How Do You Calculate The Late Penalty For Filing Taxes?
Federal taxes are due by April 15th annually. If you file late you may owe penalties. In most cases you will not be required to calculate your own penalty but when you are you will use Form 2210. It can also be used a worksheet if you choose to calculate your own penalty or to determine if you owe a penalty but in these cases you will not file it. Complete your Form 1040 as normal up to Line 75. Fill out Part I of Form 2210 using the necessary information from your 1040. If Line 4 or 7 is less than $1,000 you do not owe a penalty. If Line 6 is equal to or greater than Line 9 you do not owe a penalty, but if box E of Part II applies to you, then you must file page 1 of Form 2210. Write in Part II of Form 2210 if you owe a penalty. If box B, C or D applies to you then you must file Form 2210. Otherwise do not file Form 2210 but you may use it as a worksheet to figure your penalty. Answer Part III if you either made no estimated payments, your only payments were withheld federal income ta
