Installment amounts.
(a)#
Except as provided in pars. (b), (c) and (d), the amount of each installment required under sub. (12) is 25 percent of the lower of the following amounts: 1. Ninety percent of the tax shown on the return for the taxable year or, if no return is filed, 90 percent of the tax for the taxable year. 2. The tax shown on the return for the preceding year. If a husband and wife who filed separate returns for the preceding taxable year file a joint return, the tax shown on the return for the preceding year is the sum of the taxes shown on the separate returns of the husband and wife. If a husband and wife who filed a joint return for the preceding taxable year file separate returns, the tax shown on the return for the preceding year is the husband’s or wife’s proportion of that tax based on what their respective tax liabilities for that year would have been had they filed separately.
(a)(1)#
Ninety percent of the tax shown on the return for the taxable year or, if no return is filed, 90 percent of the tax for the taxable year.
(a)(2)#
The tax shown on the return for the preceding year. If a husband and wife who filed separate returns for the preceding taxable year file a joint return, the tax shown on the return for the preceding year is the sum of the taxes shown on the separate returns of the husband and wife. If a husband and wife who filed a joint return for the preceding taxable year file separate returns, the tax shown on the return for the preceding year is the husband’s or wife’s proportion of that tax based on what their respective tax liabilities for that year would have been had they filed separately.
(b)#
Paragraph (a) 2. does not apply if the preceding taxable year was less than 12 months or if the taxpayer did not file a return for the preceding taxable year.
(c)#
Paragraph (a) 2. does not apply if the taxpayer is an estate or trust and has a taxable income of $20,000 or more.
(d)#
If 22.5 percent for the first installment, 45 percent for the 2nd installment, 67.5 percent for the 3rd installment and 90 percent for the 4th installment of the tax for the taxable year computed by annualizing, under methods prescribed by the department of revenue, the taxpayer’s income for the months in the taxable year ending before the installment’s due date is less than the installment required under par. (a), the taxpayer may pay the amount under this paragraph rather than the amount under par. (a). Any taxpayer who pays an amount calculated under this paragraph shall increase the next installment computed under par. (a) by an amount equal to the difference between the amount paid under this paragraph and the amount that would have been paid under par. (a). The income of any estate or trust for the months in the taxable year ending before the date one month before the due date for the installment shall be annualized in calculating the installments under this paragraph.