Get the free 2017 Underpayment of Estimated Tax

Mar 13, 2018 ... Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding

How to fill out 2017 underpayment of estimated

How to fill out 2017 underpayment of estimated

1. Gather all the necessary information and documentation, including your income forms (W-2, 1099), any previous estimated tax payments made, and any deductions you plan to claim.
2. Calculate your total tax liability for the year by reviewing your income, deductions, and any tax credits you may be eligible for.
3. Subtract any tax withholdings or estimated tax payments already made during the year from your total tax liability to determine if you have underpaid your taxes.
4. Use IRS Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to calculate the penalty amount for underpayment.
5. Fill out the necessary sections of Form 2210, including providing your personal information, income information, and any exceptions or exemptions you may qualify for.
6. Complete the penalty computation section of Form 2210 to determine the amount of the penalty owed. This section will require you to fill in dates, amounts, and any applicable interest rates.
7. Include the calculated penalty amount on your 2017 tax return when you file it.
8. Make a payment for the penalty amount using the appropriate payment method and send it to the IRS.
9. Keep copies of all documentation and records related to your underpayment of estimated tax for future reference or in case of an audit.
10. Consider adjusting your estimated tax payments for future years to avoid underpayment penalties.

Who needs 2017 underpayment of estimated?

1. Anyone who received income throughout the tax year and did not have enough tax withheld or did not make sufficient estimated tax payments may need to fill out the 2017 underpayment of estimated. This includes individuals, estates, and trusts.

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What is underpayment of estimated tax?

Underpayment of estimated tax occurs when a taxpayer pays less tax during the year than the total amount of tax due.

Who is required to file underpayment of estimated tax?

Individuals, corporations, and self-employed individuals who expect to owe a certain amount of tax at the end of the year are required to file underpayment of estimated tax.

How to fill out underpayment of estimated tax?

Underpayment of estimated tax can be filled out by using IRS Form 2210 and following the instructions provided by the IRS.

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 tax throughout the year, rather than waiting until the end of the year to pay the full amount.

What information must be reported on underpayment of estimated tax?

Information such as income, deductions, credits, and estimated tax payments must be reported on underpayment of estimated tax.