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North Dakota Free Printable Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts -2023 for 2024 North Dakota Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

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Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts
Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts -2023

CALCULATION OF INTEREST ON UNDERPAYMENT OR LATE PAYMENT OF ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS Schedule 38-UT OFFICE OF STATE TAX COMMISSIONER 2023 SFN 28711 (12-2023) Attach to Form 38 Name of Estate or Trust Shown on Form 38 Estate’s or Trust’s FEIN IMPORTANT: • See instructions before attempting to complete this form. • Do not complete this form unless the estate or trust was required to pay estimated federal income tax for the 2023 tax year. See “Federal estimated income tax requirement” in General Instructions. Part 1 - Exceptions to regular computation of underpayment See the instructions for a description of each of the exceptions listed below. If one of them applies, fill in the applicable circle, complete Parts 2 and 3 as instructed, and attach Schedule 38-UT to Form 38.  Qualified farmer exception B.  Federal annualized income installment method exception A. (Attach copy of 2023 Federal Form 2210)  Federal 4th quarter exception D.  Partial year exception C. Part 2 - Computation of underpayment 1. Enter 2023 net tax liability (from 2023 Form 38, page 1, line 4)................................................................ 1 ______________ 2. Multiply line 1 by 90% (.90) [or 66 2/3% (.6667) if a qualified farmer].................... 2 ______________ 3. Enter 2023 withholding (from 2023 Form 38, page 1, line 8)..................................................................... 3 ______________ 4. Subtract line 3 from line 1. If less than $1,000, no estimated tax payment was required for 2023; do not file this form .......................................................................................................... 4 ______________ 5. Enter 2022 net tax liability (from 2022 Form 38, page 1, line 4). If no return .was required to be filed for 2022, enter -0-. If less than $1,000, no estimated tax payment was required .for 2023; do not file this form.......................................................................................................................... 5 ______________ 6. Required payment. Enter smaller of line 2 or line 5. However, if the estate or trust was not in existence for the entire 2022 tax year, enter the amount from line 2 and fill in this circle If one of the exceptions in Part 1 applies, see the instructions to line 7 before completing the rest of this form.  ........ 6 ______________ Payment due date 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter April 15, 2023 June 15, 2023 Sept. 15, 2023 Jan. 15, 2024 7. Enter 25% of line 6 in each column (or, if an exception in Part 1 applies, enter the amount per instructions to line 7).......... 7 __________ __________ __________ __________ 8. Enter estimated tax paid and tax withheld (See instructions).......... 8 __________ __________ __________ __________ Complete lines 9 through 15 of one column before going to next column. Lines marked “NA” do not apply. 9. Enter amount, if any, from line 13 of previous column.................... NA 9 __________ __________ __________ __________ 10. Total paid. Add lines 8 and 9....................................................... 10 __________ __________ __________ __________ 11. Add lines 14 and 15 of previous column....................................... NA NA 11 __________ __________ __________ __________ 12. Overpayment. If line 10 is greater than line 7, subtract line 7 NA from line 10. Otherwise, enter -0-............................................... 12 __________ __________ __________ __________ 13. Overpayment carryover. If line 12 is greater than line 11, subtract line 11 from line 12. Otherwise, enter -0- ....................... 14. Underpayment carryover. If line 11 is greater than line 12, subtract line 12 from line 11. Otherwise, enter -0- ....................... 13 __________ __________ __________ __________ NA NA NA 14 __________ __________ __________ __________ 15. Underpayment. If line 7 is greater than line 10, subtract line 10 from line 7. Otherwise, enter -0-....................................... 15 __________ __________ __________ __________ Part 3 - Computation of interest (See instructions) 16. a. Date of payment (See instructions)....................................... 16a __________ __________ __________ __________ b. Number of days from the payment due date to the date on line 16a.................................................................. 16b __________ __________ __________ __________ c. Divide line 16b by 365 and round to three decimal places......... 16c __________ __________ __________ __________ d. Multiply line 16c by 12% (.12) and round to three decimal places.................................................................... 16d __________ __________ __________ __________ e. Multiply line 15 by line 16d................................................... 16e __________ __________ __________ __________ 17. Total interest. Add the amounts in all four columns on line 16e. Enter this amount on Form 38, line 17. (See instructions)................................................................................................ 17 ______________ 023 Schedule 38-UT 2 SFN 28711 (12-2023), Page 2 General instructions A fiduciary for an estate or trust may use Schedule 38-UT to determine if enough estimated North Dakota income tax was paid by the payment due dates and, if not, to calculate the amount of interest to pay on the underpayment or late payment. The dates used on Schedule 38‑UT and in these instructions are for calendar year filers. Fiscal year filers should substitute corresponding dates. Federal estimated income tax requirement. Do not complete Schedule 38‑UT unless the estate or trust was required to pay estimated federal income tax for the tax year. To determine this, see the 2023 Federal Form 2210. Instructions for Part 1 Following are descriptions of the exceptions to the regular computation of underpayment listed in Part 1. If one of them applies, fill in the applicable circle. Item A: Qualified farmer exception This exception applies if the fiduciary qualified as a farmer for federal estimated income tax purposes in 2023 and was required to pay estimated federal income tax for the 4th quarter due on January 15, 2024. Item B: Federal annualized income installment method exception This exception applies only if the fiduciary used the annualized income installment method to calculate the amount of the underpayment and penalty for federal estimated income tax purposes for 2023. Attach a copy of the federal annualized income installment method worksheet (from 2023 Federal Form 2210) showing the amounts computed for federal purposes. Item C: Federal 4th quarter exception This exception applies if the fiduciary did not have to make the 4th quarter estimated federal income tax payment due on January 15, 2024, because the 2023 federal income tax return was filed and the remaining federal income tax due was paid by February 1, 2024. Item D: Partial year exception This exception applies if the estate or trust was not in existence for the entire 2023 tax year and did not receive income subject to North Dakota income tax until after April 15, 2023. Attach a statement describing the situation. Instructions for Part 2 Line 7 If one of the exceptions in Part 1 applies, enter on this line the appropriate amount(s) as follows: • If Item A applies, enter the amount from line 6 in the 4th quarter column. Enter zero in the first three columns. • If Item B applies, use the annualized federal taxable income determined on the 2023 Federal Form 2210 to calculate an annualized North Dakota taxable income. Include any adjustments required or allowed under North Dakota tax law in the calculation. Enter the amount of estimated North Dakota income tax due by each payment due date calculated in the same manner as under the federal annualized income installment method on Form 2210. Attach a worksheet showing the North Dakota calculations. • If Item C applies, enter 25% of the amount on line 6 in the 1st, 2nd and 3rd columns. Enter zero in the 4th quarter column. • If Item D applies, the amount to enter in each column depends on when the estate or trust first received income from North Dakota sources in 2023. If received after March 31 and before June 1, 2023, enter one-third of the amount on line 6 in the 2nd, 3rd, and 4th quarter columns. If received after May 31 and before September 1, 2023, enter one-half of the amount on line 6 in the 3rd and 4th quarter columns. If received after August 31, 2023, and before January 1, 2024, enter the amount from line 6 in the 4th quarter column. Line 8 Enter the amount of estimated tax paid and income tax withheld for each quarter. (Note: Do not include the income tax withheld from nonresident beneficiaries from Form 38, page 1, line 5.) Unless it can be shown otherwise, one-fourth of the total amount withheld is deemed to have been withheld by each payment due date. If the fiduciary elected to apply an overpayment from the 2022 North Dakota Form 38 to the 2023 estimated tax, enter the overpayment in the 1st quarter column; however, if the fiduciary attached a statement to the 2022 return requesting the overpayment to be applied to another quarter, enter the overpayment in the appropriate column. Instructions for Part 3 Interest of 12% per year is charged on an underpayment or late payment of estimated tax. Interest accrues from the due date of the payment to the earlier of April 15, 2024, or the date the estimated tax due is paid in full. In the case where an overpayment is applied to offset an underpayment, the overpayment is considered to have been applied as of the payment due date for the quarter in which the overpayment occurred. In some cases, it may be necessary to compute the interest on a separate worksheet, in which case skip lines 16a through 16d and enter the separately computed interest on line 16e in the appropriate column. Attach a worksheet showing the calculation. For purposes of computing interest, the amount paid for a quarter must be applied first to the amount due for that quarter. If the total amount paid exceeds the amount due, the excess must be applied to offset an outstanding underpayment, if any, from a previous quarter, starting with the earliest underpayment. In addition, in the case of a late payment, the interest on line 16e must be computed on the amount due on line 7 less any tax withheld included on line 8. Line 16a Except for a late payment or where an underpayment is offset by a subsequent quarter’s overpayment, enter April 15, 2024. If there is a late payment and the amount of the payment equals or exceeds the amount of estimated tax due, enter the date of payment. If an underpayment is fully offset by a subsequent quarter’s overpayment, enter the payment due date for the quarter in which the overpayment occurred. In other cases, more than one date may apply and it may be necessary to compute the interest on a separate worksheet, in which case skip lines 16a through 16d and enter the separately computed interest on line 16e in the appropriate column. Attach a worksheet showing the calculation. Line 17 If there is an overpayment on Form 38, page 1, line 11, any interest due on Schedule 38-UT will reduce the amount to be refunded. If there is a tax due on Form 38, page 1, line 14, any interest due on Schedule 38-UT must be included in the balance due to be paid with the return. If there is no overpayment or tax due on Form 38, and if the interest due on Schedule 38‑UT is $5.00 or more, the interest due on Schedule 38-UT must be included in the balance due, and a check or money order for this amount must be submitted with the return.
Extracted from PDF file 2024-north-dakota-schedule-38-ut.pdf, last modified July 2023

More about the North Dakota Schedule 38-UT Corporate Income Tax TY 2024

We last updated the Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts in March 2024, so this is the latest version of Schedule 38-UT, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule 38-UT directly from TaxFormFinder. You can print other North Dakota tax forms here.

Related North Dakota Corporate Income Tax Forms:

TaxFormFinder has an additional 44 North Dakota income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the North Dakota Schedule 38-UT.

Form Code Form Name
Schedule 38-TC Corporation Tax Credits

Download all ND tax forms View all 45 North Dakota Income Tax Forms


Form Sources:

North Dakota usually releases forms for the current tax year between January and April. We last updated North Dakota Schedule 38-UT from the Office of State Tax Commissioner in March 2024.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of North Dakota Schedule 38-UT

We have a total of twelve past-year versions of Schedule 38-UT in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2024 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts -2023

2023 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts -2023

2021 Schedule 38-UT

Schedule 38-UT - Calculation Of Interest On Underpayment Or Late Payment Of Estimated Income Tax For Estates And Trusts

2020 Schedule 38-UT

Schedule 38-UT - Calculation Of Interest On Underpayment Or Late Payment Of Estimated Income Tax For Estates And Trusts

2019 Schedule 38-UT

Schedule 38-UT Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts 2019

2018 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

2017 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

2016 Schedule 38-UT

Schedule 38-UT) - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

2015 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

Form 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts 2013 Schedule 38-UT

Form 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts 2012 Schedule 38-UT

Schedule 38-UT - Calculation of Interest on Underpayment or Late Payment of Estimated Income Tax for Estates and Trusts

Schedule 38-UT - Calculation of interest on underpayment or late payment of estimated income tax for estates and trusts 2011 Schedule 38-UT

Schedule 38-UT - Calculation of interest on underpayment or late payment of estimated income tax for estates and trusts


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