Form 2210

Form 2210

A form that an individual, estate, or trust files with the IRS to calculate whether and how much the filer owes as a penalty for underpayment of estimated taxes. In general, one must file Form 2210 only if one is requesting a waiver or otherwise attempting to reduce the amount of the penalty.
References in periodicals archive ?
Note: Form 2210 should be filed with the tax return and Box A in Part II checked requesting a waiver of the entire estimated tax penalty.
Recent successful initiatives include (1) raising the income threshold on Form 1040, Schedule B, to $1,500; (2) permitting the use of the standard mileage rate for small bust nesses for up to four vehicles; (3) allowing the use of standard rates for daycare providers; and (4) adding a flowchart to Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts.
You can avoid the penalty if you fill out Form 2210 and meet one of several conditions: your 1997 withholding equaled your 1996 tax bill, your 1996 tax return showed no tax liability, or you retired, became disabled or can show reasonable cause why you didn't pay enough.
Customers Affected: Customers whose filing status was "married filing separately" in 1993 or 1994, but not both, and whose 1993 adjusted gross income was between $75,000 and $150,000, and who owe the underpayment penalty on Form 2210.
Form 2210, Payment of Estimated Tax, has six schedules.