Form Ia 2210 - Underpayment Of Estimated Tax By Individuals - 2013 Page 2
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1
2INSTRUCTIONS — IA 2210
A. Purpose of This Form:
$150,000 ($75,000 for married filing separate federal returns)
or less; or (3) 110% of the tax shown on the 2012 return if their
If you are an individual taxpayer other than a qualifying farmer
2012 federal AGI is greater than $150,000 ($75,000 for married
or fisher, you may use this form to determine whether your
filing separate federal r eturns) plus any bonus depreciation
income tax was sufficiently paid throughout the year by
adjustment.
withholding or by estimated payments. If they were not, you
may owe a penalty. The estimated tax penalty is 5% per year
Their 2012 return must have covered a period of 12 months.
for the tax period January 1, 2013, through December 31, 2013,
Line 12 - Tax on Annualized 2013 Income: If your income
and 5% per year for the tax period January 1, 2014, through
varies throughout the tax year, you may be able to reduce or
December 31, 2014. The changes in the estimated tax penalty
eliminate the amount of one or more of the required
apply to amounts arising during these periods. This form will
installments by using the annualized income installment
help you determine whether you are subject to such a penalty.
method. If you use this method, you must check the box on
Taxpayers who did not make any estimated payments, or paid the
line 73 of the IA 1040. Please see IA 2210 Schedule AI and
same amount of estimated tax on each of the four payment due
instructions.
dates, may use the IA 2210S. The IA 2210S is a short method of
Line 13 - If you used the annualized income installment
calculating underpayment of estimated tax by individuals.
method to figure your required payments, enter the amount
from line 12. Otherwise, enter the amount from line 11.
B. Filing an Estimate and Paying the Tax,
Calendar Year Taxpayers:
Line 14 - Installment payments: Enter your payments or
portion of payments needed to satisfy the amount of the
If you file returns on a calendar-year basis and are required to
required installment. Your estimated payments and
file form IA 1040ES, you are generally required to pay the tax
withholding are applied to the earliest unpaid installment. It
in four installments with the first installment due by April 30.
does not matter that the payment is designated for a later
(If you are not required to file until later in the year because
period. Any overpayment is carried to the next unpaid
of a change in your income or exemptions, you may be
installment. If additional computations are required beyond
required to pay in fewer installments.) The chart below shows
the three allotted lines on this form, attach a separate sheet for
the due date for installments and the maximum number of
each computation.
installments required for each.
You may consider an equal part of the income tax withheld
Maximum
Period
Due Date
Number of
during the year as paid on each required installment date,
Requirements
of
Installments
unless you can establish the dates on which the withholding
First Met
Installment
Required
occurred and consider the tax paid on those dates.
Between January 1 and April 1
April 30
4
Line 15 - Enter the date the payment was made or, if
Between April 2 and June 1
June 30
3
withholding, the due date of the installment. If more than one
Between June 2 and September 1 September 30
2
payment is applied to pay the installment, enter a date for
After September 1
January 31
1
each payment.
NOTE: If any date shown falls on a weekend, federal holiday,
or legal holiday as defined in Iowa Code section 4.1(34),
Line 17 - To Compute Penalty: Use the following formula:
substitute the next regular working day.
Penalty = daily percentage rate x number of days x payment applied
LINE-BY-LINE INSTRUCTIONS
(line 17)
(line 16)
(line 14)
Line 8 - If line 8 is $200 or more, complete lines 9 through
The daily percentage rate is:
15. If you have an underpayment in any column on line 15, go
5% per annum = 0.013699% per day (01/01/13 - 12/31/13)
5% per annum = 0.013699% per day (01/01/14 - 12/31/14)
to the “How to Figure the Penalty” section.
Waiver of Penalty: The underpayment of estimated tax penalty
If the total from line 8 is less than $200, then you are not
may be waived if the underpayment was due to casualty, disaster,
required to pay estimated tax and therefore cannot have
or other unusual circumstances. The penalty may also be waived
underpaid estimated tax. If the total from line 8 is less than
if the taxpayer retired at age 62 or later, or became disabled in
$200 do not file form IA 2210.
the tax year for which the estimated payments were required, and
Line 9 - Enter your 2012 tax liability as reported on line 54 of
such underpayment was due to reasonable cause and not to willful
the IA1040, less 2012 refundable credits as reported on lines 62
neglect.
through 66.
Farmers and Fishers: You are exempt from underpayment of
Exception: If your 2012 federal AGI exceeds $150,000
estimated tax penalty if (1) your gross income from farming
($75,000 for married filing separate federal returns) including
or fishing is at least two-thirds of your annual gross income,
any bonus depreciation adjustment, you must use 110% of the
and (2) you filed IA 1040 and paid the tax on or before March 3,
2012 Iowa tax less credits.
2014, or (3) you paid the estimated tax in one payment on or
Taxpayers may avoid underpayment penalty if their estimated
before January 15, 2014.
payments for 2013, made on or before the prescribed dates for
If you meet this gross income test but did not file a return or
payment, plus Iowa tax withheld for 2013, are equal to the lesser
pay the tax when due, use form IA 2210F, instead of this
of: (1) 90 % of the tax shown on the 2013 return; or (2) 100%
form, to determine whether you owe a penalty.
of the tax shown on the 2012 return if their 2012 federal AGI is
45-007b (09/04/13)
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