Any underpayment of quarterly taxes for capital gains on virtual currency trading will require Form 2210
. If your cryptocurrency holdings were compromised by theft, mismanagement, closure of the cryptocurrency exchange, or foreign regulatory powers, Form 4684 will need to be filed.
To determine if this waiver applies, taxpayers should complete Part I of Form 2210
and the worksheet included in the form's instructions.
The waiver computation announced today will be integrated into commercially-available tax software and reflected in the forthcoming revision of Form 2210
, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, and its instructions provide more guidance on this issue.
This is done using Form 2210
filed with your return.
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.
must be filed with the individual's 2018 return.
, Payment of Estimated Tax, has six schedules.
The Form OT1 (4-92) is used to submit a Form 11 taxpayer assistance order to relieve hardship, Form 1045 application for tentative carryback refund by an individual taxpayer, or Form 2210
for exceptions to the underpayment of estimated tax penalty, power of attorney, request for prompt assessment, tax information authorization, deceased taxpayer or spouse authorization, nonresident alien spouse, or being a fiscal year.
We will clarify Form 5805, Part Ill, line 14b, instructions in a similar manner to equivalent federal Form 2210