Estimated tax

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. 2. Requirement to pay estimated tax. Every person subject to taxation under this Part shall make payment of estimated tax as required by this Part. The requirement to make estimated tax payments is waived if: 3. Amount of estimated tax to be paid. Every person required to make payment of estimated tax is liable for an estimated tax that is no less than the smaller of the amounts determined pursuant to paragraphs A and B , except that large corporations as defined in the Code, Section 6655(g), are subject only to paragraph B , except as provided in subsection 5, paragraph C and individual taxpayers encountering an unusual event are subject only to paragraph B with respect to the unusual event, except as provided in subsection 5, paragraph D : 4. Due dates for estimated tax installments. For individuals, trusts and estates, an installment payment is due the 15th day of the 4th, 6th, 9th and 13th month following the beginning of the individual's, trust's or estate's taxable year, except that in the case of farmers and persons who fish commercially, a single installment payment is due on the 15th day of the 13th month following the beginning of the individual's, trust's or estate's taxable year. For corporations and financial institutions, an installment payment is due on the 15th day of the 4th, 6th, 9th and 12th month following the beginning of the corporation's or financial institution's taxable year. 5. Amount of installment. The amount of estimated tax to be paid in a taxable year by a taxpayer is to be paid in installments by the dates established in this Part. The amount of the estimated tax is to be paid in 4 equal installments unless: 6. Joint estimated tax payment. If they are eligible to do so for federal tax purposes, spouses may jointly estimate tax as if they were one taxpayer, in which case the liability with respect to the estimated tax is joint and several. If joint estimate payment is made, but the spouses elect to determine their taxes under this chapter separately, the estimated tax for the year may be treated as the estimated tax of either spouse, or may be divided between them, as they may elect. 7. Short taxable year. Payment of taxes for a short taxable year must be made as provided in this subsection. For payment dates falling within the short taxable year, payment must be made as provided in subsection 4 . 8. Installments paid in advance. At the taxpayer's election, any installment of estimated tax may be paid prior to the date prescribed for its payment. 9. Underpayment of 4th installment. If, on or before the last day of the first month of the following taxable year, an individual, trust or estate files a return and pays in full the tax liability for the taxable year of the return, a penalty may not be imposed with respect to any underpayment of the 4th required installment for that year. 10. Farmer or person who fishes commercially; underpayment. If an individual is a farmer or a person who fishes commercially for any taxable year, then a penalty may not be imposed with respect to any underpayment of the required installment of estimated tax, if on or before the first day of the 3rd month following the close of the individual's taxable year, that individual files a return for the taxable year and pays in full the tax liability for the taxable year of the return. 11. Unusual event; waiver of penalty; extension to pay. With respect to an estimated tax payment related to an unusual event, the assessor shall waive the penalty under subsection 5 or grant a reasonable extension of time, not to extend past the original due date for the filing of the return for the tax year, to pay the estimated tax required under subsection 5, paragraph D if: