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GO DIRECTLY TO FORM REV1630 (1215) (FI) BUREAU OF INDIVIDUAL TAXES UNDERPAYMENT OF ESTIMATED TAX BY INDIVIDUALS 2015 INSTRUCTIONS IMPORTANT: With the passage of Act 85 of 2012, taxpayers who qualified

How to fill out 2015 underpayment of estimated

How to Fill Out 2015 Underpayment of Estimated and Who Needs It:

1. Calculate your total estimated tax liability for the year 2015. This can be done using your income, deductions, and credits for the year.
2. Determine the amount of tax that you have already paid for the year 2015. This includes any tax withheld from your salary, pension, or any other income sources.
3. Subtract the amount of tax that you have already paid from your total estimated tax liability. This will give you the underpayment amount.
4. Obtain Form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts) for the tax year 2015. This form is used to calculate and report any underpayment of estimated tax.
5. Fill out the necessary information on Form 2210, such as your name, Social Security number, and filing status.
6. Calculate the underpayment penalty using the method provided on Form 2210. The penalty is based on the underpayment amount and the number of days the underpayment has occurred.
7. If you meet certain exceptions or have made timely estimated tax payments, you may be able to reduce or eliminate the underpayment penalty. Make sure to review the instructions on Form 2210 to determine if you qualify for any exceptions.
8. Once you have calculated the underpayment penalty or determine that you are not subject to it, complete the rest of Form 2210 as instructed.

Who needs 2015 underpayment of estimated:

1. Individuals who have estimated tax obligations and did not pay enough tax throughout the year 2015.
2. Self-employed individuals who expect to owe more than a certain amount when filing their tax returns, as they do not have taxes withheld from their income.
3. Individuals who had significant changes in their income during the year 2015 which affected their tax liability.
4. Business owners, freelancers, and other taxpayers who receive income that is not subject to withholding.
5. Anyone who received a substantial amount of income from investments, such as dividends, interest, or capital gains.

It is important to note that the information provided here is a general overview and not personalized tax advice. It is recommended to consult with a certified tax professional or refer to the official documentation from the Internal Revenue Service (IRS) for specific guidance on filling out the 2015 underpayment of estimated tax form.

For pdfFiller’s FAQs

What is underpayment of estimated tax?

Underpayment of estimated tax occurs when a taxpayer does not pay enough taxes throughout the year.

Who is required to file underpayment of estimated tax?

Individuals, businesses, and corporations are required to file underpayment of estimated tax if they owe more than a certain amount in taxes.

How to fill out underpayment of estimated tax?

Underpayment of estimated tax is typically filled out using Form 2210, which calculates any penalties owed for underpaying taxes.

What is the purpose of underpayment of estimated tax?

The purpose of underpayment of estimated tax is to ensure that taxpayers pay a sufficient amount of taxes throughout the year, rather than all at once during tax season.

What information must be reported on underpayment of estimated tax?

Taxpayers must report their income, deductions, and credits on underpayment of estimated tax forms.

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