|FOR IMMEDIATE RELEASE - November 27, 2006
The New Hampshire Department of Revenue Administration, in cooperation with an information exchange agreement with the Internal Revenue Service, has recently identified some New Hampshire residents who are subject to file New Hampshire Interest and Dividends Taxes with the State, but have not filed. The purpose of this information release is to remind individuals and entities subject to New Hampshire ’s Interest and Dividends Tax of their obligations pursuant to RSA 77 in hopes that unknowing residents do not get caught with failure to file and pay penalties as well as mandatory interest assessments by the DRA.
It is not uncommon to hear that the Granite State has “No Income Tax.” And, while this is true of individuals reported W-2 earned wages, New Hampshire residents are reminded that there is a 5% tax on interest and dividends income. NH individuals, partnerships, limited liability companies, and fiduciaries with interest and dividend income in excess of $2400, or $4800 for joint filers, are required to file a return annually. The return is due on the 15 th day of the 4 th month following the tax period end. For example, calendar year filers with a tax period end of December 31, 2006 , are required to file their annual 2006 Interest and Dividends Tax Return on or before April 15 th, 2007 .
Taxpayers may file using a Form DP-10, Interest and Dividends Tax Return. Or, a faster way to file your return is now available on-line at the Department’s web site located at www.nh.gov/revenue. The Department’s e-file system allows taxpayers to file Interest and Dividends Returns on-line, whether requesting a refund, credit or making payment for tax due.
Estimated tax payments must be made if your tax liability exceeds $500. Quarterly estimated tax payments are due the 15 th day of the 4 th, 6 th, 9 th and 12 th month. Calendar year filers with estimated tax of $500.00 or more on their 2006 tax return are required to file quarterly estimate payments each on April 15, 2007 , June 15, 2007 , September 15, 2007 and January 15, 2008 .
If you have Interest and Dividend income and are not sure if you are subject to the tax, you may contact the Department’s Customer Service Representatives who can assist you with your state tax questions at (603) 271-2191, Monday through Friday, from 8:00 am to 4:30 pm . Forms and information may be obtained on-line at www.nh.gov/revenue or by calling our forms line at (603) 271-2192. Your federal tax questions should be directed to the Internal Revenue Service at 1-800-829-1040.
Individuals who need auxiliary aids for effective communication in programs and services of the Department of Revenue Administration are invited to make their needs and preferences known to the N.H. Department of Revenue Administration, 45 Chenell Drive, Concord, NH 03301 or by contacting them at (603) 271-2318.