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.
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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.
Todays revised waiver computation will be integrated into commercially-available tax software and reflected in the forthcoming revision of the instructions for Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts.
The waiver computation announced today will be integrated into commercially-available tax software and reflected in the forthcoming revision of Form 2210 and instructions.
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.
Forthcoming guidance and updated Form 2210 instructions will provide taxpayers further guidance on this relief and filing for penalty abatement.
Form 2210 must be filed with the individual's 2018 return.
Form 2210, 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 instructions.