(a) Every taxpayer subject to the tax levied by the Income Tax Act of 1929, § 26-51-101 et seq., shall make and file with the Director of the Department of Finance and Administration a declaration of the estimated tax for the income year if the taxpayer can reasonably expect the estimated tax to be more than one thousand dollars ($1,000).
(b) The declaration of estimated tax shall be made on such forms and shall include such information as the director shall prescribe.
(c)
(1) The declaration shall be filed with the director on or before the fifteenth day of the fourth month of the income year of the taxpayer.
(2) However, taxpayers whose income from farming for the income year can reasonably be expected to amount to at least two-thirds (2/3) of the total gross income from all sources for the income year may file the declaration and pay the estimated tax on or before the fifteenth day of the second month after the close of the income year, or in lieu of filing any declaration, may file an income tax return and pay the tax on or before the fifteenth day of the third month after the close of the income year.
(d) A taxpayer who, due to a change of circumstances, first meets the requirements for filing a declaration after the fifteenth day of the fourth month of the income year shall make and file the declaration on or before the next regular quarterly tax payment date.
(e)
(1) A single declaration may be filed jointly by a husband and wife having the same income year.
(2) If a joint declaration is filed by a husband and wife and they do not file a joint return for the income year, the estimated tax paid under the joint declaration may be treated as the estimated tax of either the husband or wife or may be divided between them.
(f) A taxpayer may file amendments to a declaration at such times, under such rules and regulations, and in such form as the director shall prescribe.
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