Kansas Tax Form K-40ES - Individual Estimated Income Tax Voucher Instructions

WHAT ARE ESTIMATED TAX PAYMENTS

Estimated tax payments are required on income not subject to withholding, such as earnings from self-employment, unemployment, interest and dividends. This includes income earned in another state while living in Kansas. You must pay estimated tax if:

• your estimated Kansas Income Tax after all credits is $500 or more; and,
• you expect your withholding and credits to be less than the smaller of:
  • 90% of the tax on your tax return for tax year 2008; OR
  • 100% of the tax shown on your 2007 tax return.

Nonresidents should only consider income from Kansas sources for meeting these conditions.

WHEN TO FILE YOUR ESTIMATED TAX VOUCHERS

Calendar Year Taxpayers (except Farmers and Fishers) - Payments are due on or before the due dates on each voucher (April 15, 2008, June 15, 2008, September 15, 2008 and January 15, 2009) unless your return for the 2008 tax year is filed and the tax fully paid by January 31, 2009.

Farmers and Fishers - Payment is due on or before January 15, 2009 unless your return for the 2008 tax year is filed and tax fully paid on or before March 1, 2009.

Fiscal Year Taxpayers - Payments are due on or before the 15th day of the 4th, 6th and 9th months of the current fiscal year and the 1st month of the following fiscal year.

When the due date falls on a Saturday, Sunday, or legal holiday, substitute the next regular workday.

HOW TO FILE YOUR ESTIMATED TAX

 IMPORTANT: Please use black ink to complete the vouchers and be sure you use the correct voucher for the quarter in which you are remitting payment.

1. Complete the enclosed worksheet to calculate your estimated tax for tax year 2008. NOTE: You may need to recompute your estimate if there are substantial changes to your income and/or deductions during the year.
2. Make sure the information on each voucher is complete, and the amount of your payment is entered in the area provided. If youplan to file a joint return, include both names and SocialSecurity numbers.
3. Write your Social Security number on your check or money order and make payable to: Kansas Individual Estimated Income Tax.
4. Send the voucher and payment to: Individual Estimated Income Tax, Kansas Department of Revenue, 915 SW Harrison Street, Topeka, KS 66625-2000.

Assistance in completing your voucher is available by contacting the Department of Revenue at 785-368-8222.

ESTIMATED TAX PENALTY

If you do not pay enough estimated tax, a penalty may be charged. However, the penalty will not apply if each payment is timely and your total payments and credits:

• are at least 90% (66 2/3% for farmers and fishers) of the tax shown on your return for tax year 2008, OR
• equal or exceed 100% of the tax shown on your 2007 return, (the return must cover a 12-month period with a tax liability), OR
• equal or exceed 90% of the tax shown on your annualized income for the periods January 2, 2008 to March 31, May 31, August 31 and December 31, 2008.

Use Schedule K-210 to figure any underpayment of estimated tax to determine if you meet one of the exceptions to the penalty, and figure any penalty due. Schedule K-210 is available from our forms order line (785-296-4937) or from our web site: www.ksrevenue.org

ESTIMATED TAX WORKSHEET