Form 2210 - Calculating Penalties

COVID-19 Update:

The IRS and the U.S. Treasury department have extended the federal filing and tax payment deadlines to July 15, 2020. 1st and 2nd quarter estimated payments for 2020 are also extended to July 15, 2020. 

For more information:

If you need to calculate late filing or late payment penalties, you will need to work directly with the IRS. TaxAct CANNOT calculate late filing nor late payment penalties. 

Please refer to IRS Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts for additional information.

If you owe tax and are filing after the due date of the return, you should send in payment with your return. Your penalty will be based on the amount you owe and the number of days it is late. The number of days late value can only be calculated by the IRS because they must determine the date received. Although you can e-file and request a direct withdrawal date, that may or may not be the actual date the funds are received by the IRS.

The IRS will send you a bill to notify you of the amount of the penalty owed. Any further inquiries regarding your penalty or penalty calculation details should be directed to the IRS at 1-800-829-1040.

Note. TaxAct will calculate the underpayment penalty of estimated tax payments only. 

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