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*30911991×222UNDERPAYMENT OF ESTIMATED TAX BY BUSINESS AND GENERAL CORPORATIONS2019ATTACH TO FORM NYC2, NYC2A, NYC2S, NYC3L, NYC3A, NYC4S OR NYC4SEZFor CALENDAR YEAR 2019 or FISCAL YEAR beginning,

How to fill out underpayment of estimated tax

How to fill out underpayment of estimated tax

1. Gather all the necessary tax forms, such as Form 2210 and your completed tax return.
2. Calculate your total tax liability for the year by subtracting any tax credits and deductions from your total income.
3. Determine your estimated tax payments for each quarter by dividing your total tax liability by four.
4. Compare your total estimated tax payments to the required annual payment to determine if you have an underpayment.
5. Fill out Form 2210 to report the underpayment of estimated tax. Provide the necessary information, such as your name, Social Security number, and the required payment for each quarter.
6. Attach Form 2210 to your tax return and submit it to the appropriate taxing authority.
7. Pay any underpayment penalties and interest as specified by the taxing authority.
8. Keep a copy of your completed tax return, Form 2210, and any payment receipts for your records.

Who needs underpayment of estimated tax?

1. Individuals who receive income that is not subject to withholding need to pay estimated taxes throughout the year.
2. Self-employed individuals, freelancers, and independent contractors need to pay estimated taxes as they do not have taxes withheld from their earnings.
3. Business owners, partners in a partnership, and shareholders in an S-corporation may also need to pay estimated taxes.
4. Anyone who expects to owe $1,000 or more in tax after subtracting their withholding and credits should pay estimated taxes.
5. Additionally, individuals who do not meet the safe harbor exceptions for underpayment penalties may also need to pay estimated taxes.

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What is underpayment of estimated tax?

Underpayment of estimated tax occurs when a taxpayer has not paid enough tax throughout the year, either through withholding or by making estimated tax payments.

Who is required to file underpayment of estimated tax?

Individuals, sole proprietors, partners in partnerships, and S corporation shareholders are required to file underpayment of estimated tax if they have income that is not subject to withholding.

How to fill out underpayment of estimated tax?

To fill out the underpayment of estimated tax, taxpayers can use Form 2210 and follow the instructions provided by the Internal Revenue Service (IRS).

What is the purpose of underpayment of estimated tax?

The purpose of underpayment of estimated tax is to ensure that taxpayers pay their taxes evenly throughout the year, rather than in one lump sum at tax time.

What information must be reported on underpayment of estimated tax?

Taxpayers must report their income, deductions, credits, and tax payments made throughout the year on the underpayment of estimated tax form.