OR SHAREHOLDERS

	(1)	 Enter from Form 740NP-WH, line 9 the total tax liability of individual partners,
		 members or shareholders whose liability exceeds $500....................................... 	1	
PAYMENT DUE DATES

A
4/15/2016

B
6/15/2016

C
9/15/2016

00
D
1/15/2017

	(2)	 Required individual installments:
		 Enter 25% .of line 1 in columns A,
		 B, C and D......................................... 	
2	00	00	00	
00
	(3)	 Estimated tax paid for each period.
		 For column A only, enter the
		 amount from line 3 on line 7........... 	
3	00	00	00	
00	
	(4)	 Enter the amount, if any, from line
		 10 of the preceding column............. 	
4	00	00	00	
00
	(5)	 Add lines 3 and 4.............................. 	
5		00	00	
00
	(6)	 Add amounts, if any, from lines 8
		 and 9 of the preceding column....... 	
6	00	00	00	
00
	(7)	 Subtract line 6 from line 5. If zero
		 or less, enter -0-................................ 	
7	00	00	00	
00
	(8)	 If the amount on line 7 is zero,
		 subtract line 5 from line 6.
		 Otherwise, enter -0-......................... 	
8	00	00	00	
00
	(9)	 Underpayment. If line 7 is less than
		 or equal to line 2, subtract line 7
		 from line 2......................................... 	
9	00	00	00	
00
	(10)	Overpayment. If line 2 is less than
		 line 7, subtract line 2 from line 7..... 	
10	00	00	00	
00
	(11)	 Enter date the underpayment on
		 line 9 was paid or the 15th day of
		 the 4th month after the close of
		 the taxable year, whichever is
		earlier................................................ 	
11				
	(12)	Interest on tax underpayment on
		 line 9.................................................. 	
12	00	00	00	
00
	(13)	INTEREST DUE: Add amounts on line 12, columns A through D...........................	13	

00

740NP-WH-P
40A201-WHP (10-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

Page 3

*1600010220*

TO CALCULATE INTEREST FOR CORPORATE PARTNERS OR MEMBERS
➤  See instructions.

PART III—LATE PAYMENT INTEREST FOR CORPORATE PARTNERS OR MEMBERS
	(1)	
		
	(2)	
		
	(3)	

Enter from Form 740NP-WH, line 9 the total tax liability of corporate partners
and members whose liability exceeds $5,000.........................................................	1	
Multiply the number of corporate partners or members included on Part III,
line 1 by $5,000..........................................................................................................	2	
Enter line 1 less line 2................................................................................................	3	

PAYMENT DUE DATES

A
6/15/2016

B
9/15/2016

00
00
00
C
12/15/2016

	(4)	 Required corporate installments:
		 Enter 50% of line 3 in column A
		 and 25% of line 3 in columns B
		 and C............................................... 	
4	00	00	 00
	(5)	 Estimated tax paid for each period.
		 For column A only, enter the
		 amount from line 5 on line 9......... 	
5	00	00	 00
	(6)	 Enter the amount, if any, from
		 lines 12 of preceding column........ 	
6	00	00	 00
	(7)	 Add lines 5 and 6............................ 	
7	00	00	 00
	(8)	 Add amounts, if any, from lines 10
		 and 11 of preceding column.......... 	
8	00	00	 00
	(9)	 Subtract line 8 from line 7. If zero
		 or less, enter -0-.............................. 	
9	00	00	 00
	(10)	If the amount on line 9 is zero,
		 subtract line 7 from line 8.
		 Otherwise, enter -0-....................... 	 10	00	00	 00
	(11)	 Underpayment. If line 9 is less than
		 or equal to line 4, subtract line 9
		 from line 4....................................... 	 11	00	00	 00
	(12)	Overpayment. If line 4 is less than
		 line 9, subtract line 4 from line 9.. 	 12	00	00	 00
	(13)	Enter date the underpayment on
		 line 11 was paid or the 15th day
		 of the 4th month after the close
		 of the taxable year, whichever is
		earlier.............................................. 	 13			
	(14)	Interest on tax underpayment on
		 line 11.............................................. 	 14	00	00	 00
	(15)	INTEREST DUE: Add amounts on line 14, columns A through C...........................	15	

00

PART IV—INTEREST SUMMARY
	(1)	 Add the amounts from Part II, line 13 and Part III, line 15 and enter on this line
		 and on the 740NP-WH (see instructions).................................................................. 	1	

00

740NP-WH-P
40A201-WHP (10-16)

INSTRUCTIONS—Form 740NP-WH-P

Purpose of Form—This form is to be used by a passthrough entity required to make a declaration and
payment of estimated tax for the taxable year as
provided by KRS 141.206(6) and KRS 141.207 to: (i)
compute the underpayment penalty as provided by
KRS 141.990; and (ii) compute the interest on any
late payment or underpayment of an estimated tax
installment as provided by KRS 141.985.

Page 4

PART II — LATE PAYMENT INTEREST FOR INDIVIDUAL
PARTNERS, MEMBERS OR SHAREHOLDERS

General Instructions

KRS 141.985 provides that if the tax imposed by this
chapter on any installment or portion of the tax is not
paid on or before the date prescribed for its payment,
there shall be collected, as part of the tax, interest upon
the unpaid amount at the tax interest rate as defined in
KRS 131.010(6) from the date prescribed for its payment
until payment is actually made to the department.

Enter the Kentucky Nonresident IncomeTax Withholding
(NRWH) Account Number issued by the Department of
Revenue. If the account number is not known, contact
Registration at (502) 564-3306.

Line 1—Enter from Form 740NP-WH, Line 9 the total tax
liability of individual partners, members or shareholders
whose liability exceeds $500. “Individual” means an
individual, estate or trust.

PART I — FIGURING THE UNDERPAYMENT AND
PENALTY
KRS 141.207(4) provides that a pass-through entity
required to make a declaration and payment of
estimated tax shall be subject to the penalty provisions
of KRS 131.180 and 141.990.
Line 1—Enter the number of individual partners,
members or shareholders whose income tax liability
on Form 740NP-WH, Line 9 exceeds $500. “Individual”
means an individual, estate or trust.
Line 2—Enter the number of corporate partners or
members whose income tax liability on Form 740NPWH, Line 9 exceeds $5,000.
Line 3—Enter from Form 740NP-WH, Line 9 the total tax
liability of individual partners, members or shareholders
whose liability exceeds $500 and corporate partners or
members whose liability exceeds $5,000.
Line 5—Multiply Line 3 by the percentage on Line 4.
Line 6—Multiply $5,000 by the number of corporate
partners or members on Line 2.
Line 7—Enter the total estimated tax payments from
Form 740NP-WH, Lines 10 and 12.
Line 8—Enter the amount from Line 5 less the amounts
on Lines 6 and 7.
Line 10—Multiply the amount on Line 8 by the
percentage on Line 9. Enter the amount on this line
and on Form 740NP-WH. If there is an income tax
overpayment on Line 15 of Form 740NP-WH, enter
this amount on Form 740NP-WH, Line 17. If there is an
income tax due on Line 14 of Form 740NP-WH, enter
this amount on the Tax Payment Summary, Line 3.

Line 2—Enter 25% of the amount on Part II, Line 1 in
Columns A, B, C and D.
Line 3—Enter the total estimated tax paid for each
installment period included on Form 740NP-WH, lines
10 and 12.
For a calendar year taxpayer, enter estimated tax
payments as follows: (i) if the declaration payment
was made on or before April 15 of the taxable year,
enter the payment in Column A; (ii) if the declaration
payment was made after April 15 but on or before
June 15 of the taxable year, enter the payment in
Column B; (iii) if the declaration payment was made
after June 15 but on or before September 15 of the
taxable year, enter the payment in Column C; (iv) if
the declaration payment was made after September
15 but on or before January 15 of the succeeding
taxable year, enter the payment in Column D; or (v) if
the declaration payment was made after January 15 of
the succeeding taxable year, do not enter the payment
on Line 3. Note: If a payment date falls on a holiday
or weekend, the applicable payment date is the next
business day.
Fiscal Year: If Form 740NP-WH is for a fiscal year,
enter the estimated tax payments as follows: (i) if the
declaration payment was made on or before the 15th
day of the 4th month, enter the payment in Column
A; (ii) if the declaration payment was made after the
15th day of the 4th month but on or before the 15th
day of the 6th month, enter the payment in Column
B; (iii) if the declaration payment was made after the
15th day of the 6th month but on or before the 15th
day of the 9th month, enter the payment in Column
C; (iv) if the declaration payment was made after the
15th day of the 9th month but on or before the 15th day
of the 1st month in the succeeding taxable fiscal year,
enter the payment in Column D; (v) if the declaration
payment was made after the 15th day of the 1st month
in the succeeding taxable fiscal year, do not enter the
payment on Line 3.

740NP-WH-P

Page 5

40A201-WHP (10-16)

For Column A only, enter the amount from Line 3 on
Line 7.

Line 2—Multiply the number of corporate partners or
members included on Part III, Line 1 by $5,000.

Line 4—Enter the amount from Line 10 of the preceding
column. This line does not apply to the first installment.

Line 3—Enter Line 1 less Line 2.

Line 5—Enter the total of lines 3 and 4. This line does
not apply to the first installment.
Line 6—Enter the total of Lines 8 and 9 of the preceding
column. This line does not apply to the first installment.
Line 7—Enter the amount of Line 5 less Line 6. If zero or
less enter zero (-0-). For the first installment, enter the
amount from Line 3.
Line 8—If the amount on Line 7 is zero, enter the
amount of Line 6 less Line 5; otherwise, enter zero (-0-).
This line does not apply to the first installment.
Line 9—If the amount on Line 7 is less than or equal to
Line 2, enter the amount on Line 2 less Line 7.
Line 10—If the amount on Line 2 is less than Line 7,
enter the amount on Line 7 less Line 2.
Line 11—Enter the date the underpayment on Line 9 was
paid or the 15th day of the fourth month after the close
of the taxable year, whichever is earlier. A payment
of estimated tax is applied against unpaid required
installments in the order in which the installments are
required to be paid, regardless of the installment to
which the payment pertains. Note: If the 15th day of
the fourth month after the close of the taxable year falls
on a holiday or weekend, the applicable date is the next
business day.
Line 12—Enter the interest due on the tax
underpayment on Line 9, Columns A through D. If the
pass-through entity has more than one payment for the
underpayment, attach a separate computation for each
payment. The interest rate is 5 percent for calendar
year 2017.
Line 13—Enter the total of the amounts on Line 12,
Columns A through D. Enter on this line and on Form
740NP-WH. If there is an income tax overpayment on
Line 15 of Form 740NP-WH, enter this amount on Form
740NP-WH, Line 16 If there is an income tax due on Line
14 of the Form 740NP-WH, enter this amount on the Tax
Payment Summary, Line 2.

Line 4—Enter 50% of the amount on Line 3 in Column
A, and 25% of the amount on Line 1 in Columns B and
C.
Line 5—Enter the total estimated tax paid for each
installment period included on Form 740NP-WH, lines
10 and 12.
For a calendar year taxpayer, enter estimated tax
payments as follows: (i) if the declaration payment
was made after April 15 but on or before June 15 of the
taxable year, enter the payment in Column A; (ii) if the
declaration payment was made after June 15 but on
or before September 15 of the taxable year, enter the
payment in Column B; (iii) if the declaration payment
was made after September 15 but on or before
December 15 of the taxable year, enter the payment
in Column C; (iv) if the declaration payment was made
after December 15 of the taxable year, do not enter the
payment on Line 5. Note: If a payment date falls on
a holiday or weekend, the applicable payment date is
the next business day.
Fiscal Year: If Form 740NP-WH is for a fiscal year,
enter the estimated tax payments as follows: (i) if the
declaration payment was made after the 15th day of
the 4th month but on or before the 15th day of the
6th month, enter the payment in Column A; (ii) if the
declaration payment was made after the 15th day of
the 6th month but on or before the 15th day of the
9th month, enter the payment in Column B; (iii) if the
declaration payment was made after the 15th day of
the 9th month but on or before the 15th day of the
12th month, enter the payment in Column C; (iv) if the
declaration payment was made after the 15th day of
the 12th month in the taxable fiscal year, do not enter
the payment on Line 5.
For Column A only, enter the amount from Line 5 on
Line 9.
Line 6—Enter the amount, if any, from line 12 of the
preceding column. This line does not apply to the first
installment.
Line 7—Enter the total of Lines 5 and 6. This line does
not apply to the first installment.

PART III — LATE PAYMENT INTEREST FOR CORPORATE
PARTNERS OR MEMBERS

Line 8—Enter the total of Lines 10 and 11 of the
preceding column. This line does not apply to the first
installment.

Line 1—Enter from Form 740NP-WH, Line 9 the total
tax liability of corporate partners or members whose
liability exceeds $5,000.

Line 9—Enter the amount of Line 7 less Line 8. If zero or
less enter zero (-0-). For the first installment, enter the
amount from Line 5.

740NP-WH-P

Page 6

40A201-WHP (10-16)

Line 10—If the amount on Line 9 is zero, enter the
amount of Line 8 less Line 7; otherwise enter zero (-0-).
This line does not apply to the first installment.
Line 11—If the amount on Line 9 is less than or equal to
Line 4, enter the amount on Line 4 less Line 9.
Line 12—If the amount on Line 4 is less than Line 9,
enter the amount on Line 9 less Line 4.
Line 13—Enter the date the underpayment on Line 11
was paid or the 15th day of the fourth month after the
close of the taxable year, whichever is earlier. A payment
of estimated tax is applied against unpaid required
installments in the order in which the installments are
required to be paid, regardless of the installment to
which the payment pertains. Note: If the 15th day of the
fourth month after the close of the taxable year falls on
a holiday or weekend, the applicable date is the next
business day.

Line 14—Enter the interest due on the tax
underpayment on Line 11, Columns A through C. If the
pass-through entity has more than one payment for the
underpayment, attach a separate computation for each
payment. The interest rate is 5 percent for calendar
year 2017.
Line 15—Enter the total of the amounts on Line 14,
Columns A through C. Enter on this line and on Form
740NP-WH. If there is an income tax overpayment on
Line 15 of Form 740NP-WH, enter this amount on Form
740NP-WH, Line 16. If there is an income tax due on
Line 14 of the Form 740NP-WH, enter this amount on
the Tax Payment Summary, Line 2.
PART IV — INTEREST SUMMARY
Line 1—Enter the total of Part II, Line 13 and Part III, Line
15 here and on the 740NP-WH.