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BATON ROUGE - Taxpayers are reminded that the final declaration of estimated individual income tax payment for tax year 2002 is due by January 15, 2003, according to Revenue Secretary Cynthia Bridges.
Bridges says residents and nonresidents of Louisiana must make a declaration of estimated tax if their estimated Louisiana income tax after credits and taxes withheld can reasonably be expected to exceed $1,000 for an individual, or $2,000 in the case of a joint declaration of husband and wife. A nonresident must enter on Line 1 of Form IT-540ES (Declaration of Estimated Tax for Individuals) their Louisiana adjusted income less their allowable federal excess itemized deductions.
Each year, payments of estimated tax must either be made in full with a declaration, or in four equal installments on or before April 15, June 15, and September 15 of the tax year, and January 15 of the following year. The penalty for underpayment of any installment is 12 percent per year for the period of underpayment on the difference between the installment payment made and 90 percent (66-2/3% in the case of farmers) of the installment due on the basis of the tax for the year.
Form IT-540ES should be used for the declaration and mailed to: P.O. Box 91007, Baton Rouge, and LA 70821-9007, or to any regional office of the Department. The forms and instructions may be downloaded from the Department’s website at www.rev.state.la.us by clicking on the link “2002 Estimated Tax Declaration for Individuals" located on the main page of the website. The forms are also available from any regional office of the Department.
Further information concerning Declarations of Estimated Tax can by obtained by calling (225) 219-0102 or any regional office of the Department.
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