Estimated Income Tax
You were required to make estimated tax payments if your North Carolina income
tax liability, after credits and tax withheld, was $1,000 or more. Use form
NC-40 to make estimated tax payments. Your estimated tax is the amount of income
tax you expect to owe, minus the tax you expect to have withheld plus any tax
credits. Estimate your tax carefully to avoid having to pay a large balance
and to avoid paying interest for underpayment of estimated income tax.
For calendar year filers, estimated payments are due April 15, June 15, September
15 of the taxable year and January 15 of the following year. If you file your
income tax return by January 31 of the following year and pay your entire balance,
you do not have to make the January 15 payment.
If you do not make the required estimated payments you will owe interest
underpayment of estimated tax. Use Form D-422, Underpayment of
Tax by Individuals, to compute the interest. Interest for underpayment of estimated
tax does not apply if you had no tax liability for the previous year.
If you are a farmer or fisherman and you file your return and pay the total
tax on or before March 1, you do not have to make estimated payments.
Send your estimated tax payments with form NC-40. These forms
can be obtained by calling the North Carolina Department of Revenue
forms number 1-877-252-3052, or go to our Order
Last modified on:
01/03/13 03:39:49 PM.