Form Ia 2210 - Underpayment Of Estimated Tax By Individuals - 2014 Page 3
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1
2
3sheet for each computation.
Waiver
of Penalty:
The underpayment of
You may consider an equal part of the income
estimated tax penalty may be waived if the
tax withheld during the year as paid on each
underpayment was due to casualty, disaster, or
required installment date, unless you can
other unusual circumstances. The penalty may
establish the dates on which the withholding
also be waived if the taxpayer retired at age 62
occurred and consider the tax paid on those
or later, or became disabled in the tax year for
dates.
which the estimated payments were required,
Line 15: Enter the date the payment was made
and such underpayment was due to reasonable
or,
if
withholding,
the
due
date
of
the
cause and not to willful neglect.
installment. If more than one payment is
Farmers and Fishers: You are exempt from
applied to pay the installment, enter a date for
underpayment of estimated tax penalty if your
each payment.
gross income from farming or fishing is at least
two-thirds of your annual gross income, and
Line 17: To Compute
Penalty:
Use the
1)
You filed IA 1040 and paid the tax on or
following formula:
before March 2, 2015, or
daily %
number of
Penalty
=
x
x Underpayment
2)
You paid the estimated tax in one payment
rate
days
on or before January 15, 2015.
(line 17)
(line 16)
(line 14)
If you meet this gross income test but did not
file a return or pay the tax when due, use form
The daily percentage rate is:
IA 2210F, instead of this form, to determine
5% per annum = 0.013699% per day
whether
you
owe
a
penalty.
(01/01/14 - 12/31/14)
5% per annum = 0.013699% per day
(01/01/15 - 12/31/15)
45-007c (10/08/14)
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