Form 2210

Description

Is used to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty. Because Form 2210 is so complicated, the IRS strongly encourages taxpayers to let the IRS calculate any penalties instead of the taxpayer filling out Form 2210. If you want the IRS to calculate the penalty do not file Form 2210. One item to note is that if you received a significant portion of your income in the last quarter of the year, you will probably want to file Form 2210 and elect to use the annualized method. This will reduce your underpayment penalty as compared to using the regular method on Form 2210.

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